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Indian markets continue to trade weak
Fri, 1 Aug 11:30 am

After opening weak, the Indian stock markets have continued to trade below the dotted line during the morning trading session. Barring stocks from automobile and FMCG sectors all the other indices are trading in red. Maximum selling is witnessed in stocks from Capital goods and Oil and gas sector.

The BSE-Sensex is trading down 120 points. The NSE-Nifty is trading down 27 points. The BSE Mid Cap index is trading down 0.1% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 60.82 to the US dollar.

Most Software stocks are trading lower today. HCL Technologies and Tech Mahindra are leading the losers. India's fifth largest software firm Tech Mahindra, has announced results for 1QFY15. Consolidated revenues for the quarter grew by 1.25% QoQ to Rs 51.2 bn. In dollar terms, revenues were up 3.6 % QoQ and came in at US$ 855 m. While topline growth was decent, the company's operational performance was a little disappointing due to a huge increase in seasonal visa related costs. Operating margins declined by 3.1% QoQ and the operating profits fell by 13.4% QoQ. Net profits increased by 2.7% QoQ to Rs 6.3 bn. The growth was driven by a pickup in business momentum in the US as well as in enterprise services. Tech Mahindra is trading down 2.3% today.

Indian Pharma stocks are trading mixed with, Ranbaxy Ltd and Sun pharma being the leading losers, while Divis laboratories and Glenmark pharma are among the leading gainers in the pack. As per the financial daily, Cadila healthcare has received 483 from USFDA on one of its products manufactured at Moraiya facility in Gujarat. Reportedly, the company is in process of reviewing the documents of the product on which the 483 was issued. The company is assessing the filed ANDA before its approval and the observations are being responded accordingly. Further, it is also reported that there are no good manufacturing practices (GMP)-related issues and as such and no business impact. USFDA issues the 483s to the firm's management at the conclusion of an inspection when an investigator had observed conditions that in their judgment might constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts in the US. In approx a week's time Cadila is second company to receive 483 observations from USFDA. Few days back, even Ipca had received 483 letter from USFDA.

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