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Auto stocks lead the gains
Mon, 20 May 01:30 pm

Indian equity markets shed some gains but continued to trade in the green during the post noon trading session. Most of the sectoral indices are trading in the positive territory, with auto and realty being the biggest gainers. Only stocks from the FMCG, healthcare and consumer durables sectors are trading in the red.

BSE-Sensex is up by 80 points and NSE-Nifty is trading up by 14 points. While BSE Mid Cap is trading up by 0.35%, BSE Small Cap index is trading up by 0.25%. The rupee is trading at 55.02 to the US dollar.

Domestic pharma stocks are trading mixed, with Panacea Biotech and JB Chemicals being among the leading gainers, while Elder Pharma and Lupin Ltd are leading the pack of losers. Mylan Pharma, a US based generic pharma company announced the launch of the drug Fenofibrate in the strengths 48 mg and 145 mg in the US market. The launch was made soon after it received approval from the United States Food and Drug Administration (USFDA). The said drug is the generic version of Tricor and is indicated for lowering cholesterol. Lupin had launched Tricor generics in November 2012. Other than Lupin, there are two other generic companies selling the said drug. Mylan's launch might impact the market share of Lupin and will also increase price erosion in the market. Reportedly, as on 31st March 2013, the annual brand sales of Tricor were US$ 1.2 bn. Lupin was trading down by 4.7%.

Majority of the FMCG stocks are trading in the green with P&G Hygiene and Jyothy Consumer being the biggest gainers. As per a leading financial daily, Godrej Consumer Products Ltd (GCPL) plans to launch 'HIT Magic Paper' mosquito repellant in India within a year. This insecticide product, which is available in paper, is a disruptive and innovative format. The existing formats for insecticide products in the market include aerosols, coil, mat, liquid vaporizer and gel in which the company already has a strong presence. HIT Magic Paper is a smokeless product with fragrance and is priced lower than mosquito coils. Currently, insecticide products have a 47% share in the company's consolidated operations and has been growing faster than the category. Hit Paper Magic launch has been received well in Indonesia and reportedly achieved 8% penetration within three months of its launch. Indonesia contributes 50% in GCPL's international business mix.

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