Update 3
Sensex down about 200 points
The Sensex remained weak and was down close to 200 points as selling pressure continued after the market had rallied for four consecutive sessions.
At 12:43 IST, Sensex was down 195.90 points at 13,535.19. It hit a fresh low of 13,480.23, a little while ago as selling intensified. It opened weak on Tuesday and started slipping till it touched a low of 13,600.21. It’s high for the day is at 13748.62. The latest data showing substantial FII sales on Monday (18 December) also dampened the sentiment.The total turnover on BSE amounted to Rs 1910 crore.
Market breadth was negative on BSE as selling pressure emerged for small-cap and mid-cap stocks. On BSE, 1284 shares declined as compared to 1101 that advanced. 65 remained unchanged.Among the Sensex pack, 26 declined while the rest advanced.
All the Asian markets were trading with losses except China’s Shanghai Composite which was up 0.98%. The Japanese Nikkei 225 index was down 1.09% while the Hang Seng index was 1.24%. The Bank of Japan today kept interest rates unchanged at 0.25%. Trading on the stock market in Thailand was halted today after the key benchmark index plunged 10%.
Lupin gains on US FDA nod for blood pressure drug
Lupin rose 2.4% to Rs 595 after the drug maker said it had received tentative approval from the US Food and Drug Administration for trandolapril, used in treating high blood pressure.16,897 shares changed hands in the counter on BSE.
The stock had surged over the past few days. From a recent low of Rs 530.80 on 12 December, it gained 9.3% in just 4 trading sessions to Rs 580.65 on 18 December.
The current price of Rs 595 discounts its Q2 September 2006 annualized EPS of Rs 29, by a PE multiple of 20.5.The company reported strong Q2 September 2006 results. It clocked 29% growth in net profit to Rs 58.30 crore for the quarter ended September 30, 2006, compared with Rs 45.19 crore in the corresponding period for the previous year. Net sales rose 21% to Rs 491.07 crore.
In late-2005, Lupin had forged a spate of alliances with Ranbaxy, GlaxoSmithKline (Philippines) and Aspen Pharma, respectively, to market its tuberculosis drugs
Lupin, which has established direct presence in the US with a wholly-owned subsidiary and a number of marketing alliances, has so far not explored the European markets in a big way.A few months back, Lupin decided not to pursue a memorandum of understanding (MoU) with Belgium's Artifex Finance CVA, to acquire a 51% stake in the latter.Lupin is a leading player in anti-TB, cephalosporins (anti-infectives) and cardiovascular drugs (prils and statins), and has a strong presence in diabetology and asthma. It has a programme for developing NCEs (new chemical entities) at its research and development centre in Pune.
Bhel trips
PSU power equipment major Bhel lost 4.4% to Rs 2285 due to likely loss of equipment orders for the upcoming ultra mega power projects the bids for which were opened on Monday.3.4 lakh shares changed hands in the counter on BSE.
According a report by domestic brokerage, Bhel’s cost competitiveness for supercritical equipment comes under question given the large disparity in bid prices between the lowest bidder, Lanco (at Rs 1.19 per unit) and NTPC (at Rs 2.1/unit) Sasan ultra mega power project. Reports suggest that Lanco had tied up with Chinese equipment supplier Dongfang, while NTPC had tied up with Bhel for ultra mega power project.
Lanco Power has won the financial bid through the international competitive bid (ICB) route for the Sasan Ultra Mega Power Project of 4000 MW capacity. In the fray were Tata Power, L&T, Reliance Energy, Essar Power and Sterlite Industries, NTPC, Torrent Power, Jindal Steel & Power, Jaiprakash Associates and Lanco.
Bhel scrip had lost 4.2% to Rs 2391.25 on Monday (18 December) following the news of NTPC not getting the Sasan ultra mega power projects order.
Analysts also feel that Chinese equipment suppliers will become a stronger force to reckon with in Indian market following Lanco’s winning of the bid for one of the ultra mega power projects.Bhel is a market leader in co-generation and captive power plants. As per recent reports, Bhel has readied Rs 10000 crore for takeovers in the US and Europe.Bhel reported a 38.3% growth in net profit for Q2 September 2006 to Rs 360.01 crore (Rs 260.16 crore). Total income (net of excise) rose 34% to Rs 3,511.04 crore (Rs 2,615.95 crore).
