Backed by persistent buying activity, Indian equity markets continued to trade strong during the post noon trading session. Barring stocks from banking and oil and gas sectors all the indices are trading in green. Stocks from metal and healthcare sectors are among the leading gainers.
Majority of automobile stocks are trading in the green with Hero Motor Corporation and Eicher Motors leading the pack of gainers. As per the financial daily, Society of Indian automobile manufacturers (SIAM) has reported a 7.4% YoY decline in the domestic car sales for the month of July 2013. Motorcycle sales too have declined by 1.52% YoY during this period. Total sales of the commercial vehicles declined by 14.93% YoY. Total sales across all the categories too declined by 2.08% YoY. The trend indicates, that the demand for the automobile segment continues to remain weak. The sales have declined for the ninth consecutive month.
Most of the Indian pharma Stocks are trading in green, with Orchid chemicals and Aurobindo Pharma witnessing maximum buying interest. As per the financial daily, Aurobindo pharma is looking to restructure its business and thus have taken some steps in those lines. The board has approved spinoff of its injectable business to a wholly owned subsidiary as a going concern. Reportedly, this will help company to strengthen its focus in injectable business and also offer various strategic opportunities. The board also has given approval to buy additional 57% stake in the Silicon life sciences. The said company is engaged in the manufacturing of non-sterile penems. Post the acquisition of this stake, the total stake of Aurobindo will increase to 75%. The company will also buy 60% stake in a manufacturing facility (this facility is still under construction) for the cash consideration of Rs 156 m. The said facility is being established by Celon Laborator