Monday February 25, 02:30 PM
Pharma stocks in focus... |
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By Equitymaster.com
Markets have remained lacklustre in the last one hour. Volumes have dried up. However, pharma stocks are coming into limelight. The cost of carry on February series, which is expected to expire in another 3 days, is trading at 8-9 points discount to the spot.
The BSE Sensex is at 3,609 (up 5 points) and the NSE Nifty is at 1,165 (up 1 point). The rupee is trading at Rs 48.83 per US dollar.
Lupin Ltd is up 8% and is trading at its all time high of Rs 133. The company is targeting pharma research as its new focus area and is allocating considerable amount towards it. Further, with the company's Cephalosporins facility now operational, the company is expected to record robust growth for the current year. The stock is currently trading at 7x its annualized earnings for FY02. Ranbaxy, Dr. Reddy (REDY.BO, news) 's, Aventis Pharma are among the other major gainers.
Cement shares are trading weak. Rumours that the government is cutting down on its cement pick up are doing strong rounds in the market. Gujarat Ambuja is the top loser and is down 2%.
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