Monday April 15, 01:30 PM
MNC phama stocks gains... |
|
By Equitymaster.com
The markets are moving down further with lacklustre activity in old economy stocks. Frontline Indian pharma stocks are under stiff selling pressure while MNC pharma stocks are gaining buying interest. Media stocks are also in demand selectively.
The BSE Sensex is at 3,487 (down 24 points) and the NSE Nifty is at 1,145 (down 2 points). The rupee is trading at Rs 48.91 per US dollar.
Frontline Indian pharma stocks are out of flavour. Ranbaxy is down by 2%. The company's antibacterial drug, cefuroxime axetil is reported to have cornered 28% of doctors' prescription in the US. Ranbaxy's generic has consolidated its market share from Ceftin $250m brand of cefuroxime axetil owned by GlaxoSmithkline. Glaxo's patent violation claims against Ranbaxy were rejected by US court. Ranbaxy is the only manufacturer of cefuroxime axetil in the US market besides Ceftin and its drug is priced at a discount of around 30% to Ceftin. Cipla (CIPL.BO, news) and Dr. Reddy (REDY.BO, news) 's are down by over 3%.
HLL is losing ahead of its first quarter results to be declared today. The company is expected to report a marginal growth of 1-3% in revenues and profit growth in the range of 12-15%. The company's overall sales would be lower as it has discontinued many of its brands in the past six months. It is now focusing on power brands to drive sales growth.
Media stocks are attracting selective buying interest. Mukta Arts (up 4.2%), TV 18 (up 3.6%) and Pentamedia (up 10%) are the prominent gainers. Zee meanwhile, is trading within a narrow price band.
|
