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Following a negative trend since the opening of the trading day, the Indian indices continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the realty, metal and banking sectors bearing the maximum brunt.
The BSE Sensex is trading lower by 331 points (down 1.3%) and the NSE Nifty is trading down by 97 points (down 1.2%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading down by 0.3%. Gold prices, per 10 grams, are trading at Rs 29,995 levels. Silver price, per kilogram, is trading at Rs 40,885 levels. Crude oil is trading at Rs 3,085 per barrel. The rupee is trading at 66.81 to the US$.
As per an article in DNA, the government has initiated a probe into dumping of certain radial tyres from China that are used in buses, lorries, and trucks and may impose duty on them to protect the domestic tyre industry.
It was noted that the Directorate General of Anti-Dumping and Allied Duties (DGAD) has found sufficient prima facie evidence of dumping of these tyres from China. Further, Automotive Tyre Manufacturers' Association has filed application on behalf of domestic players such as JK Tyre Industries, Ceat, and Apollo Tyres for initiation of an anti-dumping investigation and imposition of the duty on imports.
The performance of major tyre companies for the quarter ended March 2016 was below expectations. This was seen on the back of rising commodity prices, rising imports, and yuan's devaluation. Our recent premium edition of The 5 Minute WrapUp offers some investment insights on the Indian tyre industry (subscription required).
One shall note that India has already imposed anti-dumping duty on several products in order to tackle cheap imports.
Moving on to the news from pharmaceuticals sector. Glenmark Pharmaceuticals has announced its fourth quarter and full year results for FY16. The company has reported over 13-fold jump in its consolidated net profit to Rs 1 billion for the quarter ended March 31, 2016. Consolidated revenue of the company rose 30% YoY to Rs 23 billion for quarter under review.
For the year ended March 31, 2016, the company has posted a 47% YoY rise in its net profit at Rs 7 billion. Total income of company increased 15% YoY at Rs 76 billion for year under review.
It was noted that the company received 24 approvals from the USFDA (United States Food and Drug Administration) in this fiscal which has been a record for the company.
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