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Auto stocks drag markets lower
Wed, 11 Jul 11:30 am

Indian equity markets continue to trade weak over the last two hours of trade. Consumer durables and IT stocks witnessed maximum buying interest, while Auto and realty stocks witnessed maximum selling pressure.

The Sensex today is down by 67 points, while the NSE-Nifty today is down by 18 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.38% and 0.20%. The rupee is trading at 55.36 to the US dollar.

Engineering stocks are trading weak led by ABB and AIA Engineering. According to a leading financial daily, Larsen and Toubro has acquired Malaysia-based electrical equipment maker Henikwon Corporation. The company has not disclosed the amount it paid for the acquisition. The acquisition was made by L&T's wholly-owned subsidiary Tamco Switchgear, a part of the engineering major's electrical and automation (E&A) business. Henikwon Corporation is a leading manufacturer of low and medium voltage busduct systems. According to the company, the acquisition will be complimentary to its E&A portfolio and make comprehensive offerings for the building and infrastructure systems. It will further enhance the company's presence in South East Asia and in catering to Indian and Middle East markets.

Pharma stocks are trading in the red. Wockhardt and Sun Pharma are the biggest losers while Glenmark Pharma and Strides Arcolab are the biggest gainers. According to a leading financial daily, Ranbaxy Laboratories Limited is planning to launch at least three copies of biotech medicines in India by 2015, mostly to treat cancer. The company needs to develop such high-tech drugs to remain a serious player in the global generics business. The company will introduce a biosimilar cancer treatment in India next year and follow up with at least two other biosimilars in the same market over the following year or two. The company's goal is to seek initial approval for all the drugs in India and then pursue approval within four to five years in Europe and the United States.

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