Pharma stocks edge lower

 Key benchmark indices traded a tad lower for the day in early afternoon trade. The barometer index, the BSE Sensex, was down 12.98 points or 0.06%, up about 100 points from the day's low and off almost equal points from the day's high. The market breadth, indicating the overall health of the market, was positive.

Realty stocks extended their recent strong gains. Pharma stocks declined for the second day in a row. Ranbaxy Laboratories dropped on reports the company has recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected. Telecom stocks edged higher.

Immense volatility was witnessed in initial trade as the two key benchmark indices -- the BSE Sensex and the 50-unit CNX Nifty -- after opening lower surged to hit fresh record high. Key benchmark indices soon slipped into the red once again later. Key benchmark indices traded a tad lower for the day in early afternoon trade.

Foreign institutional investors (FIIs) bought shares worth a net Rs 2,577.44 crore on Friday, 7 March 2014, as per provisional data from the stock exchanges.

At 12:20 IST, the S&P BSE Sensex was down 12.98 points or 0.06% to 21,906.81. The index jumped 85.75 points at the day's high of 22,005.54 in early trade, a new record high for the barometer index. The index shed 114.57 points at the day's low of 21,805.22 in early trade.

The CNX Nifty was down 0.90 points or 0.01% to 6,535.75. The index hit a high of 6,548.75 in intraday trade, a new record high. The index hit a low of 6,487.35 in intraday trade.

The BSE Mid-Cap index was up 32.02 points or 0.48% at 6,725.46. The BSE Small-Cap index was up 47.07 points or 0.71% at 6,659.42. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,263 shares gained and 1,209 shares fell. A total of 159 shares were unchanged.

Tata Motors (down 3.18%), Hindalco Industries (down 2.38%), and TCS (down 2.35%) edged lower from the Sensex pack.

Telecom stocks edged higher. Bharti Airtel (up 1.49%), Idea Cellular (up 1.69%) and Reliance Communications (up 1.86%) rose.

Realty stocks extended their recent strong gains. DLF (up 2.66%), D B Realty (up 0.53%), HDIL (up 2.5%), Sobha Developers (up 3.93%), and Unitech (up 1.32%) gained.

Pharma stocks declined for the second day in a row. Cipla (down 1.04%), Dr Reddy's Laboratories (down 1.33%), and Sun Pharmaceutical Industries (down 1.57%) declined.

Ranbaxy Laboratories dropped 2.83% on reports the company recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected...

Source: Latest News in Hindi 

From BS News

Bharti Airtel jumps on acquiring substantial spectrum in auction

Bharti Airtel jumped 3.5% to Rs 313.20 at 9:41 IST on BSE after the company said it has acquired 115.0 MHz spectrum for a total consideration of Rs 18530 crore in the just concluded spectrum auction conducted by the Government of India.

The company made the announcement after market hours on Thursday, 13 February 2014.

Meanwhile, the S&P BSE Sensex was down 3.98 points or 0.02% at 20,189.37.

On BSE, so far 1.13 lakh shares were traded in the counter as against average daily volume of 4.67 lakh shares in the past two weeks.

The stock hit a high of Rs 317.50 and a low of Rs 302.60 so far during the day.

Bharti Airtel said it will make an upfront payment of Rs 5425 crore, with the balance to be paid in ten annual installments of Rs 1310 crore each, commencing two years from now, the company said.

Bharti Airtel said that the company's spectrum acquisition is in line with its strategy of building a robust network of the future and enhancing its leadership position in the fast growing data segment.

The company plans to roll-out high speed 4G networks in various circles using FD-LTE technology in the 1800 MHz band besides its existing TD-LTE roll-out in the 2300 MHz band, giving it a pan-India 4G footprint, Bharti Airtel said in a statement.

Bharti Airtel complimented DoT and TRAI on the successful outcome of the auction. It said that the auction has lent credence to the industry's position that reasonable reserve prices ensure successful auctions, while high reserve prices are counterproductive. It added that in most circles the auction in 1800 MHz showed a balanced approach between the revenue for the exchequer and industry viability due to ample spectrum being put up for auctions. However, the auction in 900 MHz band resulted in artificial and unrealistic prices on account of shortage of spectrum and the unenviable position of the incumbents who were forced to bid for this spectrum to protect the interest of their customers and the huge investments made by them, Bharti Airtel said in a statement.

Bharti Airtel's consolidated net profit surged 115.1% to Rs 610.20 crore on 13.3% growth in net sales to Rs 21938.50 crore in Q3 December 2013 over Q3 December 2012.

Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 20, 30 and 40 wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 287 million customers across its operations at the end of December 2013.

Source: Latest News in Hindi

From BS News

Sensex gains 77 points in early trade

 The benchmark BSE Sensex recovered by nearly 77 points in early trade on Friday on fresh buying by funds amid a firm trend at other Asian bourses.

The 30-share index rose by 76.80 points, or 0.38 per cent, to 20,270.15 points with tech, healthcare, auto, IT and realty sector stocks leading the gains. The index had lost 255.14 points in Thursday’s trade.

The National Stock Exchange index Nifty moved up by 19.90 points, or 0.33 per cent, to 6,021.00.

Brokers said fresh buying by funds as well as retail investors, triggered by a firming trend at other Asian bourses on overnight gains in the US markets, mainly buoyed the trading sentiment here.

Among other Asian markets, Hong Kong’s Hang Seng rose by 0.94 per cent, while Japan’s Nikkei was up by 0.69 per cent in early trade on Friday.

The US Dow Jones Industrial Average gained 0.40 per cent in the previous session.

Source: News in Hindi

From TH News