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Indian share markets soar higher
Tue, 29 Oct 01:30 pm

Backed by sustained buying interest, Indian share markets continued to climb higher in the post-noon trading session. All the sectoral indices are trading in the green with banking, metal and realty stocks being the biggest gainers.

BSE-Sensex is up 203 points and NSE-Nifty is trading 103 points up. BSE Mid Cap is trading up 0.9% and BSE Small Cap index is trading up 0.2%. The rupee is trading at 61.4 to the US dollar.

Majority of the FMCG stocks are trading in the green with Jyothy Consumer and Hindustan Unilever (HUL) being the biggest gainers.Gillette India and Lakshmi Energy are among the few stocks trading in the red. Dabur declared its second quarter results for FY14. The company posted a 14.8% YoY growth in revenues during the quarter on a strong volume growth of 11%. The domestic FMCG business grew by 14.4% YoY whereas international business grew by a faster 26% YoY during the quarter. Barring hair care, all the product segments in the consumer care business clocked double-digit growth. The company managed to expand operating margin by 1.7% to 18.8% aided by easing input costs and other expenses (both as a proportion of sales). Only the consumer care business reported incremental EBIT margin with the EBIT margin of the food business contracting by 2.6% YoY. Net profit grew by 23.4% YoY during the quarter. The company has declared an interim dividend of Rs 0.75 per equity share of face value Re. 1 each for FY14. Dabur's stock is currently trading up by 0.8%.

Most of the Indian pharma company stocks are trading in green with Dishman pharma and Biocon Ltd leading the pack of gainers. As per the financial daily, India's Department for Pharmaceuticals (DoP) has rejected Dr Reddy's petition against ceiling prices fixed by National Pharmaceutical Pricing Authority (NPPA. NPPA has fixed ceiling prices for various formulations that has impacted the revenues of the Indian and MNC pharma companies. However, various pharma companies have questioned regulators regarding the prices fixed on various drugs. Even Dr Reddy's had filed similar petition, where it had challenged the price fixed for omeprazole 20mg capsules under new pricing policy. However, the court rejected Dr Reddy's plea. Reportedly, there are more than 120 brands of omeprazole 20 mg available in the Indian market. The verdict is also negative for the companies who are selling the drug having omeprazole 20 mg. Various Indian pharma companies such as Cadila Healthcare, Alembic Pharmaceuticals, Cipla, Ranbaxy and others are selling this drug. Even various MNC pharma companies such as Novartis Abbott are selling these drugs. Further, Cipla and Ranbaxy have around seven brands for this formulation.

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