Thursday April 11, 11:30 AM
Tech stocks hog limelight... |
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By Equitymaster.com
The results from the technology sector seem to have triggered a buying interest in the sector. Auto and cement stocks are also in favour. Higher crude prices are driving select oil stocks. The volumes on the bourses are on the higher side.
The BSE Sensex is at 3,501 (up 21 points) and the NSE Nifty is at 1,147 (up 6 points). The rupee is trading at Rs 48.92 per US dollar.
Mastek (MAST.BO, news) is up by 13% based on its performance for 3QFY02. The Mastek Group has shown a 10% sequential growth in topline and a sharp 73% rise in net profits. This jump in net profits comes on the back of operating margins improving sharply. The listed entity Mastek Limited has also reported an 11% sequential growth in revenues. However, the net profits have declined by 20% QoQ. The company's growth in profitability has come from cutting costs aggressively. However, the topline growth for the company is an area for concern. NIIT is continuing with its recent rally and is up by 4%. Other gainers are Geometric, Hughes Software, HCL (HCLL.BO, news) Technologies, Wipro (WIPRd.BO, news) , Satyam and Mphasis BFL.
The British government is probing Ranbaxy UK, the US$ 4.3 m wholly owned subsidiary of Ranbaxy, for alleged overpricing of penicillin based medicines. The stock however is up by 2.5%. Dr. Reddy (REDY.BO, news) 's is also witnessing buying interest and is up 1.6%. Cipla (CIPL.BO, news) is out of favour and is down by 0.8%.
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