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Indian share markets soar
Tue, 21 Oct 01:30 pm

Indian share markets remained volatile and have firmed up in the post-noon trading session. Barring oil & gas and pharma, all the sectoral indices are trading in the red with consumer durable and power stocks being the biggest gainers.

BSE-Sensex is up 128 points and NSE-Nifty is trading 37 points up. BSE Mid Cap is trading 0.8% up and BSE Small Cap index is trading up by 0.4%. The rupee is trading at 61.30 to the US dollar.

automobile stocks are trading mixed with TVS Motors and Tube Investments being the major gainers whereas Mahindra & Mahindra and Maharashtra Scooters are among major losers. As per a leading financial daily, Hero MotoCorp has outlined plans to invest in excess of Rs 50 bn that includes manufacturing plants in Columbia and Bangladesh as well as new plants being set up in Gujarat and Andhra Pradesh and a Hero Global Centre for Research and Design in Rajasthan. The company has invested Rs 10.5 bn at the Neemrana facility having 0.75 m units annual capacity. Post the setting up of this unit, the company's overall annual capacity has increased to 7.65 m units. Hero MotoCorp will commence work on the Halol plant in Gujarat in November followed by the Andhra Pradesh plant with each of them having annual capacities of 1.8 m units. Each of the Columbia and Bangladesh plants will have annual capacities of 0.15 m units. The company has targeted to set up 20 manufacturing and assembly facilities across the world to scale up its capacity to 12 m units per annum over the next five years. Hero MotoCorp stock is trading up 0.8%.

Indian Pharma stocks are trading on a mixed note today. NATCO Pharma is leading the pack of gainers, whereas Lupin and Divis Lab are trading on a weak note today. As per a leading business daily, domestic pharma companies are worried about the recent announcement of changes in Indian patent laws by the US that would increase costs for them. This will weaken their ability to provide low costs drugs. The demands of US IPR (intellectual property rights) working committee if implemented will make Indian generic drugs more costly. This is in turn will reduce India's competiveness on the low cost manufacturing front.

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