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Engineering stocks surge
Tue, 13 May 01:30 pm

Indian share markets continued to hover at high levels in the post-noon trading session. Barring pharma, all the sectoral indices are trading in the green with engineering, consumer durable and power stocks being the biggest gainers.

BSE-Sensex is up 354 points and NSE-Nifty is trading 97 points up. BSE Mid Cap is trading 1.2% up and BSE Small Cap index is trading up by 1.1%. The rupee is trading at 59.8 to the US dollar.

All the telecom stocks are trading positive led by MTNL and ITI. As per data released by Telecom Regulatory Authority of India (TRAI), the telecom industry saw an addition of over one million subscribers in March to reach a subscriber base of 933 million. Rural India was the growth driver with the mobile services subscriber base increasing by 2.8 m to reach 377.7 m in March. However, subscriber base in urban India declined by 1 m to 555.3 m for the month of March.

Indian Pharma stocks are trading mixed today. While Panacea Biotech and Aurobindo Pharma are trading higher, Dr. Reddy's is trading on a weak note. As per a leading business daily, Lupin is planning to restructure its domestic operations as domestic growth has slowed down due to lower drug prices on account of the new drug pricing policy. The company wants to divest those brands from its portfolio that generate minimal revenues and lack the key therapies. In addition, Lupin plans to add new products to its portfolio which constitutes critical therapies like cancer drug, where the company lacks presence currently. During 4QFY14, the company's Indian formulation business marginally grew by 2% YoY, while exports surged by 26.4% YoY. Over the past few quarters, growth in the company's domestic business has been under pressure. Lupin stock is trading up marginally.

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