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Indian share markets widen losses
Wed, 29 May 01:30 pm

With persistent selling across index heavyweights, Indian share markets slipped deeper in the red in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty, power and metal stocks being the biggest losers. Pharma, consumer durable and FMCG are among the few stocks trading in the green.

BSE-Sensex is down 72 points and NSE-Nifty is trading 31 points down. BSE Mid Cap is trading 0.4% down and BSE Small Cap index is trading down by 0.2%. The rupee is trading at 56.2 to the US dollar.

Majority of the FMCG stocks are trading in the green, with Marico and Godrej Consumer among the top gainers. Colgate has announced its results for the March 2013 quarter. The company reported an 18.3% YoY increase in revenues. However a steep rise in ad-spends, wages and other expenses shaved off 4.1% from its operating margin for the quarter. Net profits fell by 5.8% on lower operating profits, higher tax incidence and a 7.7% YoY fall in other income reported during the quarter. For the full year FY13, Colgate's topline increased by 17.5% whereas net profits grew by a subdued 11.3%. Colgate stock is currently up by 0.7%.

Domestic pharma stocks are trading mixed with Dishman Pharma and Sun Pharmaceuticals leading among the pack of gainers while Wockhardt and Ranbaxy Laboratories are among the leading losers. Sun Pharmaceuticals declared its March 2013 results. Net sales witnessed robust growth of 32% YoY, led by US and RoW (Rest of World) business. During the quarter, the US segment also includes revenues from Dusa and URL Pharma. The company had made these acquisitions a couple of months back. The domestic segment witnessed decline in revenues by around 11% YoY for the said period due to some one of during 4QFY12. However excluding this impact, domestic segment grew by 16% YoY. The operating profits of the company grew by 32% YoY with EBITDA margins of 41% for the quarter. PAT grew by 23% YoY. The company has declared bonus of 1:1 shares. Sun Pharma is trading up by 8%

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