Energy stocks are trading mixed with Hindustan Petroleum Corporation Ltd (HPCL) and GAIL being the biggest losers whereas Gujarat Gas and Indraprastha Gas are the major gainers. As per a leading financial daily, Reliance Industries Ltd (RIL) and its partners BP and Hardy Oil have relinquished the discovered gas block KG-D3 in the Krishna Godavari basin on account of operational restrictions by the defence ministry. The consortium led by RIL is likely to write-down Rs 14 bn invested so far in the block. RIL stock is currently trading down 0.4%.
Majority of the domestic pharma stocks are trading in the red with Panacea Biotech and Dishman Pharma being the biggest losers whereas Strides Acrolab and Torrent Pharma are among the few trading positive. As per a leading financial daily, the department of pharmaceuticals has presented a proposal to increase focus in new geographical markets such as Russia, Kazakhstan, Mexico, Brazil, Venezuala and Japan. The proposal also includes a clutch of non-traditional markets such as South Africa, Nigeria, Kenya, Saudi Arabia and the UAE. Even the European countries such as Spain, Greece, France and Italy are on the focus list to reduce dependence on the US markets. The market diversification plan comes at a time when the country's drug exports are increasingly facing regulatory backlash and pricing pressures in its biggest market US that accounts for 25% of the overall drug exports. India's pharmaceutical exports grew by a mere 1.2% to $14.8 bn in FY14.