Update 4
Sensex crosses 13,650
The BSE Sensex staged a smart recovery of about 260-points from its day’s low of 13416.40 on strong buying demand for index pivotals, especially index heavyweight Reliance Industries (RIL). Sensex is now trading above the 13,650 mark.
At 14:53 IST, Sensex was up 60.72 points at 13,674.40. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure.The total turnover on BSE amounted to Rs 2912 crore.
Market breadth was negative, thought it had recovered sharply from initial weakness, as buying resumed for small-cap and mid-cap stocks. On BSE, 1266 shares declined as compared to 1227 that advanced. 69 shares remained unchanged. The BSE Mid-cap index was down 0.29% while the BSE Small-cap index was up 0.37%.Among the Sensex pack, 18 advanced while the rest declined.
US FDA nod for a generics drug boosts Ranbaxy
Ranbaxy gained 4.5% to Rs 392 after the company got the US Food and Drug Administration approved to sell Cefprozil in 250 mg and 500 mg tablets.5.5 lakh shares changed hands in the counter on BSE. The news had lifted the scrip 1.1% on Friday (15 December) to Rs 375.10.
Ranbaxy had drifted lower since late September 2006. From Rs 439.85 on 29 September, the stock had slipped to a low of Rs 359.65 on 12 December. It had recovered to Rs 375.10 by 15 December.
Earlier, the stock had staged a rebound from lower level between mid-July 2006 to late September 2006. From Rs 320.40 on 17 July, the stock had surged to Rs 439.85 on 29 September 2006. Ranbaxy Pharmaceuticals will manufacture and market the tablet form of a drug used to treat infections associated with bronchitis and tonsillitis. The Food and Drug Administration approved Ranbaxy's plans to sell Cefprozil in 250 mg and 500 mg tablets. In June, the FDA approved Ranbaxy's plans to manufacture and market Cefprozil in liquid form.
The drug is the equivalent of Bristol Myers Squibb's Cefzil. The market for Cefzil and Cefprozil tablets is estimated at $77 million annually. The tablets will be manufactured at Ranbaxy's plant in Dewas, India. "Our plans are to bring this product to the market in early 2007 during the height of the respiratory season," said Jim Meehan, vice president of sales and marketing for Ranbaxy.
UltraTech Cement cements gains
UltraTech Cement jumped 5% to Rs 1075.50 on reports it had paid advance tax of Rs 96 crore for the third installment of 15 December 2006.The company’s tax provision in Q3 December 2005 was just Rs 20.35 crore.50,839 shares changed hands in the counter on BSE.The news of large advance tax payment by the company which hit the market during trading hours on Friday (15 December) had lifted the scrip nearly 3% on that day.
For about two months between late September to late November, the stock was quite range bound. It moved between Rs 865 to Rs 919 during that period. It had firmed up to Rs 958.30 on 7 December from Rs 887.45 on 28 November. It had slipped to a low of Rs 923.60 on 13 December, before bouncing back to Rs 1021.95 by 15 December.
UltraTech Cement's strategies in captive power investment and various efficiency improvement programmes including de-bottlenecking and ready mix concrete plants could drive operating profit margins by the end of this financial year, analysts reckon.
The company has marked capital expenditure of Rs.2698 crore to be spent over the next three years. This includes setting up of captive power plants aggregating to 192 MW at its units in Gujarat, Chhattisgarh, Andhra Pradesh and a brownfield expansion of four million tones per annum at Andhra Pradesh.
The BSE Sensex staged a smart recovery of about 260-points from its day’s low of 13416.40 on strong buying demand for index pivotals, especially index heavyweight Reliance Industries (RIL). Sensex is now trading above the 13,650 mark.
At 14:53 IST, Sensex was up 60.72 points at 13,674.40. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure.The total turnover on BSE amounted to Rs 2912 crore.
Market breadth was negative, thought it had recovered sharply from initial weakness, as buying resumed for small-cap and mid-cap stocks. On BSE, 1266 shares declined as compared to 1227 that advanced. 69 shares remained unchanged. The BSE Mid-cap index was down 0.29% while the BSE Small-cap index was up 0.37%.Among the Sensex pack, 18 advanced while the rest declined.
US FDA nod for a generics drug boosts Ranbaxy
Ranbaxy gained 4.5% to Rs 392 after the company got the US Food and Drug Administration approved to sell Cefprozil in 250 mg and 500 mg tablets.5.5 lakh shares changed hands in the counter on BSE. The news had lifted the scrip 1.1% on Friday (15 December) to Rs 375.10.
Ranbaxy had drifted lower since late September 2006. From Rs 439.85 on 29 September, the stock had slipped to a low of Rs 359.65 on 12 December. It had recovered to Rs 375.10 by 15 December.
Earlier, the stock had staged a rebound from lower level between mid-July 2006 to late September 2006. From Rs 320.40 on 17 July, the stock had surged to Rs 439.85 on 29 September 2006. Ranbaxy Pharmaceuticals will manufacture and market the tablet form of a drug used to treat infections associated with bronchitis and tonsillitis. The Food and Drug Administration approved Ranbaxy's plans to sell Cefprozil in 250 mg and 500 mg tablets. In June, the FDA approved Ranbaxy's plans to manufacture and market Cefprozil in liquid form.
The drug is the equivalent of Bristol Myers Squibb's Cefzil. The market for Cefzil and Cefprozil tablets is estimated at $77 million annually. The tablets will be manufactured at Ranbaxy's plant in Dewas, India. "Our plans are to bring this product to the market in early 2007 during the height of the respiratory season," said Jim Meehan, vice president of sales and marketing for Ranbaxy.
UltraTech Cement cements gains
UltraTech Cement jumped 5% to Rs 1075.50 on reports it had paid advance tax of Rs 96 crore for the third installment of 15 December 2006.The company’s tax provision in Q3 December 2005 was just Rs 20.35 crore.50,839 shares changed hands in the counter on BSE.The news of large advance tax payment by the company which hit the market during trading hours on Friday (15 December) had lifted the scrip nearly 3% on that day.
For about two months between late September to late November, the stock was quite range bound. It moved between Rs 865 to Rs 919 during that period. It had firmed up to Rs 958.30 on 7 December from Rs 887.45 on 28 November. It had slipped to a low of Rs 923.60 on 13 December, before bouncing back to Rs 1021.95 by 15 December.
UltraTech Cement's strategies in captive power investment and various efficiency improvement programmes including de-bottlenecking and ready mix concrete plants could drive operating profit margins by the end of this financial year, analysts reckon.
The company has marked capital expenditure of Rs.2698 crore to be spent over the next three years. This includes setting up of captive power plants aggregating to 192 MW at its units in Gujarat, Chhattisgarh, Andhra Pradesh and a brownfield expansion of four million tones per annum at Andhra Pradesh.
posted by SY at 3:06 PM
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