Thursday March 14, 11:30 AM
Still up... |
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By Equitymaster.com
The bourses continue to show strength backed by buying in domestic pharma, select auto and software counters. Yesterday's key index gainers are witnessing some profit taking today. FMCG is lacklustre today.
The BSE Sensex is at 3,584 (up 14 points) and the NSE Nifty is at 1,161 (up 4 points). The rupee is trading at Rs 48.73 per US dollar.
Indian pharma companies continue to see buyers. Dr. Reddy (REDY.BO, news) 's latest acquisition in UK seems to have sparked a newfound interest in these counters. The key gainers are Ranbaxy, Dr. Reddy, Cipla (CIPL.BO, news) and Sun Pharma (SUN.BO, news) . Among MNCs, Glaxo too is up.
Reckitt, which was a key gainer yesterday (up nearly 10%) due to the anticipated open offer, is up marginally today. The parent Reckitt Benckiser has indeed given an open offer to the remaining 49% equity shareholders at Rs 250 per share. The stock currently trades at Rs 239 levels. The company becomes the latest to join the open offer bandwagon in an effort to take the company private. Cadbury India has already cornered over 90% of its equity. Nestle SA too has announced an intention to acquire a further 10% stake in Nestle India to take its shareholding 74%.
Among auto counters, Bajaj Auto (BJAT.BO, news) , Hero Honda (HROH.BO, news) , LML, Escorts (ESCO.BO, news) , Punjab Tractors and TVS are up. Telco is more or less at yesterday's levels.
Yesterday's key gainer HLL is marginally down. However, engineering companies ABB and Siemens (SIEM.BO, news) are up.
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