Indian equity markets continued to trade flat over the last two hours of trade. Auto and pharma stocks witnessed maximum buying interest while oil and gas and capital goods stocks witnessed maximum selling pressure.
Engineering stocks are trading weak. Bharat Heavy Electricals (BHEL) and Jain Irrigation are the biggest losers while Shanti Gears and Bharat Electrics are the biggest gainers. According to a leading financial daily, Voltas is planning to sell one of its prime office buildings at Fort in south Mumbai. The building with total built-up space of nearly 27,000 sq ft is constructed on freehold land with marketable title. According to property consultants, the building can fetch around Rs 750 - Rs 800 m given the ongoing property rates in the vicinity and its neo-classical look. The building is suitable for a corporate headquarters or retail outfits and offices of legal firms given the location and the design of the structure.
Indian pharma stocks are trading in the green led by Glenmark Pharma and Fresenius Kabi Onco. Glenmark announced its 2QFY13 results. The company's sales grew by 19% YoY led by growth in both its speciality and generics business. Operating profits were up by 20% YoY and operating margins improved marginally by 0.3%. Interest costs increased by 23.9% YoY and depreciation increased by 29.8% YoY. Net profits were higher by 180% YoY. However, on excluding the extraordinary item during 2QFY12, net profit declined by 16% YoY due to higher tax expenses. The stock is currently trading up by almost 7%.