Tuesday April 24, 12:30 PM
Its 14k again... |
|
By Equitymaster.com
Strength in select auto and banking counters has led to the indices notching strong gains during the previous trading hour. In fact, Sensex, the BSE benchmark has once again crossed the coveted 14k mark. Gainers are currently outnumbering losers by a ratio of 1.3 to 1 on the NSE. While buying is being witnessed across sectors, select energy, pharma and software stocks are facing the brunt of profit booking.
The BSE Sensex is trading at 14,176 (up 247 points) while the NSE Nifty is trading at 4,143 (up 58 points). The rupee is trading at 41.26 to the dollar.
As per a leading business daily, Ranbaxy is planning to invest more than US $20 m (over Rs 830 m) in its Romanian subsidiary, Terapia Ranbaxy. A significant portion of the investment is to enhance the manufacturing capabilities of Terapia's manufacturing plant in Romania, for reorganising and restructuring the company and to enhance research and development capabilities. The move is a part of the company's strategy to make the subsidiary its hub for Europe and Commonwealth of Independent States countries. The stock (up 1%), along with its peers Sun Pharma (SUN.BO, news) (marginally up) and Cipla (up 2%), is trading firm.
Energy stocks are trading a mixed bag currently. While IOC, ONGC (each up 1%) are trading firm, GAIL (down 1%), HPCL and BPCL (each marginally down) are trading weak. As per a leading business daily, PSU refining and marketing giant IOC is planning to expand its non-fuel retailing activities. The company has appointed Technopak India to suggest a strategy towards this end. Meanwhile, IOC has joined hands with the Future Group (formerly Pantaloon) to set up SERVOXpress shops in the latter`s existing and upcoming malls. These outlets will offer services like battery/oil check, oil and coolant change, tyre pressure check, A/C service, vacuum cleaning, perfuming, upholstery cleaning and polishing. Simultaneously, the company has also started leveraging its 5,000-strong cooking gas distributor base to sell products including rubber hoses, gas stoves, kitchen equipment, water filters and fire retardants to its 4.5 lakh Indane customers. Revenues from such sales, mainly sign-up fees from the dealer plus margin on the products sold, added up to Rs 1.8 bn in FY07 and the company expects revenues worth Rs 10 bn in next three to four years from the same.
|
