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Realty stocks take a beating
Tue, 25 Nov 01:30 pm

Indian share markets continued to slip in the red in the post-noon trading session. Barring FMCG, all the stocks are trading in the red. Realty and metal stocks are the biggest losers today.

BSE-Sensex is down 120 points and NSE-Nifty is trading 58 points down. BSE Mid Cap is trading 1.9% down and BSE Small Cap index is trading down by 2.5%. The rupee is trading at 61.89 to the US dollar.

Most of the pharma stocks are trading in the red with Wockhardt and Strides Acrolab being the biggest losers. However, Torrent Pharma and Glenmark Pharma are among the few stocks trading in the green. As per a leading financial daily, Dr Reddy's Laboratories (DRL) has launched Docetaxel injection USP 20 mg/mL and 80 mg/mL in the US markets. The drug is a generic version of Taxotere and is a cancer medication. As per IMS Health data, the branded and generic versions of the drug have a sales turnover of around $ 218 m for twelve months ending in September. DRL stock is trading down by 1.4%.

Majority of the energy stocks are trading in the red with MRPL and Chennai Petroleum being major losers. However Gujarat State Petronet and Gujarat Gas are trading positive. As per a leading financial daily, the board of ONGC has approved the Rajasthan gas production plan of Cairn India. The company had earlier given a go-ahead for a plan to increase production from Raageshwari Deep Gas fields in the Rajasthan block to 2.83 mscmd by FY17. Cairn had submitted a revised development plan to ONGC in April. Reportedly Cairn India is on course to double the production of gas from Raageshwari Deep Gas fields to 0.5 mscmd by 4QFY15. The company has also floated tenders for construction of a gas processing terminal for drilling and fracking services. Cairn is also make efforts to fully utilize its resource base from its Barmer block. Both ONGC and Cairn India stocks are trading down.

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