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Indian share markets open in the red
Fri, 25 Apr 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (down 1.4%) and Taiwan (down 1.9%) leading the losses. However, the stock markets in Japan (up 0.2%) and Indonesia (up 0.5%) have opened on a positive note. The Indian share markets have opened the day in the red. The sectoral indices were trading mixed with stocks in oil and gas and FMCG leading the losses. However, stocks in the banking and realty sector were leading the gains.

The Sensex today is down by around 40 points (0.2%), while the NSE-Nifty is down by about 13 points (0.2%). The midcap and smallcap stocks have however opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.1% respectively. The rupee is currently trading at Rs 61.11 to the US dollar.

Energy stocks have opened the day mainly in the red with Mangalore Refinery and Petrochemicals Ltd (MRPL) and Cairn India Ltd leading the losses. However, Chennai Petroleum Corporation Ltd (CPCL) and Oil India Ltd have opened on a positive note. Cairn India Ltd has announced its results for the full year 2014 (FY14). For FY14, the revenues grew by 7.1% year on year (YoY) basis. The growth in the revenues was driven by increase in working interest volume to 137.1 kilo barrels of oil equivalent per day (kboepd) in FY 2014, from 127.8 kboepd in FY 2013 and due to benefit from rupee depreciation. In Rajasthan, the company achieved 200,000 boepd production milestone during the year. It has also added to its resource base with a success ratio of 50%, and has established six discoveries. Since the resumption of exploration in March 2013, the company has added over 1 billion barrels of oil equivalent in-place reserves to the existing 4.2 billion barrels of oil equivalent. The net profit for the year was up 3 % YoY. The company has declared a final dividend of Rs 6.50 per share for the year.

Indian pharma stocks have opened mainly on a mixed note with Strides Arcolab Ltd and Panacea Biotech Ltd leading the gains. However, Natco Pharma Ltd and Dishman Pharma Ltd were leading the losses. As per a leading financial daily, the pharma major Dr. Reddy's Laboratories (DRL) has recently launched Fenofibrate capsules in the US market. The drug is a therapeutic equivalent generic version of Antara capsules which is indicated to reduce cholesterol and triglycerides (fatty acids) in the blood has been approved by the United States Food & Drug Administration (USFDA). According to IMS Health, the Antara (fenofibrate) capsules brand and generic had U.S. sales of approximately US$ 74 m for the twelve months ending in February 2014.

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