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Pharma & metals drag down markets
Mon, 22 Sep 11:30 am

After opening weak, Indian Indices have remained well below the dotted line in the morning session. Stocks from the pharma and metal sectors are leading the losses while auto and consumer durables stocks are trading in the green.

The BSE-Sensex is trading down 92 points. The NSE-Nifty is trading down 38 points. However, the midcap and small cap stocks are in favour today. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.5%. The rupee is trading at 60.74 to the US dollar.

Most software stocks are trading lower today. Infosys and Wipro are leading the losers. As per a leading financial daily, India's fifth largest software firm Tech Mahindra, has reiterated its FY17 revenue target of US$ 5 bn. Executive vice-chairman Vineet Nayyar has stated that the growth outlook is positive and the company will continue to pursue M&A opportunities. He also clarified that the company views inorganic growth opportunities strategically and not as a means of growing revenues. The company reported revenues just a little over US$ 3 bn in FY14. Tech Mahindra has pursued an aggressive growth path since 2009 when it acquired the erstwhile Satyam Computers. Tech Mahindra is currently trading flat.

Indian pharma stocks are trading mixed today, with Cipla and Aurobindo pharma being among the leading losers in the pack while Dishman and Panacea biotech are among the leading gainers. As per the financial daily, the USFDA will start the inspection at Aurobindo Pharma's drugs manufacturing facilities. Reportedly, during the 1QFY15 conference call the management indicated that the audits of unit III, unit IV, and unit VII are due for inspection. The US authorities will soon start audit of unit IV in next few days. The total sales from this unit are US$ 50 m per annum. This unit manufactures various injectables and drugs targeting ophthalmology segment. Last inspection of this plant was done in 2012. While these inspections are routine by nature, however it is important for the companies to follow good manufacturing practices (GMP) in order to avoid negative observations.

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