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Indian equity markets continue to rally
Fri, 11 Oct 01:30 pm

Indian equity markets continued to trade in the green during post noon trading session. Most of the sectoral indices are trading in green, with realty and IT stocks leading the pack of gainers. However, metal and FMCG stocks are witnessing maximum selling pressure.

BSE-Sensex is up by 220 points and NSE-Nifty is trading up by 63 points. While BSE Mid Cap is trading up by 0.57%, BSE Mid Cap index is trading up by 0.53%.The rupee is trading at 61.30 to the US dollar.

Indian pharma stocks are trading mixed. While Natco pharma and Ranbaxy laboratories are among the leading gainers, Glenmark pharma and Elder pharma lead the pack of losers. As per the financial daily, the United States of Food and Drugs Administration (USFDA) has given clean chit to Ranbaxy's Ohm facility located in New-Jersey, USA. Reportedly, the drug maker has said the company has received, Establishment Inspection report (EIR) from the USFDA, for its inspection in the facility which took place during Dec 2012. An EIR indicates that the issues and concerns of non-compliance observed by the USFDA during the audits have been satisfactorily resolved. The news is certainly positive for Ranbaxy, as three of its four USFDA approved formulation facilities are under USFDA scanner. Sometime back, US drug regulator had issued a Form 483 with its observations, as USFDA was not satisfied with the compliance norms at Ohm Labs. However, the company now has successfully rectified the errors. Ranbaxy is trading up by 2.5%

Majority of the energy stocks are trading in the red with Gujara State Petronet and Indian Oil Corporation (IOC) being the biggest losers. However, Indraprastha Gas and Mangalore Refineries & Petrochemical Ltd (MRPL) are trading in the green. As per a leading financial daily, the West Bengal government has given a nod to sell 40% stake in sick Haldia Petrochemicals Ltd (HPL) to Indian Oil Corporation. IOC was the sole bidder and has been approved to buy 675 m shares of HPL from the State government. The approval is subject to the condition that the private sector partner, The Chatterjee Group (TCG) that holds 41% stake in the petrochem project, does not exercise its first right of refusal. The TCG Group had raised objection to the State Government's claim on 155 m shares and currently the case is in the Supreme Court. Reportedly Haldia Petrochemicals, the naptha-based petrochem project, has been loss-making for the past five years and has wiped out its net worth with no funds to buy feedstock.

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