Market Floating On The Positive Territory - June 03, 2009

After a smart gain in its early trades, domestic markets are marching towards the northward on the back of strong sentiments across other Asian markets. The rally across the US market after encouraging home sales data lifted the sentiments of traders.

On a stock specific move, Vishal Retail surged by nearly 5% after news that company is planning to raise up to Rs 150 crore through the QIP route.

During the last hours'' trading session, buying interest has emerged across all the sectoral indices. Among the BSE sectoral indices, Consumer Durable (CD), Metal, FMCG and Healthcare stocks gained by 2.65%, 2.17%, 2.17% and 2.09% respectively.

Overall the market breadth is positive as 1912 stocks are trading in green while 467 stocks are in red.

The BSE Sensex is up by 107.37 points at 14,982.28 while NSE Nifty surged by 30.35 points at 4,555.6. Besides, the BSE Mid Cap and Small Cap are trading higher by 95.08 points and 161.9 points at 5,341.77 and 6,414.88 respectively.

Gainers from the BSE Pack are Tata Motors up by (7.80%) at Rs. 376.4 along with Hindalco Industries by (5.30%) at Rs. 92.45, Reliance Communication by (5.01%) at Rs. 335.35, Sterlite Industries by (4.18%) at Rs. 719.35, Jaiprakash associate by (3.29%) at Rs. 223.2 and Tata Steel by (3.28%) at Rs. 489.6.

Gainers from the NSE Sensex Pack are Tata Motors surged by (7.54%) to Rs. 375.8, along with Hindalco Limited by (5.52%) to Rs. 92.7, Reliance Communication by (5.04%) at Rs. 335.75, Suzlon Energy by (4.60%) at Rs. 115.95, Sterlite Industries by (4.41%) at Rs. 721.55 and Tata Communication by (3.82%) at Rs. 481.95.

BSE CD is trading higher by (2.65%) or 76.88 points at 2,983.43. The top gainers in the index are Gitanjali GE surged by (4.94%) to Rs. 136.05 along with Blue Star by (3.29%) to Rs. 308, Titan Industries by (2.35%) to Rs. 1,141 followed by Videocon Ind by (2.32%) at Rs. 187.30.

BSE Metal is trading higher by (2.17%) or 255.2 points at 11,996.1. The major gainers are Hindalco Industries up by (5.30%) at Rs. 92.45 along with Welsp Guj by (5.02%) at Rs. 209.35, Jai Corp by (5%) at Rs.317.30 followed by Gujarat NRE by (4.95%) at Rs. 54.10.

Sun Pharma On Inclusion In BSE Sensex - Jan 9, 2009

Meanwhile, the BSE Sensex was down 184.87 points, or 1.99%, to 9396.47.

On BSE, 33,577 shares were traded in the counter. The scrip had an average daily volume of 58,101 lakh shares in the past one quarter.

The stock hit a high of Rs 1087 and a low of Rs 1040 so far during the day. The stock had a 52-week high of Rs 1557.80 on 10 September 2008 and a 52-week low of Rs 890 on 24 January 2008.

The stock had underperformed the market over the past one month till 7 January 2009, rising 3.20% as compared to the Sensex's 6.93% rise. It had also underperformed the market in the past one quarter, falling 22.84% as compared to the Sensex's fall of 18.03%.

India's largest drug maker by market capitalisation has an equity capital of Rs 103.56 crore. Face value per share is Rs 5.

The current price of Rs 1063.50 discounts its Q2 September 2008 annualised EPS of Rs 58.54, by a PE multiple of 18.16.

Sun Pharmaceuticals will replace Satyam Computer Service in the Sensex from 12 January 2009, following a sharp plunge in Satyam's stock price on Wednesday, 7 January 2009, as Satyam chairman Ramalinga Raju resigned after announcing the books of accounts were artificially inflated.

Recently, Sun Pharma had raised its offer by as much as 23% to buy a controlling stake of Israeli drug maker Taro Pharmaceutical Industries. Taro rejected the offer.

