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Indian share markets remain in red
Wed, 31 Jul 11:30 am

Indian share markets have remained in red in the last two hours of trade. Barring IT, all other sectors are facing selling pressures.

The BSE-Sensex is down by 118 points and NSE-Nifty is down by 53 points. BSE Mid Cap and BSE Small Cap indices are down by 2% and 1.7% respectively. The rupee is trading at 61.02 to the US dollar.

IT shares are trading on a mixed note with Moser-Baer India and Tata Consultancy Services (TCS) leading the gains while CMC Ltd and HCL Infosystems are leading the losses. HCL Technologies, the country's fourth largest software exporter has announced its fourth quarter and full year results for FY13 (the Company follows a June year end). The quarterly net profit has risen by 41.6% on a YoY basis and 16.3% on a QoQ basis, backed by strong order wins. Revenues of the Noida-based company stand at Rs 69,440 m for 4QFY13, showing an 8 per cent growth sequentially, as compared to Rs 64,250 m reported in the previous quarter. For FY13, revenues are Rs 257,340 m, up by 22.4% YoY and the net profit is Rs 40,990m, up by 62.3% YoY. HCL Tech's share is trading up by 0.6%.

Indian Pharma shares are trading on a mixed note with Dr. Reddy's and Natco Pharma leading the gains while Strides Arcolab and Dishman Pharma are leading the losses. According to a leading financial news daily, The Delhi High Court (HC), in two separate cases, has asked the Government not to take coercive measures against Sun Pharma and Cipla till the next hearing. The HC has also ordered the two companies to furnish price lists of essential drugs they manufacture as mandated under the new Drug Price Control Order (DPCO) to domestic drug distributors and state drug controllers.

Sun Pharma and Cipla had challenged the Government on the specific provision under the drug price control order 2013, which mandated the pharma companies to ensure that their essential drugs should contain new price labels within a period of 45 days from the date of DPCO.

Since the court has not spelt out explicitly that drug retailers would have to sell at new prices notified under DPCO 2013, Cipla and Sun Pharma can interpret it as a temporary relief till the matter is finally decided or the court takes a different view. However, by asking the companies to send price lists to distributors and the drug regulator, the court has sent a clear message that the process of implementation of new DPCO is on. Cipla's share is trading down by 2% and Sun Pharma's share is trading down by 0.7%

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