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After opening flat, the Indian Indices slipped into the red during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the capital goods, IT and banking sectors bearing the maximum brunt.
The BSE-Sensex is trading lower by 94 (down 0.4%) and the NSE-Nifty is trading down by 36 points (down 0.5%). The S&P BSE Midcap and the S&P BSE Smallcap indices are also trading in the red, both down by 0.1%. Gold prices, per 10 grams, are trading at Rs 25,077 levels. Silver price, per kilogram, is trading at Rs 33,553 levels. Crude oil is trading at Rs 2,781 per barrel. The rupee is trading at 66.56 to the US$.
Stock in the automobile space are trading on a mixed note with Maruti Suzuki and Tube Investments leading the gains. India's largest two-wheeler maker Hero MotoCorp has reported a marginal increase in its sales for the month of November.
The company has sold 5,50,731 units during the period, a 0.6% increase over the same period last year. The company stated that it has achieved the landmark of one million unit sales during the 35-day festive period starting with the Navratras, recording a 11% YoY growth.
Most of the performance was boosted by demand for new scooters Maestro Edge and Duet. Also, the new motorcycle launches namely Splendor PRO, along with Passion PRO and Glamour, have aided the sales growth.
Hero MotoCorp is the world's single largest two-wheeler motorcycle company. It is engaged in the manufacture of two wheelers, motorcycles and its parts. The company has recently announced its second quarter results for the financial year 2015-2106 (2QFY16). It reported a 1.1% YoY fall in sales, while net profits rose by 1.1% YoY. If you are interested in the stock, here is our detailed analysis of the results (subscription required).
Presently the stock of Hero MotoCorp is trading up by 0.2%.
Pharma stocks are also trading mixed with Dishman Pharma and Natco Pharma leading the losses. As per an article in Economic Times, the government's decision to reduce prices of drugs has benefitted the public to the tune of nearly Rs 27.7 billion. The development relates to the inclusion of all the NLEM (national list of essential medicines) in the first schedule of DPCO, 2013, for bringing prices under control.
Out of a total of 680 medicines under the NLEM, the National Pharmaceutical pricing Authority (NPPA) has already fixed the ceiling prices in respect of 530 medicines. This includes 47 formulations for cancer, 53 for cardiovascular diseases, 20 for AIDS/HIV and 6 for diabetes. Moreover, maximum retail price has been capped in respect of 106 non-scheduled medicines, under para 19, of the Drug Price Control Order (DPCO) 2013.
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