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Indian stock markets extend their gains
Wed, 17 Aug 11:30 am

Indian stock market indices continue to hold their gains. Stocks in the Technology space have witnessed the largest gains. However, Realty and Auto stocks are facing losses.

The BSE-Sensex is currently up by 209 points and NSE-Nifty is up by 60 points. However, BSE Midcap and BSE Small cap indices are down by 0.15% and 0.35% respectively. The rupee is trading at 45.34 to the US dollar.

Pharma stocks are trading in the green. Orchid Chemicals and Pharmaceuticals Ltd and Sun Pharma are the biggest gainers while Aurobindo pharma and Biocon Ltd are the biggest losers. According to a leading financial daily, production at Dr Reddy's Laboratories Srikakulam unit in Andra Pradesh has to come to a halt after around 600 workers went on strike seeking better wages. Talks were on between the management and workers union for some time, but they have now come to a stop. Although the production has not been affected much, there could be some disruptions if the strike intensifies. The unit at Srikakulam manufactures active pharmaceuticals ingredients (API) and has a capacity of 560 kilo litres per year. After the ban on sale of drugs by US Food and Drug Administration (FDA) on its Mexico unit this is the second such US FDA approved unit of the company to face such problems. Andra Pradesh government labor department may step n to resolve the matter.

Energy stocks are trading in the positive zone. ONGC and Gail India are leading the rally while Indian Oil Corporation and Cairn India are the only stocks in red. Meanwhile state run BPCL has announced results for the quarter ended June 2011. The company reported a 35% YoY growth in topline and a net loss of Rs 26 bn. The increase in topline was because of high market sales volumes which were up by 6% YoY during the quarter and export sales volumes which were up by 37% YoY. Both net profit margins and operating profit margins were down significantly. This was due to high cost of crude oil and under recoveries on the major petroleum products. Raw material costs increased by 37% YoY during the quarter ended June 2011.

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