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IT stocks lead the rally
Wed, 28 Jan 11:30 am

After opening in the red, Indian equity markets are trading well above the dotted line in the morning session. Majority of the sectoral indices are trading firm with IT and healthcare stocks leading the pack of gainers. Metals and auto stocks are trading in the red.

At the time of writing, BSE-Sensex was trading up by 105 points and NSE-Nifty was trading up by 35 points. BSE Mid Cap and BSE Small Cap indices were trading up by 0.77% and 0.31% respectively. The rupee was trading at 61.46 to the US dollar.

Fertilizer stocks are trading mixed today. Gujarat State Fertilizers and Chemicals Limited and Nagarjuna Fertilizers are the leading losers; while Godavari Fertilizers and Coromandel International are the leading gainers. State run Gujarat State Fertilizers and Chemicals Limited (GSFC) posted a marginal 2% rise in net profit for the quarter ended December 31, 2014. GSFC posted a net profit of Rs 1.03 bn in the recently ended quarter compared to Rs 1.01 bn for the corresponding period in the previous financial year. The company's total income decreased from Rs 15.1 bn for the third quarter of 2013-14 to Rs 13.4 bn for the third quarter of the 2014-15. GSFC recently announced expansions worth Rs 12.09 bn. GSFC is currently trading down by 4.7% on the BSE.

Majority of the healthcare stocks are trading in the green with Ranbaxy Labs and Piramal Enterprises being the biggest winners. According to a leading financial daily, the US Food and Drug Administration (FDA) has banned imports from Mumbai-based generic drug maker Ipca Laboratories Ltd's Ratlam plant in Madhya Pradesh due to violations of manufacturing norms. In July last year, FDA had informed about data integrity issues at the Ratlam plant and Ipca had voluntarily halted shipments to the United States from the plant. The voluntarily stoppage will also have an impact on the company's formulations export business to the US market. As of FY14, the US market contributed sales of Rs 4.2 bn (12% of total sales) for Ipca Labs.

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