The Hindu Business Line : Biocon gains ahead of Q2 numbers

BIOCON Ltd was among the few that bucked the falling trend on Thursday. The stock with a face value of Rs 5 ended 3.36 per cent higher at Rs 502.65, after touching the day's high at Rs 525. The traded quantity also jumped from its two-week average daily figure of 1.17 lakh shares to 5.77 lakh shares on the Bombay Stock Exchange .

According to market sources, the stock is seeing a spurt before the announcement of results for the quarter to September 30, 2005. "Active players in the counter appear to be following a strategy of booking some profits in the short-term if there is a negative surprise in the results. But a set of long-term players seems to be optimistic about its collaborative research and development programmes with partners in the US and Europe," a market analyst commented.

Ranbaxy down on patent pressure

APPREHENSIONS about the outcome of Ranbaxy Laboratories' patent-related cases in the UK and theUS appear to be causing pressure on the counter.

According to the dealers, though the company recently obtained a favourable verdict in the UK High Court on a key patent on a cholesterol-lowering drug, the market is unsure about the outcome of an appeal on another European patent infringement case as also similar law suits in the US.

The stock lost 6.27 per cent to close at Rs 458.40 with hefty increase in traded volumes on the BSE.

SAIL: Volumes up on value buying

SAIL, which slipped by 6.44 per cent to finish at Rs 57.35, saw substantial buying at lower levels on Thursday, as some market participants seem to be betting on its prospects of finding an early solution to the mining-rights related issues with the Jharkhand Government. The company's new mining asset in Chiria, the second largest in the world with over 62 per cent iron content, after the amalgamation of IISCO with it, is supposed to significantly add value to the public sector integrated steel maker's books.

The stock saw a jump in its traded quantity to around 60 lakh shares, up from the last fortnight's daily average of 35 lakh shares on the BSE.

Jayanta Mallick

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