Update 1
Sensex begins intra-day recovery
The BSE Sensex recovered from a lower level after having pared early gains. Heavyweight Reliance Industries slipped into the red, and ICICI Bank had pared gains. Bargain-hunting pulled Tata Steel out of the doldrums.
At 11:23 IST the Sensex was up 139 points, at 13,626. After surging as many as 158.18 points, to 13,645.34, in opening trade. The Sensex had drifted to 13,570, at 10:35, a gain of 82.84 points for the day.The S&P CNX Nifty was up 1.1%, at 3,887.20.
Technical analysts feel that 3,900-3,920 is a key resistance level for Nifty. Only a decision close to that level will indicate resumption of uptrend, they say. Nifty also has a strong support at 3,700 level, according to market participants.
The market-breadth was strong. For 1,607 shares that rose on BSE, 613 declined. As many as 56 shares were unchanged. Gainers outpaced losers by a ratio of 2.62:1.The BSE clocked a turnover of Rs 1,533 crore.
Investment plan for Fiat JV spurs Tata Motors
Tata Motors rose 1.1% to Rs 863, after it decided to jointly invest Rs 4,000 crore with Fiat, in a car and engine making facility at Ranjangaon, Pune.A total of 11,121 shares changed hands in the counter on BSE.Ahead of the announcement, made after trading hours on Thursday, (14 December), Tata Motors stock had gained 1.3% to Rs 853.35.
The Tata Motors-Fiat JV will have an annual capacity in excess of 1,00,000 cars and 200,000 engines and transmissions, and production will start from the beginning of 2008. Tata Motors said, it planned to increase the Tata-Fiat dealer network to 100 outlets from 42 currently, to cover more towns and cities
Tata Motors also said it will continue discussions with Fiat for cooperation in Latin America. Fiat in November said, it would make Tata Motors' new 1-tonne pick-up truck at its plant in Argentina, from the second half of fiscal 2008.
Early this month, Tata Motors reported strong sales growth. Tata Motors’ vehicle sales rose 43% in November 2006 to 49,061 units compared with the same month a year ago. Sales of commercial vehicles rose 46% to 25,793, while sales of cars rose 48% to 19,475, helped by a surge in sales of its Indica model. Exports rose 9.6% to 3,793 units.
US FDA nod for anti-infective drug thrills Ranbaxy
Ranbaxy rose 1.40% to Rs 376, on US FDA approval for Cefprozil anti-infective tablets.The counter clocked 27,877 shares on BSE.The stock has been consistently declining due to sustained selling. It eased from Rs 391.10 on 6 December, to Rs 366.75 by 13 December 2006, as selling continued.
The US Food and Drug Administration (USFDA) has permitted Ranbaxy Laboratories to manufacture and market Cefprozil Tablets, 250 mg and 500 mg. Total annual market sales for Cefprozil Tablets were $76.6 million (IMS - MAT: September 2006).
This formulation will he produced in the company’s cGMP compliant, cephalosporin-dedicated facility at Dewas, Madhya Pradesh. It plans to launch this product in early 2007.
On 02 December, Ranbaxy Laboratories acquired South Africa's fifth-largest generics player Be-Tabs Pharmaceuticals, for $70 million (Rs 315 crore). The acquisition, subject to requisite approvals from South African authorities, is slated for completion in the first quarter of 2007.
Mega capex on cards, ACC inflates
ACC advanced 3.43% to Rs 1,067, after its board approved capital expenditure of about Rs 1,480 crore at New Wadi plant, for raising capacity by about 3 MTA.The stock also hit an intra-day high of Rs 1,070 and an intra-day low of Rs 1,030.A strong 1.13 lakh shares changed hands in the counter on BSE.
The stock has slipped sharply from Rs 1,172.60 on 4 December to Rs 972.35 on 12 December, tracking a weak market. Here, it started rising and reached Rs 1,031.65 by 14 December as buying resumed.
ACC’s cement dispatches rose just 2.7% in November 2006, to 1.52 million tonnes. Despatches in the 11-month period January-November 2006 rose nearly 7% to 16.98 million tonnes.
Analysts expect demand for cement to continue healthy due to expanding infrastructure and housing activity.Recently, ACC sold 1,10,047 shares (2% of the share capital) of TRF. After the sale, ACC's holding in TRF has come down to 4.54%.
