Backed by persistent buying activity across index heavyweights, Indian equity markets continued to climb during the post noon trading session. Barring stocks from IT sector, all the sectoral indices are witnessing buying interests. Banking and Realty stocks are in favor today.
Majority of the Indian pharma stocks are trading in the green with Dishman pharma and Aurobindo pharma being the biggest gainers. As per a leading financial daily, the recent import ban issued on Ranbaxy's Mohali plant had various discrepancies. Among various observations, major ones were that the tablets embedded with 'black fibre' were suspected to be hair from an employee's arm. Further 'black spots' of oil from machines in tablets were also noticed. Reportedly, as per the USFDA, documents were sent to Ranbaxy's Mohali plant head. After a series of inspections in 2011 and 2012, the US health regulator made 11 observations citing various violations of current good manufacturing practices (cGMP). Ranbaxy was trading up 2.54% at the time of writing.
Most of the Automobile stocks are trading in green with Ashok Leyland and Bajaj Auto being among the top gainers. As per the financial daily, TVS Motors, is looking for 10% growth in its domestic two wheeler segment during FY14. This is on back of new launches the company targets to do in this financial year. The company has recently launched, a new scooter model, 'TVS-Jupiter', priced at Rs 44,200 (ex-showroom price in Delhi). Reportedly, company is targeting 20% market share in the domestic scooter segment. During the previous year company had sold 18 lakh two-wheelers and for the current year, company targets to launch 20 lakh units. The coming month's growth will be fueled by festive season and better demand from the rural areas. TVS is currently trading up by 1.5%