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Metal and capital goods propel markets
Fri, 9 Mar 01:30 pm

Indian stock markets continued to trade firm on account of sustained buying interest in heavyweights during the last two hours of trade. All sectoral indices are trading in the green. Stocks from the metal, capital goods, banking, and realty and consumer durables sectors are leading the pack of gainers.

The BSE-Sensex is trading up by 311 points while NSE-Nifty is trading 98 points above Wednesday's closing. The BSE Mid cap and BSE Small cap indices are trading up by 1.7% and 1.4% respectively. The rupee is trading at 49.96 to the US dollar.

Most of the Retailing stocks have been trading firm with Provogue (India) Ltd, Pantaloon and Bata India leading the pack of gainers. However, Shoppers stop is trading weak. As per a leading financial daily, Titan Industries wants to expand its Fastrack brand to other lifestyle youth segments such as bicycles, helmets, shoes and apparel. The company derives 64% share of sales from branded jewellery retailed through 'Tanishq' brand and the rest from watches and eyewear segments through 'Titan' and 'Fastrack' brands. The company wants to diversify its Fastrack brand to categories, having a huge presence of the unorganized market, where its design advantage can be leveraged. Titan will do the design and marketing in-house and outsource manufacturing. The company has plans of sourcing helmets from China and launching in the country in FY13. In order to reduce dependence on parent brand 'Titan', the company aims to grow the brand value of Fastrack to Rs 30 bn in the next five years. The stock of the company is trading firm.

Pharma stocks have been trading mixed as well with Natco Pharma, Aurobindo Pharma and Piramal Healthcare leading the pack of gainers. However, IPCA Laboratories and JB Chemicals and Pharmaceuticals are trading weak. As per a leading financial daily, Dr Reddy's Laboratories has recently launched generic Geodon capsules in different strengths. Geodon, or ziprasidone hydrochloride, is an anti-psychotic drug. The company could avoid the expected delay in the launch after Pfizer did get an extension of the patent on the paediatric version of the drug. The company is expected to generate US$ 60-70 m from the launch of the drug in the US market. This would help the company's business grow in the US market. However, the estimation of revenues generation is much below the earlier expectation. The main reason for this is the entry of three other players into the market following the patent expiry. The stock of the company was trading in the green.

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