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Indian share markets slip further
Tue, 30 Jul 01:30 pm

Indian share markets were not enthused even as RBI kept interest rates unchanged and indicated a roll-back in tightening measures when the rupee gets stabilized. The share markets widened losses in the post-noon trading session. Barring IT, all the sectoral indices are trading in the red with realty, power and oil and gas stocks being the biggest losers.

BSE-Sensex is down 141 points and NSE-Nifty is trading 48 points down. BSE Mid Cap is trading down 1.4% and BSE Small Cap index is trading down 1.3%. The rupee is trading at 59.7 to the US dollar.

Majority of the FMCG stocks are trading in the green with Marico and Pidilite among the major gainers and Dabur and Colgate being the biggest losers. Colgate has announced its results for the quarter ended June 2013. The company recorded a 14.7% YoY rise in sales led by 9% YoY volume growth. Its toothpaste sales grew by a strong 11% during the quarter. However the company's operating margin contracted by 2.3% YoY to 19.2% due to a steep rise in other expenses that offset savings in input costs and wages (all as a proportion of sales). However at the net level, net profit surged by 58% on the back of exceptional income of Rs 555 m from slump sale of Global Shared Services Organization to its foreign parent company's wholly-owned subsidiary. During the quarter, the company has launched an innovative product 'Visible White' that prevents tooth surface stains for visibly white teeth.

Most of the Indian pharma stocks are trading in the red with Orchid Ltd and Dishman Pharma witnessing maximum selling pressures. Apotex a US based pharma company has recently received approval for Fenofibrate of 43mg and 160mg strengths from USFDA (United States Food and Drug Administration). This approval is equivalent to Lupin's brand Anatara. Some time back Mylan had launched the generics of the said drug. Apotex launch will further increase the competition and increase the price erosion. This will further impact Lupin's market share. It is still not clear whether Apotex has launched the drug or not. However as Mylan has already launched the generic of Antara, even Apotex launch can be expected in short time. Lupin generated annual revenues of US$ 60 m from the sale of this drug annually before Mylan's launch. Lupin was trading down by 1.93%.

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