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Mid cap & small cap buck trend
Tue, 2 Jul 01:30 pm

Indian share markets continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty, IT and auto stocks being the biggest losers. However, consumer durables, pharma and metal stocks are among the few stocks trading positive.

BSE-Sensex is down 42 points and NSE-Nifty is trading 14 points down. BSE Mid Cap is trading up 0.1% whereas BSE Small Cap index is trading up by 0.3%. The rupee is trading at 59.3 to the US dollar.

Majority of the cement stocks are trading in the green with Heidelberg Cement and Prism Cement being the biggest gainers. As per a leading financial daily, Madras Cement has chalked out plans to invest Rs 3.6 bn to set up a grinding unit in Andhra Pradesh whereas Rs 550 m will be invested to increase its power generation capacity. The new unit at Vishakhapatnam is expected to go on-stream in the second quarter of FY15. The clinker required will be transported from the Jayanthipuram plant and the output will be sold in coastal Andhra Pradesh, Odisha and Chattisgarh. Prior to this, Madras Cement had set up three grinding units near fly-ash producing centres and major cement-consumption areas. As per the company, this move has helped it to reduce the cost of transportation and service its markets better. Madras Cement stock is trading 3.7% down.

Most of the Indian pharma stocks are trading in the green with Panacea Biotech and Elder Pharma leading among gainers. Glenmark Pharmaceuticals' subsidiary Glenmark Generics has received approval for generic rizatriptan benzoate orally disintegrating tablets (ODT)from USFDA (United States Food and Drug Association). The drug is generic version of Merck's Maxalt tablets. The annual sales of this drug were $263 m in FY13. Glenmark has received approval for 5mg and 10mg strengths. The company will soon commence shipment of the drug. The drug is used to cure migraine in adults and children belonging to 6-17 age group.

Even Aurobindo Pharma has received approval for rizatriptan benzonate ODT from the USFDA. Aurobindo too expects to launch the product in near term. Both the stocks, Glenmark and Aurobindo were trading up by 1.07% and 0.24% respectively.

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