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ELDER Pharmaceuticals shot up by 4.14 per cent (Rs 10.85) on Wednesday to close at Rs 273 on the BSE. It touched 52-week high of Rs 275 on intra-day. On the NSE, it touched 52-week high of Rs 275.50.

Traders said a leading brokerage has come out with a `buy' recommendation on the stock, which resulted in the spike.

Elder Pharmaceuticals, which is into the manufacturing and marketing of a wide range of pharmaceutical products, has exclusive licensing agreements with over 25 international pharmaceutical companies to market their formulations in India. The company also manufactures active pharmaceutical ingredients (API) for both sale and captive consumption.

Angelini, among the top five pharmaceutical companies in Italy, recently acquired a 10.3-per cent stake in Elder, aiming at a long-term outsourcing deal comprising contract manufacturing to India. Volumes on the BSE were about 3.28 lakh shares, compared to the two-week average of 82,189 shares. On the NSE, volumes were about 3.87 lakh shares.

Salora International gains as `selling' was over

SALORA International rose by about 20 per cent to Rs 133.6 on the BSE; on the NSE, the stock shot up by 22 per cent to close at Rs 132.55. The counter saw sharp increase in volumes at 9.07 lakh shares on Wednesday at the BSE, compared to two-week average volume of 1.12 lakh shares. Traders said foreign fund Black Stone Asia Advisors LLC's selling in the counter was almost over, resulting in the end of selling pressure in the counter. Black Stone Asia Advisors has sold 1,53,168 shares of Salora International on December 22, followed by 50,000 shares on Wednesday.

On the NSE, the volumes on the counter were about 15 lakh shares.

Reforms talk peps up interest in bank stocks

BANK stocks were on upward march on Wednesday on fresh buying from institutional investors. The active interest in the banking stocks was reflected in the BSE Bankex index, which shot up by 1.65 per cent. The Bank Nifty index of the NSE rose by 2.04 per cent on Wednesday.

Traders said stocks such as Indian Overseas Bank (IOB), Allahabad Bank, and Union Bank of India are expected to see more buyers.

Union Bank closed 4.35 per cent higher on Wednesday at Rs 127.05, compared to Tuesday's close of Rs 121.75. Bank of India shot up by 4.51 per cent to close at Rs 132.15, compared to Rs 126.45 on Tuesday. Syndicate Bank was another major mover with the stock rising by 8.88 per cent on Wednesday to close at Rs 93.80, compared to the previous close of Rs 86.15.

Major banking stocks, including SBI, ICICI Bank, HDFC Bank, PNB and Corporation Bank, also closed higher on Wednesday.

Dealers said there is market buzz that the coming Budget may announce reforms in the banking sector and this is attracting lot of investors.

Rajesh Abraham

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