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IT & auto, major gainers
Mon, 22 Jul 01:30 pm

Indian share markets continued to remain buoyant in the post-noon trading session. Majority of the sectoral indices are trading in the green with IT, auto & banking stocks being the biggest gainers. Only oil & gas, consumer durable and power stocks are trading in the red.

Sensex today is up 95 points and NSE-Nifty is trading 25 points up. BSE Mid Cap is trading up 0.5% and BSE Small Cap index is trading up marginally. The rupee is trading at 59.3 to the US dollar.

Power stocks are trading mixed with CESC Ltd and KSK Energy being the biggest gainers and GVK Power and Torrent Power being the biggest losers. Tata Power has said that it is on the look-out for local acquisitions as assets may be available due to current stress in the power sector. The power sector has been under a cloud due to a host of factors such as fuel shortage, poor financial health of distribution companies and hurdles in getting regulatory approvals. As per the company, the acquisitions will help the company leverage its existing businesses in the power value chain. Reportedly, Tata Power is executing power generation projects with a cumulative capacity of 1,151 MW across domestic and international markets. The company is in the process of acquiring land in the states of Maharashtra, Rajasthan, Gujarat and Karnataka to develop solar and wind projects. Tata Power stock is trading marginally up.

Indian pharma stocks are trading mixed with Wockhardt and Ranbaxy witnessing maximum selling pressures, while JB Chemicals and Sun Pharma are the top gainers. Wockhardt has announced that its Waluj facility, which had received import alert from USFDA (United States Food and Drug Administration), has now received a warning letter. The said facility is oral and injectable facility located at Aurangabad. The warning letter lists the observations made during the inspection. In May 2013, when the company had received the import alert on the facility, the company had stated that around $ 100 m per annum is likely to get impacted. The said impact remains unchanged until the company is able to resolve the matter. Wockhardt stock was trading down by 8.3%.

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