Indian indices continue to trade flat as investors consolidated their positions over the previous two hours of trade. Stocks from the realty and metal space are trading firm while stocks from the consumer goods and power space are trading weak.
The BSE-Sensex is down by 14 points while NSE-Nifty is trading 3 points above the dotted line. BSE-Midcap is up by 0.5% while BSE-Smallcap index is trading 0.4% above yesterday's closing. The rupee is trading at 44.17 to the US dollar.
FMCG stocks are trading mixed with Godrej Consumer and Camlin trading firm while P&G and Gillette are trading weak. As per a press release, the board of Godrej Consumer Products Limited (GCPL) has approved the merger of Godrej Household Products Ltd. with itself. This merger has been effective since April 1, 2010, subsequent to GCPL's acquisition of Sara Lee's 51% stake in Godrej Sara Lee. This merger consolidates GCPL's position in the Indian FMCG space making it the largest homegrown household and personal care company in India and second largest household insecticides company in Asia (ex Japan). This merger is expected to provide GCPL significant strategic and operational benefits as well as scale of operations.
Healthcare stocks are currently trading firm led by Aurobindo Pharma, Biocon and Piramal Healthcare. The stock of Cadila Healthcare is trading higher on the back of news of it launching ‘Pramipexole' tablets in the US. This medicine will be available in multiple strengthens in the market. This drug is used to treat Parkinson's disease. According to estimates made by the NDC Health, the annual sales of this drug in US market is estimated at US$ 632 m (approximately Rs 28 bn) in 2010. This drug is the generic version of ‘Mirapax' manufactured by a German pharmaceutical company named Boehringer Ingelheim. It has further been reported that Cadila has about 56 approvals and has filed for 113 Abbreviated New Drug Applications (ANDA) before the US health regulator. This is a definite positive for the company as it would help it boost revenues from the US market.