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FMCG stocks among the top gainers
Thu, 16 Oct 11:30 am

After opening flat, the Indian Indices have struggled to find any direction during the morning trading session. FMCG stocks are witnessing the maximum buying interest while consumer durables and metal stocks are trading in the red.

The BSE-Sensex is trading down 10 points. The NSE-Nifty is trading down 5 points. The BSE Mid Cap index is trading down 0.1% and the BSE Small Cap index is trading down 0.3%%. The rupee is trading at 61.47 to the US dollar.

MNC pharma companies are trading mixed with Abbott India leading the gainers and Novartis India being among the leading losers in the pack. As per the financial daily, the drug pricing regulator has demanded penalty of Rs 3 bn on Novartis India for overcharging consumers on the sale of its leading selling brand Voveran. The said drug is indicated for pain. However as per the reports, the company did not confirm the quantum of the total penalty by the drug regulator, termed the notice as "erroneous and entirely misconceived". In its recent press release the company will be challenging both the basis of the demand as well as the entire quantum of the demand. Reportedly, according to IMS Health annual data, Voveran, has annual sales of about Rs 2.2 bn, and is among the top 10 brands in the domestic drug market. While Novartis has already filled the petition in Delhi high court, any negative verdict can hamper the profits of this company given the pharma companies already facing various challenges.

Telecom stocks are trading mixed today. While Reliance Communications is leading the gainers; Tata Communications is among the top losers. As per a leading financial daily, the telecom commission has cleared the way for pan-India full mobile number portability (MNP). The telecom commission is the highest decision making body in the Department of Telecom (DoT). The measure is to be implemented by 31 March 2015. This will clear the way for a simplified experience for consumers. This will allow users to keep the same number when they change circles or their operators. MNP is currently available within the same circle only. This move can be expected to benefit incumbents like Bharti Airtel, Vodafone and Idea Cellular in the long term.

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