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Indian share markets remain buoyant
Tue, 1 Oct 01:30 pm

Indian share markets continued to inch upwards in the post-noon trading session. Majority of the sectoral indices are trading in the green with banking, realty and capital goodscapital goods stocks being the biggest gainers. Power, metal and oil and gas are among the few stocks trading in the red.

BSE-Sensex is up 111 points and NSE-Nifty is trading 28 points up. BSE Mid Cap is trading up 0.4% and BSE Small Cap index is trading up 0.5%. The rupee is trading at 62.2 to the US dollar.

Majority of automobile stocks are trading in the green, with TVS Motors and Escorts being the major gainers. Ashok Leyland and Hero MotoCorp are among the few stocks trading in the red. As per a leading financial daily, Maruti Suzuki posted a 11.7% increase in sales to 1.04 lakh units for the month of September. The key highlight is that the lower end of its car segment witnessed a marginal increase as compared to higher-end segments that have grown at a robust pace. The mini-segment consisting of M800, Alto, A-star and WagonR grew by only 4.8% to 41,061 units. The compact segment with Swift, Estilo and Ritz models grew by 16.9% to 20,828 units, whereas the super-compact segment with the popular Dzire model surged by 42.9% to 16,708 units. Even its mid-size sedan SX4 grew by 31.3% to 378 units. The overall sale of passenger cars was up by 14.5% to 78,975 units in September. However, offtake of utility vehicles and vans fell during the month. The total vehicle sales for the first half of FY14 are up by a measly 3% to 5.42 lakh units. Maruti Suzuki's stock is currently trading up by 2%.

Most of the Indian pharma are trading in green with Dishman pharma and Ranbaxy laboratories being the leading gainers. Dr Reddy's has recently received approval for generic Vimovo. The said drug is combination of Esomeprazole magnesium and Naproxen. Dr Reddy had filed para IV on the drug and was subsequently litigated by the innovator Astrazeneca and its partner Pozen. Dr Reddy's is seeking approval of the drug prior to the patent expiry '907. This patent will expire in Feb 2023. The branded sales of the drug are around $ 60 m per annum. One should note that there is no other company who has filed application for this drug so far. Although Dr Reddy's has received approval for the drug, the launch will not be imminent. Dr Reddy's was trading up by 1.64% at the time of writing.

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