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Indian share markets slip in red
Wed, 21 Aug 01:30 pm

RBI's liquidity balm lost its impact with the Indian share markets slipping in the red in the post-noon trading session. Sectoral indices are trading mixed with banking, consumer durables and capital goods stocks being the biggest gainers. However, metal, IT and FMCG stocks are trading in the red.

BSE-Sensex is down 34 points and NSE-Nifty is trading marginally up. BSE Mid Cap is trading up 0.3% and BSE Small Cap index is trading up 0.6%%. The rupee is trading at 63.4 to the US dollar.

Majority of the energy stocks are trading mixed, with MRPL and Oil India being the major gainers and Petronet LNG and Cairn India being the biggest losers. As per a leading financial daily, Castrol India has said that a new engine oil Castrol RX Super Max Fuel saver developed jointly with Tata Motors can help bring down fuel consumption by as much as 1.5%. This can enable truck operators to make annual savings of upto Rs 20,000 in fuel costs. The new engine oil has been jointly developed by the two companies over a four year development period at a cost of over $USD 1 m and is priced at Rs 389 per litre. The two companies will remain associated in the marketing and sales of the engine oil. This is the first time that an engine oil has been endorsed by an automobile company. The stock of Castrol is trading up by 1.2%.

Indian pharma Stocks are trading in mixed, with Glenmark Pharmaceuticals and Elder Pharmaceuticals being the leading gainers and Ranbaxy Ltd and Natco Pharma among the leading losers. Alchemia, who is manufacturing partner of Dr Reddys for fondaparinux, has released an update on the product performance. Fondaparinux is one of the important products in Dr Reddy's portfolio. Dr Reddy has approx 23% of the market share in the US. The company's retail market share now stands at 53%. Net sales for the quarter ended June was $12.2 m, up by 34% YoY. Further, the sales of the product have also witnessed improvement on Q-o-Q basis on the back of volume growth and better pricing. Recently the product got approval in Canada. The market size of this geography is very small of approx $ 2.9 m. Going forward the sales of fondaparinux is expected to increase aided by launches in new territories and improvement in the cost of production. Dr Reddy's stock is currently trading down by 1.1%.

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