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Metal, software pull down markets
Fri, 9 Sep 01:30 pm

The Indian stock markets lost further ground in the last couple of hours and are now trading deep in the red. Except for consumer durables, all other sectoral indices are trading weak. Stocks from the metal, software, and oil & gas space are leading the pack of losers.

The BSE-Sensex is trading down by 225 points while NSE-Nifty is trading 75 points below yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading down by 0.3% and 0.1% respectively. The rupee is trading at 46.43 to the US dollar.

Aventis Pharma leading the pack of gainers. However, Pfizer, GlaxoSmithKline Pharmaceuticals (GSK Pharma) and Novartis are trading in the red. As per a leading financial daily, GlaxoSmithKline Pharmaceuticals Ltd is actively focusing on in-licensing deals with global pharma companies. The company is in talks with several companies in the field of dermatology, respiratory and antibiotics. As per the company's management, in-licensing is a part of its growth strategy.

It should be noted that Research & Development in the pharmaceutical industry is not only expensive but also very time consuming. In-licensing provides direct access to molecules developed by other companies or research institutes. It helps company to remain competitive and fuel in-organic growth. The management of GSK Pharma would announce the details when the deals are completely finalized.

Auto stocks have been trading mixed as well with Eicher Motors, Hero Motorcorp, and TVS Motor leading the pack of gainers. However, Tata Motors and Ashok Leyland are trading weak. As per a leading financial daily, Maruti Suzuki is in the process of taking a decision on setting up a new manufacturing unit in Gujarat soon. According to the management of the company, in the next two days they would acquire more information on risk factors of the probable sites. It is well known that the company is facing a labour unrest at its Manesar plant for the second time in three months. This has badly affected the production targets of the company. As a result, the dealers of the company have stopped taking fresh bookings.

For the new plant, Maruti is seeking 1,000 acres, of which 500 acres would be for vendors. The state government of Gujarat has suggested land in Hansalpur in Ahmedabad district. According to management of the company, after getting the land, they may start production 2014 onwards. The stock of the company is trading in the red.

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Feb 19, 2018 (Close)