The Sensex remained weak and was down close to 200 points as selling pressure continued after the market had rallied for four consecutive sessions.
At 12:43 IST, Sensex was down 195.90 points at 13,535.19. It hit a fresh low of 13,480.23, a little while ago as selling intensified. It opened weak on Tuesday and started slipping till it touched a low of 13,600.21. It’s high for the day is at 13748.62. The latest data showing substantial FII sales on Monday (18 December) also dampened the sentiment.The total turnover on BSE amounted to Rs 1910 crore.
Market breadth was negative on BSE as selling pressure emerged for small-cap and mid-cap stocks. On BSE, 1284 shares declined as compared to 1101 that advanced. 65 remained unchanged.Among the Sensex pack, 26 declined while the rest advanced.
All the Asian markets were trading with losses except China’s Shanghai Composite which was up 0.98%. The Japanese Nikkei 225 index was down 1.09% while the Hang Seng index was 1.24%. The Bank of Japan today kept interest rates unchanged at 0.25%. Trading on the stock market in Thailand was halted today after the key benchmark index plunged 10%.
Lupin gains on US FDA nod for blood pressure drug
Lupin rose 2.4% to Rs 595 after the drug maker said it had received tentative approval from the US Food and Drug Administration for trandolapril, used in treating high blood pressure.16,897 shares changed hands in the counter on BSE.
The stock had surged over the past few days. From a recent low of Rs 530.80 on 12 December, it gained 9.3% in just 4 trading sessions to Rs 580.65 on 18 December.
The current price of Rs 595 discounts its Q2 September 2006 annualized EPS of Rs 29, by a PE multiple of 20.5.The company reported strong Q2 September 2006 results. It clocked 29% growth in net profit to Rs 58.30 crore for the quarter ended September 30, 2006, compared with Rs 45.19 crore in the corresponding period for the previous year. Net sales rose 21% to Rs 491.07 crore.
In late-2005, Lupin had forged a spate of alliances with Ranbaxy, GlaxoSmithKline (Philippines) and Aspen Pharma, respectively, to market its tuberculosis drugs
Lupin, which has established direct presence in the US with a wholly-owned subsidiary and a number of marketing alliances, has so far not explored the European markets in a big way.A few months back, Lupin decided not to pursue a memorandum of understanding (MoU) with Belgium's Artifex Finance CVA, to acquire a 51% stake in the latter.Lupin is a leading player in anti-TB, cephalosporins (anti-infectives) and cardiovascular drugs (prils and statins), and has a strong presence in diabetology and asthma. It has a programme for developing NCEs (new chemical entities) at its research and development centre in Pune.
Bhel trips
PSU power equipment major Bhel lost 4.4% to Rs 2285 due to likely loss of equipment orders for the upcoming ultra mega power projects the bids for which were opened on Monday.3.4 lakh shares changed hands in the counter on BSE.
According a report by domestic brokerage, Bhel’s cost competitiveness for supercritical equipment comes under question given the large disparity in bid prices between the lowest bidder, Lanco (at Rs 1.19 per unit) and NTPC (at Rs 2.1/unit) Sasan ultra mega power project. Reports suggest that Lanco had tied up with Chinese equipment supplier Dongfang, while NTPC had tied up with Bhel for ultra mega power project.
Lanco Power has won the financial bid through the international competitive bid (ICB) route for the Sasan Ultra Mega Power Project of 4000 MW capacity. In the fray were Tata Power, L&T, Reliance Energy, Essar Power and Sterlite Industries, NTPC, Torrent Power, Jindal Steel & Power, Jaiprakash Associates and Lanco.
Bhel scrip had lost 4.2% to Rs 2391.25 on Monday (18 December) following the news of NTPC not getting the Sasan ultra mega power projects order.
Analysts also feel that Chinese equipment suppliers will become a stronger force to reckon with in Indian market following Lanco’s winning of the bid for one of the ultra mega power projects.Bhel is a market leader in co-generation and captive power plants. As per recent reports, Bhel has readied Rs 10000 crore for takeovers in the US and Europe.Bhel reported a 38.3% growth in net profit for Q2 September 2006 to Rs 360.01 crore (Rs 260.16 crore). Total income (net of excise) rose 34% to Rs 3,511.04 crore (Rs 2,615.95 crore).
posted by SY at 1:45 PM
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