Indian share markets continued to trade on a weak note in the post-noon trading session. Barring energy and metal, all the sectoral indices are trading in the red with IT and pharma stocks being the biggest losers.
Majority of the cement stocks are trading in the red with J K Lakshmi Cement and Heidelberg Cement being the major losers whereas ACC and Ambuja Cement are among the few stocks trading in the green. As per a leading financial daily, Ultratech Cement is contemplating capital spends of Rs 37.9 bn in FY15. Under its capital expenditure plans, the company wants to add 2.9 million tonnes capacity with supporting grinding units and waste heat recovery in its subsidiary Aditya Cement Works in Rajasthan. Additionally, the company will also invest in modernizing its facility at its jetty in Gujarat. The company has earmarked capital investments of Rs 30.5 bn in FY16 and Rs 2 bn in FY17. Ultratech expects its installed capacity to rise from the present 62 million tonnes to 70 million tonnes by early next year. As per the company, its turnover is expected to reach Rs 250 bn in FY15 from Rs 200.7 bn registered in FY14. Ultratech Cement's stock is currently trading up by 1%.
Majority of the domestic pharma stocks are trading negative with J B Chemicals and Indoco Remedies posting maximum losses. As per a leading financial daily, Cadila Healthcare's listed subsidiary Zydus Cadila has received approval from US Food and Drug Administration (USFDA) to market potassium citrate extended-release tablets in the 5mEq, 10mEq and 15mEq strengths. These tablets are used in the prevention of kidney stones. As per IMS data, the estimated sales for potassium citrate ER tablets is $ 131.7 m. Cadila Healthcare presently has 94 approvals and has filed 239 abbreviated new drug applications so far. Cadila Healthcare's stock is trading up by 0.5%.