Friday April 11, 01:00 PM
Upward movement... |
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By Equitymaster.com
Strong buying has led to the broader indices move upwards into the positive territory during the previous hour of trade. The advance to decline ratio is poised at 1.9 to 1 on the BSE. Select stocks from the capital goods sector are leading the pack of gainers while those from pharma and software are witnessing selling.
The BSE Sensex is trading at 15,937 (up 242 points) while the NSE Nifty is trading at 4,807 (up 74 points). The rupee is trading at 39.88 to the dollar.
Auto stocks are trading mixed. While gains are being seen in M&M, Maruti and Tata Motors (each up 1%), Hero Honda (HROH.BO, news) and TVS Motor are trading marginally in the red. As per a leading business daily, after seven years of successive growth, the domestic auto industry has recorded a decline in growth during FY08. During the fiscal, the auto sector sales has seen its sales decline by 4.7% YoY. The growth would have been even lower but for a 12% YoY higher sales recorded by the passenger car industry. 2-wheeler sales have however come off by 12% YoY. Higher interest rates and increased prices by some manufacturers (owing to passing on of the higher manufacturing costs) can be seen as the reasons for the downfall in growth for the auto industry.
Glenmark Pharmaceuticals SA, a wholly owned subsidiary of Glenmark Pharmaceuticals, has announced that its monoclonal antibody (drugs that specifically target cells), GBR 500 has completed crucial pre-clinical studies. The company intends to file an Investigational New Drug (IND) application with the US FDA by August 2008 for initiation of Phase-I trials for this drug. The company expects to complete Phase-I in this fiscal, which shall then be followed by a Phase-II study. This is positive news for Glenmark and will help it strengthen its research initiatives, which have seen the company out-license three of its molecules to global innovator companies. The stock is currently down 1%. Among its peers, while gainers are being seen in Dr. Reddy (REDY.BO, news) 's (3%) and Dabur Pharma (1%), selling pressure has marked trading in Cadila (2%) and Ranbaxy (1%).
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