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Pharma stocks in limelight
Tue, 28 Oct Closing

After trading firm during post noon trading session, the Indian equity markets gathered momentum and closed the day in the green. While the BSE-Sensex today closed higher by 128 points, the NSE-Nifty closed higher by 36 points. Midcaps and Smallcaps however, closed flat today. While the BSE Mid Cap index closed higher by 0.09%, the BSE Small Cap index was higher by 0.76%. Healthcare (HC) stocks were the biggest gainers today. The BSE HC Index was up by 1.4%.

As regards global markets, Asian indices closed mixed today. The rupee was trading at Rs 61.33 to the dollar at the time of writing.

Steel stocks ended the day on a weak note. Tayo Rolls and Tata Sponge were the biggest losers. India's largest steel manufacturer, Tata Steel is planning to pare its debt by selling some of its assets in Europe. It has initiated talks with a Swiss investment firm Klesch Group. It may be noted that post the Corus acquisition the company got saddled with debt to the tune of Rs 816 bn. The move is deemed as credit positive by most rating agencies as it shall help the company pare debt. Further, the domestic markets are showing signs of revival. Hence, it shall enable the company to focus in growth markets and transform itself better post a debt loaded acquisition.

Indian Pharma stocks closed on a strong note today. Sun Pharma and Ranbaxy were the biggest gainers. Pharma major Lupin announced its results today. Sales increased 18.4% YoY to Rs 31.16 bn. However, net profits increased at a faster pace of 55% YoY to Rs 6.3 bn on the back of increased sales of drug to the US and Japan. The profitability growth would have been even higher if there was no price erosion in the US market during the quarter. The stock ended the day with a marginal loss of 2.6%.

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