Friday April 26, 12:30 PM
Its raining numbers... |
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By Equitymaster.com
Results are pouring in from the pharma sector. There is buying interest in pharma stocks. Auto stocks are a mixed bag. The numbers that are coming out are primarily driving the sentiment. Technology sector is out of favour. Volumes are, however, on the lower side.
The BSE Sensex is at 3,366 (up 6 points) and the NSE Nifty is at 1,096 (up 2 points). The rupee is trading at Rs 48.98 per US dollar.
IPCL is up sharply on the news that ONGC is willing to pay Rs 10 bn (US$ 206 m) for a 26% stake in the company. This translates into a share price of Rs 156 per share. Currently the stock is trading at Rs 99.
Glaxo has posted a 49% growth in net profits (consolidated with Smithkline) for 1QFY03, on a YoY basis. On a consolidated basis, sales have grown by 50%. However, on a like to like basis, (merging Smithkline's numbers with Glaxo's in 1QFY02), the topline growth is 9.5%. The stock was witnessing buying in early hours of trading but now is down by 0.4%. Ranbaxy (1.3%) and Cipla (1.7%) are also gaining ground. Cipla (CIPL.BO, news) is expected to declare its results tomorrow. Sun Pharma (SUN.BO, news) has declared numbers for FY02. The company has reported a 28% growth in net profits for FY02. The stock is up by 0.8%.
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