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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Realty continues to bleed 
(Mon, 29 Nov 11:30 am) 
 
After starting today's session on a positive note, Indian indices have managed to hold on to their gains. Other key Asian markets too are trading with modest gains. Currently, heavyweights in the Sensex are trading mixed with stocks from the IT and Oil & Gas space registering strong gains. However, stocks from the realty space continue to bleed.

Currently, the BSE-Sensex is trading up by around 128 points, while the NSE-Nifty is up by about 33 points. However, buying interest amongst the mid and small cap stocks is muted with the BSE-Midcap and BSE-Smallcap indices trading lower by 0.75% and 0.77% respectively. The rupee is trading at 45.80 to the US dollar.

Pharma stocks are trading weak with IPCA Labs and Indoco Remedies leading the pack of losers. However, Ranbaxy and Dishman Pharma are trading strong. Pharmaceutical major, Ranbaxy has got the US FDA approval for exclusively selling the generic version of ĎAricept'. The company has six month exclusivity on the generic version of ĎAricept'. This drug is Japanese drug maker Eisai's biggest selling drug in the US and is used in the treatment of Alzheimer's. It has estimated sales of US$ 1.6 bn in the US. With this, the pharma major expects to generate revenues of US$ 200 m and profits of US$ 110 m in the next six months. It may be noted that Ranbaxy, may start selling the ĎAricept' generic in the US after the patent on the medicine expires on November 25. This is a huge positive for the company and will enhance revenues from the highly competitive US generics market especially at a time when its issues with the US FDA have not yet been resolved.

Construction stocks are trading weak led by HCC and IVRCL Infrastructures. HCC, engaged in the development of Lavasa project near Pune, has been ordered to stop work until further notice by the Ministry of Environment and Forest (MoEF) as it is believed to have flouted the environmental norms. However, HCC has clarified that the development carried out at Lavasa city is within the framework of the clearance granted by the state environment ministry. HCC also plans to challenge the decision of MoEF in the court as it is believed to have complied with all environmental norms. The company has been given a timeline of 15 days to respond over the matter.

It may be noted that Lavasa Corporation has already filed an IPO prospectus with SEBI and was scheduled to hit the primary markets by December 2010. However, considering the recent bribery scam and environmental issues we believe it would be a challenging task for HCC to take Lavasa public at the desired valuations.

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