Indian stock market
indices continued to trade weak during the previous two hours of trade on the back of persistent selling across heavyweights. While stocks from the consumer durables and healthcare space are finding favour, IT stocks are at the receiving end.
is down by 74 points and NSE-Nifty
is down by 18 points at the moment. BSE-Midcap and BSE-Small cap indices are up by 0.56% and 0.77% respectively. The rupee is trading at 45.74 to the US dollar.
Retailing stocks are trading mixed. While Koutons Retail and Zodiac Clothing are in the green, Trent and Pantaloon are trading weak. As per a leading financial daily, Titan Industries, the watches to jewellery maker, is exploring options of getting into newer product lines. It aims to become a full fledged lifestyle retailing chain. As per the management, the objective is to enter new verticals every second year and try and gain leadership there. The retailing company has in the past gotten into fashion accessories like belts and sunglasses. It wants to position itself as a one stop shop for all lifestyle customer requirements ranging from watches to leather accessories to footwear. This year, the company is planning to launch silver watches and helmets. It may be noted that the company has been opening more and more stores across India for its watches, jewellery as well as fashion merchandise.
Pharma stocks are trading in the green. Lupin and Ranbaxy are the biggest gainers, while Glenmark and Sun Pharma are the biggest losers. According to a leading financial daily, Aventis Pharma, the 50% subsidiary of Sanofi-Aventis SA, France is close to buying the over the counter (OTC) business of Universal Medicare Limited for Rs 5 bn. Sanofi's OTC business in India is quite low and this deal will give boost to the French company's OTC business in India. The products included in the deal have annual sales of Rs 10 to 15 bn and the OTC segment is expected to grow at 17% to 18%, much higher than the expected growth of the overall pharmaceutical sector. The deal covers 30 brands sold by India based Universal Medicare and is expected to be signed in a couple of days.