Pharma stocks in the pink
THIN trading volumes and the bad news on industrial production in the recent months have combined to dampen sentiment towards most manufacturing sector stocks.
ITC-ITC Bhadrachalam merger: Positive for the target
THE merger between ITC and ITC Bhadrachalam is likely to be seen as a positive development for the latter. In the case of most acquisitions, history suggests that the target benefits more than the acquirer. However, while the share price of ITC Bhadracha
lam may remain firm, a significant flare up in the share price from present levels of Rs 55 is unlikely since the swap ratio is not yet known.
Wockhardt: Acquisition booster
WOCKHARDT'S share price may witness a short-term rally on the heels of the company's biotech joint venture coming under its complete control.
Pharma stocks shine in lacklustre trading
THE markets displayed a lacklustre trend during Thursday's trading. Activity was witnessed in select stocks on company specific announcements. Tech stocks and the index heavyweight, ITC, pulled down the index.
KOLKATA: THE counter of ITC Bhadrachalam witnessed a spurt in its price at the Calcutta Stock Exchange on Thursday. It closed at Rs 54, registering an inter-day gain of 12.73 per cent. The other gainers were the scrips of Glaxo, Dr Reddy's Lab, HLL, ACC,
Tata Steel and Grasim. The prominent losers were the stocks of ITC (down 10.55 per cent), HFCL, Zee Tele, Digital Equipment and Silverline.
RIGHT from the initial hours of Thursday's trading, the bears were in total control of the market. Bulls were unable to make any recovery during the day. The intra-day movement in the Nifty was around 15 points. It closed with a loss of 11 points with re
spect to Wednesday's close. The market sentiment reading remains bearish.