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Indian Stock Markets Trading Flat
Thu, 8 Aug 11:30 am

The Indian stock markets have traded flat in the last two hours of trade. However, most of the sectoral indices are trading in the green with the Auto and Realty sectors leading the gains. On the other hand the Pharma and Power sectors are the top losers.

The BSE-Sensex is up by 20 points while NSE-Nifty is up by 10 points. BSE Mid Cap index and BSE Small Cap index are up by 0.67% and 0.94% respectively. The rupee was trading at 61.07 to the US dollar at the time of writing.

Many Pharma stocks are trading in the red today, led by Sun Pharma and GSK Pharma. Ranbaxy and Biocon are amongst the gainers today.

GSK Pharma is trading down 3% today. The company had reported disappointing numbers for Q1FY14 with profits falling nearly 30%. In a filing made to the BSE the company said its sales and turnover would be impacted by 5% on an annualised basis due to the implementation of the new prices of its medicines as notified by the government under the new Drug Price Control Order (DPCO) 2013. As per the policy, the span of price control of drugs has been enhanced from 74 to 348 drugs and the pricing mechanism has been amended from cost based pricing to market based pricing.

A number of drugs produced by the company have now come under the DPCO and this would result in the reduction of prices of these drugs. A number of companies like Cipla and Sun Pharma and Lupin have approached the courts against the order. However GSK Pharma has not.

All Auto stocks are trading positive today. Eicher Motor and Maharashtra Scooters are leading the gains. Tata motors declared its 1QFY14 results yesterday. The performance was largely driven by good show of its subsidiary Jaguar Land Rover (JLR). The company's consolidated sales grew by 8% YoY helped by a favorable exchange rate and a better product mix at JLR. It maintained its margins at 14.4%, same as last year. The consolidated net profit de grew by 23% YoY. Standalone entity performed poorly with decline in sales by 13% YoY. The EBITDA margin for the quarter dropped to 2.3% YoY. Profit after tax on standalone basis look inflated at Rs 7bn as it included dividend from JLR and other subsidiaries of around Rs 15.4bn, as against last year's profit of Rs 2.1 bn. Tata motors' stock is slightly up by 0.16% today.

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