Sun Pharmaceuticals, which owns 36% of Taro, on Monday 5 January 2009 disclosed two options to buy the remaining stake in the New York Stock Exchange listed Israeli drug maker Taro Pharmaceutical Industries. The revised offers comes after the Israeli Supreme Court, on 8 December 2008, directed the companies to explore an out-of-court settlement within 30 days.

As per the first option, Sun offered to buy shares at $9.5 each instead of the earlier $7.75 per share. Sun Pharma will have to pay $14 million more than its earlier proposal on this basis. As per the the second option, Sun offered $9 per ordinary share for all shareholders other than Taro Chairman Barrie Levitt and $8.5 per ordinary share for the five million-odd shares held by the promoter group. If this is accepted, Sun's payout will be slightly lower than the first option.

Sun Pharmaceuticals Industries net profit rose 55.6% to Rs 303.14 crore on a 24.6% rise in sales to Rs 929.37 crore in Q2 September 2008 over Q2 September 2007.

Sun Pharma is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several markets across the world.

Mkts open on a cautious note; BHEL, Unitech rise early @ 10:13 Hrs - June 17, 2008

t's a cautious start for equities out there on the major Indian bourses this morning amid mixed global cues. Select realty, PSU and auto stocks have moved on to higher levels while oil, IT, metal and bank stocks remain subdued. Not much action is taking place in pharma, power and capital goods sectors.

The Sensex, which opened at 15,388.36, a few points down from its previous closing mark, drifted down by around 30 points before it rallied to 15,436.20 on some brisk buying in a few blue chip stocks.

At present, the Sensex is up with a minor gain of 18.25 points or 0.12% at 15,414.07. The Nifty, which has been moving in a range of around 25 points since trade commenced this morning, is up with a marginal gain of 5.70 points at 4578.20.

BHEL (2.15%), Jaiprakash Associates (2.6%), Hindalco (1.2%) and Maruti Suzuki (1.6%) have moved up sharply. Cipla, DLF, HDFC Bank, HDFC, ITC, Larsen & Toubro, NTPC, Ranbaxy Laboratories, State Bank of India, Tata Motors and Tata Consultancy Services have posted modest gains.

Bharti Airtel, ONGC, Reliance Communications, Reliance Industries, Reliance Infrastructure and Satyam Computer Services have declined sharply. ACC, Ambuja Cements, Grasim Industries, ICICI Bank and Wipro also trade weak. Infosys Technologies, Tata Steel and Wipro hover around their previous closing levels.

Nifty stock Unitech has gained over 3% at Rs 204.75. Siemens, Power Grid, Hero Honda, Suzlon Energy, HCL Technologies and Zee Entertainment are also up in the positive territory with notable gains. Tata Power, Sterlite Industries, Tata Communications and Dr. Reddy's Laboratories are down with sharp losses.

Markets Remain Weak, Sensex Down 255 Pts In Early Trade

Stocks continued their downslide with the Bombay Stock Exchange benchmark Sensex on Friday falling by 255 points during early trade following weak global cues amid strong indications that the US economy is heading towards recession.

Asian indices the Hang Seng, Shanghai Composite, Nikkei, Taiwan and Strait Times were down in a range of 0.18 to 2.0 per cent during morning trade.

The Dow Jones Industrial Average yesterday tumbled by 306.95 points and the Nasdaq Composite Index by 47.69 points.

The BSE barometer opened weak at 19,579.61 and later moved downwards to 19,445.71 at 10.30 am, a loss of 255.11 points from previous close of 19,700.82.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) fell further by 76.60 points to 5,836.30 at 10.30 am from previous close of 5,913.20.

Foreign Institutional Investors (FIIs), which have suffered heavy US mortgage-related losses, were believed to be booking profits in Indian bourses, market players said.

News that Prime Minister's Economic Advisory Council has scaled down its growth projection for 2007-08 to 8.9 per cent from 9 per cent earlier on account of slow expansion in manufacturing and energy generation also had adverse impact on the market sentiment.

FIIs were net sellers to the tune of Rs 2,267.40 crore on January 16, according provisional data.