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Indian share markets slip in red
Thu, 16 Jan 01:30 pm

Indian share markets slipped below the dotted line in the post-noon trading session. The sectoral indices are trading mixed with auto, FMCG and pharma stocks being the biggest losers. Metal, power and realty are among the few stocks trading in the green.

BSE-Sensex is down 45 points and NSE-Nifty is trading 7 points down. BSE Mid Cap is trading down 0.1% and BSE Small Cap index is trading down 0.3%. The rupee is trading at 61.6 to the US dollar.

Majority of the domestic pharma stocks are trading in the green with Aurobindo Pharma and Dishman Pharma being among the major gainers whereas Indoco Remedies and Orchid Chmicals are the biggest losers. As per a leading financial daily, Dr. Reddy's Laboratories (DRL) has entered into a partnership with Portland-based Galena Biopharma for the development and commercialization of the drug Neu Vax. Neu Vax drug is a treatment option to prevent the recurrence of breast and gastric cancer. As per the partnership, DRL would acquire the commercial rights to Neu Vax and lead the development of the drug. Galena Biopharma in turn would receive development and sales milestones and royalties in double-digits on sales. In September 2013 quarter, DRL's topline grew by 16.5% YoY, led by growth in exports and the domestic segment. However, the Pharma services and Active Ingredient (PSAI) segment witnessed a decline in revenues during the quarter. The revenues from PSAI segment is highly dependent on the number of new products launched. DRL stock is currently trading down 0.7%.

Energy stocks are trading mixed. While Mangalore Refinery (MRPL) and IOC are trading firm, Petronet LNG is trading in the red. As per a leading business daily, Cairn India, which had won Mannar basin exploratory block in Sri Lanka during 2007, is expected to get another block in the island nation's second licensing round. For the recent round, there were only two bidders including Cairn, and Sri Lankan government would finalize and sign in the agreement by March. For the Mannar basin block, Cairn is expected to start gas production by 2017-18. And it is expected to enter a deal in a month for gas supplies to power plants. Gas pricing would be export linked. The stock of Cairn India is trading lower by 0.2% today.

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