Financial Daily from THE HINDU group of publications
Wednesday, Sep 29, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 29, 2004 |
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Stock Markets Markets - Commentary Columns - Sensor Pharma stocks in limelight G. Madhan
MARKETS continued their downward trend on Tuesday, as both the benchmark indices, Sensex and Nifty, closed the day on a negative note. The 30-stock Sensex was down 49.2 points (0.89 per cent) to 5462.61 points. The slightly broad-based S&P CNX Nifty fell by 1.11 per cent to 1698.5 points. The trading volumes remained subdued on the NSE, as 25.6 crore shares were traded on Tuesday as against 32.8 crore shares traded on Monday. On the BSE, most of the indices closed the day on a negative note. The decline was higher in the indices of BSE TECk (1.18 per cent) and BSE PSU (1.08 per cent). Of the total 2,277 stocks that were traded on the BSE, 1,050 advanced, 1,144 declined and the rest remained unchanged. Among the Sensex constituents five stocks appreciated in value, one stock remained unchanged and the rest declined. Sensex opened weak at 5506.83 points, about five points lower than Monday's closing. During the early trading sessions, it reached the day's high of 5518.21 points, marginally higher than the previous day's closing. However, it steadily declined after that and closed the day about eight points above the day's low of 5454.85 points Among the index heavyweights, Infosys (1.7 per cent), ICICI Bank (1.2 per cent) and ITC (0.9 per cent) witnessed declines. Reliance Industries, however, managed to edge up. Sharp fall were also seen in Tata Motors (3.3 per cent), Tata Power (2.3 per cent), Tata Steel (2.2 per cent), Larsen & Toubro (2.4 per cent), Maruti Udyog (2.7 per cent), BHEL (2.1 per cent) and Bharti Tele (2.4 per cent). Mid-cap and small-cap pharma stocks are witnessing a firm trend since last week. Several pharma stocks including Shasun Chemicals, Li-Taka Pharma, Fine Drugs and Tasc Pharma recorded gains on Tuesday. Firm trend were also seen in VIP Industries, Blow Plast (13.6 per cent), Bata India (10 per cent), Voltas (8.7 per cent) and NDTV (5.3 per cent). Stock and news: The stock of Glenmark Pharmaceuticals rose by 10 per cent to Rs 285.15. The stock has been witnessing firm trend ever since it signed a five-year licensing deal with US based Forest Labs, last week. Mediaid, USA, the wholly owned subsidiary of Opto Circuits India has received an approval from the Food & Drug Administration (FDA) to market its `Sensors' in the US. The stock of Opto Circuits was up 12.9 per cent to Rs 78. Biocon has started the phase two clinical trials of TheraCIM (h-R3), a drug for the treatment of head and neck cancers. The stock fell by two per cent to Rs 548.3. Bal Pharma is to issue 10.3 lakh shares on preferential basis. The stock fell by 5.2 per cent to Rs 53.35. SET Satellite, Singapore (owners of Sony Entertainment Television and Max channels) is to acquire an equity stake in the broadcasting subsidiary of Sri Adhikari Brothers Television Network. The stock of Sri Adhikari Brothers rose by eight per cent to Rs 96.9. Ucal Fuel Systems is to issue bonus shares in the ratio of 1:1. The stock fell by 1.7 per cent to Rs 342.25. South India Paper Mills is also to issue bonus shares in the ratio of 1:1. The stock, however, rose 10 per cent to Rs 70.95. Era Constructions is to raise funds to the tune of Rs 50 crore through an issue of equity at a premium not exceeding Rs 80 per share. The stock was down 3.8 per cent to Rs 106.9. PTC India has entered into an agreement with CESC for supply of power for 12 hours daily. The stock was up three per cent to Rs 57.3.
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