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Maruti presents strong results
Tue, 27 Apr 11:30 am

The Indian markets continued to remain volatile during the previous two hours as profit booking continued in index heavyweights. While some buying interest was seen in stocks in the FMCG and power space; stocks from the realty, auto and banking sectors are out of favour.

BSE-Sensex is trading lower by 11 points while NSE-Nifty is trading 3 points below the dotted line. However, BSE-Midcap Index is up by 0.2% while the BSE-Smallcap index is trading 0.4% above yesterday's closing. The rupee is trading at 44.41 to the US dollar.

Maruti Suzuki released its 4QFY10 results yesterday. The company's topline during the quarter grew by 31% YoY on the back of a 22% YoY increase in volumes. Operating profits jumped by 147% during the quarter as operating margins expanded by 6.2% on the back of lower costs as a percentage of sales. Net profit grew by 170% YoY during the quarter. The performance of the quarter was aided by a lot of tailwinds like low interest rate environment, low base effect, government incentives and buoyant economic environment. However, we believe that FY10 was an aberration and going forward, the growth should be as its long term average.

As per a leading daily, Dr Reddy's Laboratories (DRL) has launched the generic version of hypertension drug Lotrel in the US market. The drug will be launched in capsules of 2.5mg/10mg, 5mg/10mg, 5mg/20mg and 10mg/20mg strengths. DRL will be facing competition from Teva, Lupin, Sandoz and Novartis who are already marketing the drug in the US. While DRL's officials have declined to divulge the target sales of this drug, the market is believed to be worth US$ 527 m. While the market is large, DRL will have to face stiff competition, more so as Mylan and Colbalt are also looking to enter this market.

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