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Indian share markets recover strongly
Fri, 4 Oct 01:30 pm

Indian share markets made a strong recovery and are trading higher in the post-noon trading session. Barring power, all the sectoral indices are trading in the green with realty, auto and consumer durables stocks being the biggest gainers.

BSE-Sensex is up 103 points and NSE-Nifty is trading up by 30 points. BSE Mid Cap is trading up 0.3% and BSE Small Cap index is trading up 0.6%. The rupee is trading at 61.3 to the US dollar.

Majority of automobile stocks are trading in the green, with TVS Motors and Ashok Leyland being the major gainers. As per a leading financial daily, Ashok Leyland has unveiled plans to launch an eight-seater multi-utility van 'Stile' and 13-seater passenger carrier 'Dost Express' in October. The two products are uniquely positioned and the company expects incremental sales of 1,000-1,500 units per month after their launch. In the van segment, Maruti Suzuki is the market leader with Eeco and Omni vans followed by Tata Motors Ace Magic and Venture vans. Ashok Leyland's multi-utility van Stile will be targeting the value-seeker taxi and fleet operators in India. Stile will be sold across 130 light commercial vehicle outlets in northern, southern and western parts of the country. Reportedly sales of Ashok Leyland's light commercial vehicles fell by over 14% YoY to 11,036 units in April-August 2013. Ashok Leyland is currently trading up by 5.3%.

Most of the Indian pharma stocks are trading in green with JB chemicals and Piramal enterprises being among the leading gainers. As per the financial daily, Ranbaxy Ltd may shift its drug filings to its Ohm laboratories located in US. The company might consider to shift the pending filings to US facility on back of recent ban on its Mohali facility. In the previous month, US regulators had issued import ban on its Mohali facility. The company has 30 drug filings which are pending approval. It is believed that large part of these filings is done from the Mohali facility. Its billion dollar pending drug approvals viz; Diovan and Nexium will most likely be launched from Ohm facility as this is the only facility which is operating for drugs supply in the US market. Even the Valcyte launch which was expected in Sept 2013 seems to be pending because of the ban on its new facility. Ranbaxy is currently, trading down by 1.4%.

Another development in the pharma space is about speculations that Glenmark will be selling off its Oral contraceptive (OC) unit which sells anti-pregnancy drugs in the US market. This division has high margins and has limited number of players. However the management has denied the sell off plans of its OC portfolio.

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