Indian share markets remained buoyant in the post-noon trading session. Majority of the sectoral indices are trading in the green with power and metal stocks being the major gainers. IT and realty are among the few stocks trading negative.
Domestic pharma stocks are trading in green led by Wockhardt and Torrent Pharma. Ranbaxy and Orchid Chemicals are among the few stocks trading in the red. As per a leading financial daily, Aurobindo Pharma has outlined capex of Rs 13 bn for the current as well as future financial years. The company is expecting a capex of Rs 6 bn in FY15 out of which Rs 2.8 bn have already been spent in 1HFY15. For FY16, the capex will be slightly higher at Rs 6-7 bn. The capex will be spread out across active pharmaceutical ingredients (API) and formulations and will be funded through internal accruals. Aurobindo Pharma has pared debt by $85 m to $447 m in 1HFY15 and would further reduce debt by $25-40 m in the second half of FY15. Aurobindo Pharma stock is currently trading up 3%.
Majority of the engineering stocks are trading in the green led by Praj Inds and Punj Lloyd whereas Manugraph India and KSB Pumps are the few stocks trading in red. As per a leading financial daily, BHEL has completed the second module of 363.3 MW of ONGC Thermal Power Corp's gas-based power plant in Tripura. The first module of 363.3 MW was commissioned in January 2013. The combined-cycle power project would use gas from ONGC's fields in the northeastern state. BHEL has so far commissioned 911 MW of gas-based and hydroelectric stations in Tripura. This accounts for 100% of the state's generation capacity.