Friday October 26, 11:30 AM
Soaring high... |
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By Equitymaster.com
The indices continued their ascent during the previous trading hour as buying activity intensified among the index heavyweights. Currently, only 9 stocks on the Nifty are trading in the negative indicating optimism among investors. Except for select commodity, FMCG, pharma and software stocks, stocks across most sectors are evincing buying interest currently.
The BSE Sensex is trading at 19,048 (up 277 points) while the NSE Nifty is trading at 5,657 (up 88 points). The rupee is trading at 39.54 to the dollar.
Pharmaceutical stocks are trading a mixed bag currently. While Biocon (up 2%)and Ranbaxy (up 1%) are trading firm, Nicholas Piramal, Dr. Reddy (REDY.BO, news) and Wockhardt (WCKH.BO, news) are trading lower by 1%. Nicholas Piramal, one of the leading Indian pharma companies, achieved 17% YoY growth in topline in 2QFY08 largely on the back of a 22% YoY growth in contract manufacturing sales. The revenues from the domestic formulations business grew by 13% YoY beating the industry growth rate (12%). The operating margins remained stable at 17.4% during 2QFY08. Despite interest costs being higher by 45% YoY, net profit has grown by 33% YoY due to the 56% decline in tax expenses.
Gujarat Gas reported a topline growth of 35% YoY during 3QCY07 on the back of higher retail volumes. Retail segment registered a strong growth of 22% YoY over 3QCY06 and increased from 197 MMSCM to 240 MMSCM. It recorded a 57% increase in volumes during the quarter on a YoY basis. The operating margins expanded to 21%, from 15% in 3QCY06 due to a decline in raw material cost as a percentage of sales. The bottomline registered a growth of 83% YoY owing to operating margin expansion and higher other income (increased by 6% YoY). For the 9mCY07 topline and bottomline grew 46% YoY and 70% YoY respectively. The stock (up 1%), along with its peer GAIL (up 3%), is trading firm.
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