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No respite for Indian indices
Fri, 16 Aug 01:30 pm

Backed by persistent selling activity the Indian equity markets continued to trade weak during the post noon trading session. All the sectoral indices are witnessing selling pressures, with consumer durables and banking stocks are the leading losers.

BSE-Sensex is down by 545 points and NSE-Nifty is trading down by 173 points. While BSE Mid Cap is trading down by 1.92%, BSE Small Cap index is trading down by 1.55%. The rupee is trading at 61.67 to the US dollar.

Majority of the FMCG stocks are trading in the red with Hindustan Unilever and Marico being among major losers. As per a leading financial daily, Marico has said that it is looking at expanding its presence in sub-segments of value-added hair oils. The company feels that with rising incomes, consumers are increasingly opting for value-added hair oils. Marico has already established a strong franchise in Nihar, Parachute Advanced and Hair & Care brands. As per the company, its value-added hair oils have a 27% share in the Rs 45 bn value-added hair-oil market. The company wants to introduce new products in these established brands and wants to participate in all sub-segments and have a wider portfolio to drive growth. Presently. Marico derives 16% of its revenues from value-added hair oils. Marico stock is currently trading down by 1.4%.

Most of the Indian pharma Stocks are trading in red, with Orchid chemicals and Glenmark pharmaceuticals are among the leading losers. Wockhardt Pharma has declared its June quarter results. Net sales grew marginally by 1.3% YoY for the quarter. This was due to poor performance in most of its business segments. The operating of the margins also witnessed decline of 5% to 31% in 1QFY14. This too impacted the operating profits which declined by 12.8% YoY. Net profits declined by 14.5% on back of overall increase in expenses and poor topline growth

The company also mentioned that its Chikalthana facility has received some 483 observations from USFDA (United states food and drug administration). Though company continues to manufacture drugs from this facility, the company is also working with USFDA to resolve the observations given by the agency. This facility generated approx $230 m of revenues for FY13 (that is approx 25% of FY13 revenues). Company's important product Toprol XL (which contributes approx 13%-14% to company's topline) is also manufactured in this facility. Wockhardt was trading up by 4.5%.

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