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Indian share markets slip further
Mon, 7 Apr 01:30 pm

With persistent selling in index heavyweights, Indian share markets drifted deeper in the red in the post-noon trading session. All the sectoral indices are trading in the red with realty, consumer durable and power stocks being the biggest losers.

BSE-Sensex is down 112 points and NSE-Nifty is trading 28 points down. BSE Mid Cap is trading 0.7% down and BSE Small Cap index is trading down by 0.3%. The rupee is trading at 60.0 to the US dollar.

Most of the energy stocks are trading in the red with Indian Oil Corporation (IOC) and Petronet LNG being the major gainers whereas Cairn India and Gas Authority of India Ltd (GAIL) are trading in the red. As per a leading financial daily, ONGC Videsh, subsidiary of ONGC, is in talks to import Liquified Natural Gas (LNG) for $15 per unit from a consortium operating a giant gas field in Mozambique. ONGC Videsh Ltd (OVL) has a 16% stake in the Rovuma Area-1 project of the consortium whereas Oil India and Bharat Petroleum Corporation Ltd together hold 14% stake. OVL had recently acquired 10% stake in Mozambique's Rovum Area-1 together with Oil India which holds 4% stake. The company later bought an additional 10% stake in the same field from Anadarko Petroleum Corporation. The total amount of $ 4.12 bn spent on the acquisitions was financed through borrowings by the company. ONGC stock is currently trading up marginally.

Majority of the domestic pharma stocks are trading in the red with Cipla and Cadila Healthcare being among major losers while Glenmark Phrama and Elder Pharma are among the few stocks trading in the green. As per a leading financial daily, Dr. Reddy's Laboratories (DRL) will be investing $400 m in Research & Development over the next 3-4 years. The company generates a major portion of its revenues from pure generic sales and wants to shift focus on manufacturing complex generic drugs using science & technology. DRL is planning to invest $150-$200 m in each of the biologics and proprietary product segments. The company expects to derive a significant part of its revenues from these two product segments over the next five years. DRL has 21 active products in the proprietary products pipeline out of which six are in the clinical development stage in the areas of cardiovascular development, psoriasis, pain, anti-infective atopic dermatitis/psoariasis and migraine as on 31st March 2013. DRL's stock is currently trading down 1.4%.

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