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Volatility mars Indian Indices
Wed, 17 Apr Closing

Indian equity markets had a rather volatile trading session today. The indices began the day's proceedings on a strong note and subsequent trading hours saw them oscillate to either side of Tuesday's close with the indices eventually closing the day in the red. While the BSE-Sensex closed lower by 13 points, the NSE-Nifty closed flat. Both the BSE Mid Cap and the BSE Small Cap closed on a strong note. Maximum buying interest was seen in Metal and FMCG stocks.

As regards global markets, Asian indices closed mixed. European indices have opened in the red. The rupee was trading at Rs 54.06 to the dollar at the time of writing.

According to a leading financial daily, Cipla has launched biosimilar of Etanercept under the brand name 'Etacept'. It is used for treatment of rheumatic disorders in India. Etacept is manufactured by a China-based Shanghai CP Guojian Pharmaceutical Company Limited and will be marketed by Cipla in India. The introduction of Etacept signals Cipla's entry into the biologic segment offering an option to the patients suffering from rheumatic disorders at a lower cost. The drug is available across the country at Rs 6,150 and the recommended dose for adults is 25 mg twice weekly by subcutaneous (under the skin) injection. The company hopes that introducing the drug at a lower cost (30% lesser as compared to the innovator) will enable access of this drug to a greater number of patients in India.

HCL Technologies Limited has announced the third quarter results (3QFY13) of financial year 2012-2013, (year ending June). Consolidated net sales grew by 2.4% QoQ in 3QFY13. The growth in revenues was 3.8% QoQ on a constant currency basis. In terms of US dollar, revenues grew by 3.2% QoQ during the quarter. A marginal volume growth of 0.4% was witnessed during the quarter which was lower than the 3% sequential growth seen during the previous quarter (2QFY13). EBITDA margin dropped slightly from 22.6% in 2QFY13 to 22.4% in 3QFY13. Net profit grew at a much higher rate of 7.8% QoQ, because of forex gains of Rs 231 m in 3QFY13 as compared to a forex loss of Rs 125 m in 2QFY13. The company added 37 new clients during the quarter. The total number of active clients at the end of March 2013 increased to 547 from 544. The company has declared an interim dividend of Rs 2 per share (dividend yield of 0.3%).

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