Indian equity markets continued to trade in green during the post noon trading session. Barring stocks from metal stocks, all the indices are trading in positive territory. Realty and Auto stocks are witnessing maximum buying interest.
Majority of FMCG stocks are trading in the green with Maricoand Colgate being the biggest gainers. Emami and Gillette India are among the few stocks trading in the red. Marico announced its results for the quarter ended June 2013. The company reported a growth of 8.8% YoY in consolidated revenues led by a 7% rise in domestic operations and 15.4% YoY increase in international business. The topline growth was volume driven with domestic FMCG and international FMCG clocking growth in offtake of 10% and 9%, respectively (on a YoY basis). The Kaya skin care business recorded sales growth of 7.7% YoY during the quarter. The operating margin expanded by 1.9% YoY to 16.6% on the back of easing price of commodities and rationalization in other expenses (both as a proportion of sales). Net profit surged by 28.9% YoY aided by a lower interest outgo and modest rise in depreciation charges. With effect from the start of 2013, the company has changed the method of providing depreciation on plant & machinery from 'Written down value' method to 'Straight line' method. As a result depreciation charges were lower by Rs 24.5 m during the quarter.
Most of the Indian pharma Stocks are trading in green, with Orchid chemicals and JB chemicals leading the pack of gainers. Glenmark Pharma announced that the company has received approval from USFDA (United States food and drug administration) for Acamprostate Calcium delayed release tablets. The drug is a generic version of Forest Laboratories brand Campral delayed release tablets. The drug is indicated for the maintenance of abstinence from alcohol in patients with alcohol dependence. The total brand size of the drug is US$ 21 m in US. Glenmark is the only company to get the generic approval for the drug. As there are no pending orange book patents, we believe company can launch the drug anytime. Glenmark was trading down by 0.4%.