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Indian stock markets trade weak
Wed, 28 Sep 01:30 pm

The Indian stock market gained during the last two hours of trade but is still in the red. Stocks from the metal, capital goods, auto and consumer durables are leading the pack of losers while those from software, FMCG and oil and gas are finding investor interest.

The BSE-Sensex is trading down by 35 points while NSE-Nifty is trading 14 points below yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading down by 0.3% and 0.4% respectively. The rupee is trading at 48.85 to the US dollar.

Pharma stocks have been trading mixed with Ranbaxy Laboratories, Divis Laboratories and Wockhardt leading the pack of gainers. However, Orchid Chemicals and Aurobindo Pharma are trading weak. As per a leading financial daily, Sun Pharmaceutical Industries is planning to enter US$ 400 m antiepilepsy drug market captured by US-based Cephalon's Gabitril tablets. Gabitril, sold in US and Europe, is a key drug for Cephalon. It accounts for almost 14 % of the company's quarterly earnings. The US company has sued Sun Pharma for wanting to market a generic version of the successful epileptic drug. Cephalon is currently being acquired by world's largest generic drug firm Teva. It is believed that US FDA has given tentative approval to Sun and Sun USA for a generic drug application which will later allow them to market, offer for sale, and sell the Tiagabine Hydrochloride (the active ingredient of Gabitril) tablets in the US. The company officials have declined to comment regarding the nod or timing of the launch of the generic version of the drug in U.S. The stock of the company is trading in the green.

Engineering stocks have been trading mixed as well with Jain Irrigation Systems, Manugraph India and Opto Circuit leading the pack of gainers. However, Suzlon Energy, Siemens and Blue Star are trading weak. As per a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has declared its highest equity dividend ever of Rs 15.2 bn for the financial year 2010-11. After having paid an interim dividend of 132.5% (Rs 10 face value), the state-owned engineering major declared a final dividend of 179%. This takes the total dividend for FY11 to 311.5% or about Rs 15.2 bn in absolute terms. The company had paid a dividend of 233% for the financial year 2009-10. During FY11, the company earned Rs 90.1 bn on an all-time high turnover of Rs 433.4 bn. The Indian government holds equity of 67.72% in BHEL. The stock of the company is trading firm.

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