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Indian share markets remain buoyant
Thu, 28 Nov 01:30 pm

After a firm opening, Indian share markets continued to trade well above the dotted line in the post-noon trading session. All the sectoral indices are trading in the green with realty, capital goods and power stocks being the biggest gainers.

BSE-Sensex is up 133 points and NSE-Nifty is trading 42 points up. BSE Mid Cap is trading up 0.8% and BSE Small Cap index is trading up 1%. The rupee is trading at 62.4 to the US dollar.

All the automobile stocks are trading in the green with Eicher Motors and Ashok Leyland being the major gainers. As per a leading financial daily, Ashok Leyland has launched intermediate commercial range of vehicle 'Boss' in Andhra Pradesh market. The new range will be launched across the country in a phased manner after operations are consolidated in the southern and western regions. Ashok Leyland wants to increase its presence in the rapidly growing intermediate range of commercial vehicles that have carrying capacity of 8 to 16 tonnes. Currently the company has a single offering in this segment and plans to acquire a bigger share through the launch of Boss for haulage in 9.6, 11.9 and 12.9 tonnes. The Boss range is manufactured in the company's Pantnagar facility in Uttarakhand. Ashok Leyland's stock is currently trading up by 3.2%.

Most of the Indian pharma stocks are trading in green with Indoco Remedies and Glenmark Pharmaceuticals witnessing maximum buying. Recently, Wockhardt Ltd announced that the company's second facility has also received import alert on its Chikalthana facility. It is important to note that company's key product Metropolol succinate was also manufactured in this facility. The ban on this product will be quite negative for the company. This was an important contributor to the company's US revenues. Company had around 20% market share in this product. There are just 4-5 players who have launched this product. By nature this product has high entry barriers and thus better margins. Among these 4-5 players, even <>Dr Reddy's sells the generics of this drug in the US market. It is likely that the ban on Wockhardt's facility might impact its market share with Dr Reddy's and other players expected to gain. In our view, Dr Reddy currently has 12% market share in Metropolol succinate and might gain some share from Wockhardt's exit.

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