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Indian equity markets trade weak
Tue, 23 Oct 11:30 am

Indian equity markets continue to trade weak over the last two hours of trade. Capital goods and realty stocks witnessed maximum buying interest while oil and gas and Consumer Durable stocks witnessed maximum selling pressure.

The Sensex today is down by 15 points, while the NSE-Nifty today is down by 7 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.29% and 0.29%. The rupee is trading at 53.56 to the US dollar.

Pharma stocks are trading in the green led by Wockhardt Limited and Torrent Pharma. According to a leading financial daily, Dr Reddy's Laboratories Limited has offered to buy OctoPlus NV, for an offer price of Rs 1.9 bn in cash. OctoPlus is a service based specialty pharmaceutical company. Dr Reddy's currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus' issued and outstanding shares. Further, the Executive Board and the Supervisory Board of OctoPlus have unanimously recommended the offer to the remaining shareholders. This deal will help expand the expertise and scientific capabilities of Dr Reddy's. Dr Reddy's will provide OctoPlus with fee for service and milestone payments as consideration for services it will render for a maximum of £ 2 m over the next six months.

Auto stocks are trading weak led by Tube Investments and Hero MotoCorp. According to a leading financial daily, Hero MotoCorp has joined hands with HDFC Bank to offer financing at 6.99% across its entire range of products. This is to cash in on the festive season. The company claimed it has retailed over 1.5 lakh two-wheelers during the Navratras till Sunday evening, as it seeks to meet a target despatching half a million two-wheelers during this month. As per industry estimates, the existing interest rate on two-wheeler finance is around 10%. The company has set a target of despatching over half a million two-wheelers in October including more than 1.5 lakh Splendor bikes to meet the market demand in the weeks leading up to Diwali in November. The company is banking on the festive season to boost sagging sales.

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