Backed by persistent selling activity, Indian equity markets continued to trade weak during the post noon trading session. Most of the sectoral indices were trading in red, with FMCG and PSU stocks witnessing maximum selling pressures. Only stocks from IT and Auto were trading in green.
Most of the MNC pharma are trading in red with Abbott India and Fulford India are witnessing maximum selling pressures. Pfizer India declared June 2013, results. Topline grows by 9.6% YoY during the quarter. The core pharmaceutical business witnesses growth of 8% YoY for the said period. Operating margins have improved by 4.3% to 16.8% in 1QFY14, leading to the 47.2% YoY growth in operating profits for the quarter. Bottomline declines by 85.5% YoY during 1QFY14, this was largely due to exceptional income received by the company in 1QFY13, on sale of animal business. Pfizer India was trading down by 0.4%.
As per a survey conducted jointly by Federation of Indian Chambers of Commerce and Industry (FICCI) and audit firm PriceWater House Coopers (PwC), the manufacturing sector has put its capital investments plans on the backburner in light of the gloomy economic climate in the country. The survey titled " India Manufacturing Barometer" says that nearly 50% of the manufacturing companies have indicated that they have no plans of major investments in FY14. However, the companies were optimistic about their growth prospects. More than 50% of the companies are anticipating revenue growth of over 10% and expect margins to improve in the next one year. The survey covered companies from auto ancillary, building and construction materials, capital goods, chemicals, engineering and metals sectors.