The BSE Sensex recovered from a lower level after having pared early gains. Heavyweight Reliance Industries slipped into the red, and ICICI Bank had pared gains. Bargain-hunting pulled Tata Steel out of the doldrums.
At 11:23 IST the Sensex was up 139 points, at 13,626. After surging as many as 158.18 points, to 13,645.34, in opening trade. The Sensex had drifted to 13,570, at 10:35, a gain of 82.84 points for the day.The S&P CNX Nifty was up 1.1%, at 3,887.20.
Technical analysts feel that 3,900-3,920 is a key resistance level for Nifty. Only a decision close to that level will indicate resumption of uptrend, they say. Nifty also has a strong support at 3,700 level, according to market participants.
The market-breadth was strong. For 1,607 shares that rose on BSE, 613 declined. As many as 56 shares were unchanged. Gainers outpaced losers by a ratio of 2.62:1.The BSE clocked a turnover of Rs 1,533 crore.
Investment plan for Fiat JV spurs Tata Motors
Tata Motors rose 1.1% to Rs 863, after it decided to jointly invest Rs 4,000 crore with Fiat, in a car and engine making facility at Ranjangaon, Pune.A total of 11,121 shares changed hands in the counter on BSE.Ahead of the announcement, made after trading hours on Thursday, (14 December), Tata Motors stock had gained 1.3% to Rs 853.35.
The Tata Motors-Fiat JV will have an annual capacity in excess of 1,00,000 cars and 200,000 engines and transmissions, and production will start from the beginning of 2008. Tata Motors said, it planned to increase the Tata-Fiat dealer network to 100 outlets from 42 currently, to cover more towns and cities
Tata Motors also said it will continue discussions with Fiat for cooperation in Latin America. Fiat in November said, it would make Tata Motors' new 1-tonne pick-up truck at its plant in Argentina, from the second half of fiscal 2008.
Early this month, Tata Motors reported strong sales growth. Tata Motors’ vehicle sales rose 43% in November 2006 to 49,061 units compared with the same month a year ago. Sales of commercial vehicles rose 46% to 25,793, while sales of cars rose 48% to 19,475, helped by a surge in sales of its Indica model. Exports rose 9.6% to 3,793 units.
US FDA nod for anti-infective drug thrills Ranbaxy
Ranbaxy rose 1.40% to Rs 376, on US FDA approval for Cefprozil anti-infective tablets.The counter clocked 27,877 shares on BSE.The stock has been consistently declining due to sustained selling. It eased from Rs 391.10 on 6 December, to Rs 366.75 by 13 December 2006, as selling continued.
The US Food and Drug Administration (USFDA) has permitted Ranbaxy Laboratories to manufacture and market Cefprozil Tablets, 250 mg and 500 mg. Total annual market sales for Cefprozil Tablets were $76.6 million (IMS - MAT: September 2006).
This formulation will he produced in the company’s cGMP compliant, cephalosporin-dedicated facility at Dewas, Madhya Pradesh. It plans to launch this product in early 2007.
On 02 December, Ranbaxy Laboratories acquired South Africa's fifth-largest generics player Be-Tabs Pharmaceuticals, for $70 million (Rs 315 crore). The acquisition, subject to requisite approvals from South African authorities, is slated for completion in the first quarter of 2007.
Mega capex on cards, ACC inflates
ACC advanced 3.43% to Rs 1,067, after its board approved capital expenditure of about Rs 1,480 crore at New Wadi plant, for raising capacity by about 3 MTA.The stock also hit an intra-day high of Rs 1,070 and an intra-day low of Rs 1,030.A strong 1.13 lakh shares changed hands in the counter on BSE.
The stock has slipped sharply from Rs 1,172.60 on 4 December to Rs 972.35 on 12 December, tracking a weak market. Here, it started rising and reached Rs 1,031.65 by 14 December as buying resumed.
ACC’s cement dispatches rose just 2.7% in November 2006, to 1.52 million tonnes. Despatches in the 11-month period January-November 2006 rose nearly 7% to 16.98 million tonnes.
Analysts expect demand for cement to continue healthy due to expanding infrastructure and housing activity.Recently, ACC sold 1,10,047 shares (2% of the share capital) of TRF. After the sale, ACC's holding in TRF has come down to 4.54%.
posted by SY at 12:14 PM
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