Indian stock markets had a rather weak outing today. The morning session saw the indices trade barely above the dotted line but post noon selling pressure intensified and pushed the indices into the red. Since then there was no respite and the indices closed well into the red in the final trading hour. While the BSE-Sensex closed lower by around 97 points (down 0.5%), the NSE-Nifty closed lower by around 35 points (down 0.6%). Both the BSE Midcap and BSE Small cap closed flat. Gains were seen in FMCG stocks, while metals and banking stocks were at the receiving end.
As regards global markets, Asian indices closed mixed today while European indices have opened in the green. The rupee was trading at Rs 44.46 to the dollar at the time of writing.
Petronet LNG has announced
results for the fourth quarter and year ended March 2011. Revenues soared 67.1% YoY during the quarter as the company clocked higher sales in terms of volumes. Volumes were 125.8 trillion British thermal units (tBTU) during the quarter versus 91.8 tBTU in the same period last year (4QFY10). Besides the rise in volumes, the top line was also driven by average pricing benefit of 21.9% YoY. For FY11, the topline registered an increase of 23.9% YoY. Operating margins improved marginally by 0.3% YoY due to better cost management during the quarter. The overall operating profits for the quarter were up 73.7% YoY boosted by the increase in top line. For FY11, the growth came at 43.7% YoY and the margins were up by 1.3% YoY. Net profit growth accelerated to 112% YoY during the quarter. The profits were up due to growth in the topline and decrease in interest and depreciation costs, partially offset by decrease in other income. For FY11, the bottomline grew by 53% YoY. The stock closed lower today.
Pharma stocks closed mixed today. While Glenmark, Lupin and Cipla closed form, Ranbaxy and Dr.Reddy's closed in the red. As per a leading business daily, pharma major Lupin has entered into a licence agreement with Abbott Laboratories and Laboratoires Fournier SA for eight patents on cholesterol-lowering drug 'Fenofibrate'. The agreement essentially erases the patent uncertainty on Lupin's products and hence is a positive for the company. It must be noted that in 2009, Lupin had bought 'Antara', which is a brand of 'Fenofibrate' from Oscient Pharmaceuticals under the procedures of the US Bankruptcy Court. Lupin shelled out about Rs 1.9 bn for the product and related assets and inventory. At the time of acquisition, 'Antara' had recorded net sales of US$ 70 m and its patent expires in August 2020. The deal would clear Lupin's way to make and market the product in the US. It must be noted that acquiring 'Antara' was part of Lupin's overall strategy in the US of bolstering its branded portfolio since it having such a portfolio has the potential to generate higher revenues and profits in a highly competitive market.