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Engg, power stocks not in favour today
Thu, 20 Dec 01:30 pm

The Indian markets continued to languish in the red during the post noon trading session. Stocks from the capital goods and power spaces are amongst the top underperformers at the moment while those from the healthcare spaces managed to find some favor.

The Sensex today is trading lower by about 65 points (down 0.3%), while NSE-Nifty is trading lower by about 30 points (down 0.5%). Stocks from the midcap and small spaces are also trading lower with the BSE Mid Cap and the BSE Small Cap indices down by 0.2% and 0.4 respectively. The rupee is trading at 54.9 to the US dollar.

Stocks of pharmaceutical companies are currently trading firm led by Abbott India, Pfizer and GSK Pharma. As per reports, Lupin has received US Food and Drug Administration's (FDA) approval for Drospirenone and Ethinyl Estradiol tablets - an oral contraceptive drug - for the American market. This is the generic version of Bayer's Yasmin tablets used for prevention of pregnancy in women. It is believed that Yasmin tablets have a sale of about US$ 275 m about (Rs 15 bn) annually. It is further reported that this is Lupin's seventh approval in the oral contraceptive space. The American oral contraceptive market is believed to have a size of about US$ 5 bn, having a growth rate of about 8 to 10%.

Stocks from the capital goods space are trading weak with Crompton Greaves and Bharat Heavy Electricals Ltd leading the pack of losers. As per reports Larsen & Toubro has bagged orders worth about Rs 11 bn in its construction division over the past month and a half. A key order was of the company's building and factories business which won an order worth Rs 8.5 bn to design and construct a major information technology campus in the National Capital Region, New Delhi. In addition, the business segment also won orders to construction multi story residential towers in Bengaluru from major clients. Further, L&T construction's metallurgical and minerals handling business - as part of a consortium with LUET China - secured orders worth of over Rs 2 bn Steel Authority of India Limited for rebuilding and construction of a coke oven battery at Durgapur Steel Plant. It may be noted that during the quarter ended September 2012, the company won order worth Rs 209.6 bn, a growth of 30% YoY. The total order book at the end of the quarter stood at Rs 1,585.2 bn.

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