Over 150 points knocked off
The Sensex, which had opened weak, kept sliding as the day progressed. A lot of squaring up of long positions and covering of short positions today itself, ahead of the expiry of January 2007 derivatives contracts on Thursday (25 January 2007), contributed to the fall. Volatility may remain high on the bourses till tomorrow.
At 14:40 IST the BSE Sensex was down 137.65 points, at 14,071.59. It had opened a bit higher, at 14,212.12, but started declining due to heavy selling. The BSE Sensex, however, recovered from a low of 14,025.74, as pivotals found support at this level.
The market-breadth was weak, as a host of small-cap and mid-cap stocks were under pressure. For 1,727 shares that declined, only 889 advanced while 44 scrips remained unchanged on BSE.The total turnover on BSE amounted to Rs 3139 crore.Among the 30-Sensex pack, 25 declined while the rest advanced.
Q3 numbers bring cheer to TRF
TRF jumped 9% to Rs 468.75, after the company posted 154.4% surge in net profit for Dec-2006 quarter.A total of 26,371 shares changed hands in the counter on BSE.The stock was gripped by volatility in late-November 2006. The stock has moved between Rs 388 and Rs 439 since then.
TRF reported a 154.4% surge in net profit for the December 2006 quarter, to Rs 4.96 crore (Rs 1.95 crore). Net sales rose 100.1% to Rs 80.37 crore (Rs 40.16 crore).Q3 results hit the market after trading hours on Monday (22 January 2007).
TRF manufactures bulk material handling and processing equipment, bulk material handling systems, coke oven equipment, coal dust injection systems for blast furnaces, coal beneficiation systems and port and yard equipment. The company caters to diverse industries including power, metallurgy, chemical, mining and cement. It operates through four divisions - bulk material handling equipment, BMH systems, port & yard equipment and the EPC division.
The company is seen benefitting from substantial investments expected in steel and core sectors such as mining, ports infrastructure and power.
Demand for Orchid Chemicals as UK certifies betalactam unit
In an otherwise weak market, Orchid Chemicals rose 4.3% to Rs 226.10, after its betalactam unit in Maharashtra received regulatory approval from the UK.As many as 6.1 lakh shares changed hands in the counter on BSE. The approval for this plant, from UK's Medicines and Healthcare products Regulatory Agency, will help Orchid market its betalactam product, Piperacillin-Tazobactam across Europe. The announcement made during trading hours on Monday lifted the scrip 4.2%, to Rs 216.60, on that day.
Earlier, the stock had drifted lower from a recent peak of Rs 231.35 on 13 November 2006. From this high, the stock slipped to Rs 188.15 on 13 December 2006, to recover later.
Last week, Orchid Chemicals reported 11% fall in consolidated net profit in December 2006 quarter to Rs 24.66 crore (Rs 27.58 crore). Net sales declined 3% to Rs 248.45 crore (Rs 256.09 crore).
Orchid, the largest manufacturer-exporter of cephalosporins in India, is also amongst the top five producers globally. It has two subsidiaries, Orchid Research Laboratories in Chennai and Bexel Pharmaceuticals in the US, to undertake drug discovery. The company is also developing new chemical entities in six therapeutic areas.
In late October 2006, Orchid Chemicals signed a contract with Swedish biopharma company, Biovitrum, to support its drug discovery activities.The company will seek shareholders' nod for issue of warrants to promoter/relatives of promoters in an extraordinary general meeting.
Suven Lifesciences spurts as board mulls stock-split, bonus issue
Suven Life Sciences touched 5% upper circuit, at Rs 167.25, after its board decided to consider sub-division of equity shares along with a bonus issue on 29th January.
The stock clocked 39,699 shares on the BSE.The stock has been on an upmove since December 2006 It has risen 77.6%, from Rs 94.15 on 30 November 2006.The average daily volume in the stock on BSE in the past one-year, was 34,024 shares.The book value per share is Rs 38.4 (face value Rs 2), the current equity base being Rs 5 crore.
Suven is positioning itself as a collaborative research partner for global lifescience companies.Earlier this month, the company acquired a patent from the European Patent Office, which is valid up to June 2023.
