Monday February 25, 09:00 AM
Financials power gain... |
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By Equitymaster.com
The financials were once again in limelight. One of the reasons was RBI's decision to hike FDI limit in the banking sector. Also, hopes of a consolidation in the sector fueled buying interest in stocks of smaller banks that are likely targets for acquisitions (by foreign banks).
Ranbaxy topped the gainers list. The stock added 7 points to the Sensex. Recently, the company got approval from the Federal Drug Authority in the US for marketing Cefuroxime Axetil. Due to lack of competition, the company would enjoy exclusivity for 3-4 months duration. Ranbaxy is expected to earn US$ 40 m revenues from this drug. Tisco that has witnessed selling pressure over the last month gained significantly and added 5 points. ICICI (ICIC.BO, news) 's contribution was 6 points. Infosys and Hero Honda (HROH.BO, news) jointly contributed 10 points.
The loser's list included SBI that shaved 2 points off the Sensex. Satyam removed another 2 points. The stock has run up in the recent past on hopes of the company selling its stake in Satyam Infoway. However, the apparent delay in sale might be causing the valuations to head south. ACC and L&T from the cement sector knocked off another 2 points. The cement cartel has not been able to keep prices firm as some of the players have been selling below the mutually decided prices. Nestle removed another 1 point.
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