Boosted by positive cues from equity markets across Asia, the Indian indices firmed up after a volatile start today. Buying interest in auto, banking and commodity heavyweights ensured that the indices close well above the dotted line. While the Sensex today closed higher by 98 points, the NSE-Nifty today closed higher by 32 points. The BSE Mid Cap and the BSE Small Cap also did well to notch gains of 0.2% each. Few pharma stocks, however, saw some selling pressure.
As regards global markets, Asian indices across the board closed higher today while European indices have also opened higher. The rupee was trading at Rs 55.67 to the dollar at the time of writing.
As per a business daily, India has lost about 7 bn units in power generation during April-June this year, of which about 2.9 bn units were lost due to shortage of coal and 4 bn units on the back of shortage of gas. This records a peak power shortage of about 9% loss from April-June this year.
Meanwhile generation major Tata Power reported growth of 19% YoY in standalone revenues during 1QFY13, largely due to higher generation of hydro power and increase in wind power capacity. The company witnessed 4% YoY growth in power generation in its Mumbai operations and 23% YoY growth in outside Mumbai operations in the first quarter of FY13. The latter was primarily due to higher demand in Jojobera as against power outages last fiscal. Standalone operating margins drop to 12.9% in 1QFY13, from 19.8% in 1QFY12 due to higher cost of power purchased as well as higher cost of fuel (as a percentage of sales). Thanks to higher other income (income from investments, dividends forex gains) and lower effective taxes, net profits for 1QFY13 grew by 10.9% YoY despite lower operating margins. Losses at the consolidated level escalate on account of Coastal Gujarat Power Ltd (CGPL), the subsidiary building the Mundra plant, due to higher operating cost, interest costs and freight charges.
As per a business daily, pharmaceutical and biotechnology major Wockhardt has received final approval from the United States Food & Drug Administration (US FDA) for marketing tablets of Alfuzosin hydrochloride, which is used in treatment of Benign Prostatic Hyperplasia or enlarged prostate. Alfuzosin is the generic name for the brand Uroxatral, marketed in the United States by Sanofi-Aventis. The company would be launching this product immediately. According to IMS Health, the total market for this product in the US is about $81.5 million. Wockhardt will be manufacturing Alfuzosin hydrochloride API in its facility at Ankleshwar and the extended release tablets of Alfuzosin at its facility in Aurangabad. The technology for the API and the capsules were developed in-house. Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API's, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value. The stock ended 3% higher in today's trade.