The company had reported a 37% year-on-year increase in net sales at Rs 27.88 crore for the quarter ended September '06. The net profit figure of Rs 2.49 crore was higher by 52.8% compared to the net profit during the corresponding period of the previous fiscal.
At 14:40 IST the BSE Sensex was down 137.65 points, at 14,071.59. It had opened a bit higher, at 14,212.12, but started declining due to heavy selling. The BSE Sensex, however, recovered from a low of 14,025.74, as pivotals found support at this level.
The market-breadth was weak, as a host of small-cap and mid-cap stocks were under pressure. For 1,727 shares that declined, only 889 advanced while 44 scrips remained unchanged on BSE.The total turnover on BSE amounted to Rs 3139 crore.Among the 30-Sensex pack, 25 declined while the rest advanced.
Q3 numbers bring cheer to TRF
TRF jumped 9% to Rs 468.75, after the company posted 154.4% surge in net profit for Dec-2006 quarter.A total of 26,371 shares changed hands in the counter on BSE.The stock was gripped by volatility in late-November 2006. The stock has moved between Rs 388 and Rs 439 since then.
TRF reported a 154.4% surge in net profit for the December 2006 quarter, to Rs 4.96 crore (Rs 1.95 crore). Net sales rose 100.1% to Rs 80.37 crore (Rs 40.16 crore).Q3 results hit the market after trading hours on Monday (22 January 2007).
TRF manufactures bulk material handling and processing equipment, bulk material handling systems, coke oven equipment, coal dust injection systems for blast furnaces, coal beneficiation systems and port and yard equipment. The company caters to diverse industries including power, metallurgy, chemical, mining and cement. It operates through four divisions - bulk material handling equipment, BMH systems, port & yard equipment and the EPC division.
The company is seen benefitting from substantial investments expected in steel and core sectors such as mining, ports infrastructure and power.
Demand for Orchid Chemicals as UK certifies betalactam unit
In an otherwise weak market, Orchid Chemicals rose 4.3% to Rs 226.10, after its betalactam unit in Maharashtra received regulatory approval from the UK.As many as 6.1 lakh shares changed hands in the counter on BSE. The approval for this plant, from UK's Medicines and Healthcare products Regulatory Agency, will help Orchid market its betalactam product, Piperacillin-Tazobactam across Europe. The announcement made during trading hours on Monday lifted the scrip 4.2%, to Rs 216.60, on that day.
Earlier, the stock had drifted lower from a recent peak of Rs 231.35 on 13 November 2006. From this high, the stock slipped to Rs 188.15 on 13 December 2006, to recover later.
Last week, Orchid Chemicals reported 11% fall in consolidated net profit in December 2006 quarter to Rs 24.66 crore (Rs 27.58 crore). Net sales declined 3% to Rs 248.45 crore (Rs 256.09 crore).
Orchid, the largest manufacturer-exporter of cephalosporins in India, is also amongst the top five producers globally. It has two subsidiaries, Orchid Research Laboratories in Chennai and Bexel Pharmaceuticals in the US, to undertake drug discovery. The company is also developing new chemical entities in six therapeutic areas.
In late October 2006, Orchid Chemicals signed a contract with Swedish biopharma company, Biovitrum, to support its drug discovery activities.The company will seek shareholders' nod for issue of warrants to promoter/relatives of promoters in an extraordinary general meeting.
Suven Lifesciences spurts as board mulls stock-split, bonus issue
Suven Life Sciences touched 5% upper circuit, at Rs 167.25, after its board decided to consider sub-division of equity shares along with a bonus issue on 29th January.
The stock clocked 39,699 shares on the BSE.The stock has been on an upmove since December 2006 It has risen 77.6%, from Rs 94.15 on 30 November 2006.The average daily volume in the stock on BSE in the past one-year, was 34,024 shares.The book value per share is Rs 38.4 (face value Rs 2), the current equity base being Rs 5 crore.
Suven is positioning itself as a collaborative research partner for global lifescience companies.Earlier this month, the company acquired a patent from the European Patent Office, which is valid up to June 2023.
The company had reported a 37% year-on-year increase in net sales at Rs 27.88 crore for the quarter ended September '06. The net profit figure of Rs 2.49 crore was higher by 52.8% compared to the net profit during the corresponding period of the previous fiscal.
posted by SY at 5:46 PM
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