The market closed lower on Thursday post two big events - Federal Reserve meeting and RBI policy. The Sensex lost 151.24 points or 0.73 percent to 20,708.62, and the Nifty fell 50.50 points or 0.81 percent to 6,166.65, weighed down by banks, capital goods, power, oil & gas and FMCG stocks.
03:10pm Dish TV under pressure
Shares of Dish TV plunged nearly 4 percent to Rs 59.50 on the BSE as Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has barred company's on-request offering of IndiaCast UTV channels. TDSAT said Dish TV can offer IndiaCast UTV channels on A-la-carte basis. (Disclaimer: TV18 Broadcast and Moneycontrol both are part of the Network18 Group)
02:59pm Maruti Suzuki hits record high
Shares of Maruti Suzuki rallied as much as 3.9 percent intraday to touch a life-time high of Rs 1,796.45 on the BSE. Suzuki Motor Corporation is looking at hiking stake in Maruti Suzuki, reports CNBC-TV18 quoting sources. It is learnt that Suzuki Motor is considering various options including open offer and preferential issue to hike stake in Maruti, but it is yet to take final decision on hiking stake.
02:45pm Aurobindo hits life-time high
Aurobindo Pharma rallied 3.5 percent intraday to touch a record high of Rs 390 on the BSE. The stock has been buzzing since the biginning of this week, rising nearly 30 percent in five-sessions. Ventura Securities has initiated a buy coverage on the stock with a target price of Rs 466 apiece. At the current market price of Rs 377, the stock is trading at 12.5x and 9.7x its estimated earnings for FY15E and FY16E, respectively, representing a potential upside of around 24 percenet over a period of 24 months, Ventura report said. According to report, given the strong product pipeline (+100 general injectables by FY16E, around 4 penems by FY15, +20 controlled substances in FY15, 25 oncology products and 10 hormonal product by FY17) targeting the largest generic market (US), ARBPL will be a key beneficiary of the increased generic opportunities. Ventura expects Aurobindo Pharma revenues and earnings to grow at a CAGR of 24.2 percent and 57.2 percent to Rs 11,214 crore and Rs 1,131 crore over the forecasted period of FY13-16 expected. "Further, timely approvals for ready to market products can be a game changer for the company and further accelerate the pace of growth," it adds.
02:31pm Equity benchmarks pared losses in last hour of trade with the Nifty inching towards 6200 level supported by Reliance Industries and Tata Motors . Even the cut in losses of banks and capital goods stocks also helped the market recover from day's low. The Sensex slipped 71.91 points to 20,787.95, and the Nifty fell 23 points to 6,194.15. The broader markets are flat. Petrochemical major Reliance Industries gained 0.6 percent and commercial vehicle maker Tata Motors rose 0.4 percent. Maruti Suzuki and Wipro extended gains to 3 percent and 2 percent, respectively. IT majors TCS and Infosys rose over 1.4 percent. However, top private sector lender ICICI Bank dropped 2.6 percent while its rivals HDFC Bank and State Bank of India declined 1.5 percent each. Engineering and construction major Larsen and Toubro and state-run oil & gas explorer ONGC slipped 2.4 percent each. FMCG majors ITC and Hindustan Unilever fell over 0.5 percent while index heavyweights HDFC plunged nearly 2 percent.
03:10pm Dish TV under pressure
Shares of Dish TV plunged nearly 4 percent to Rs 59.50 on the BSE as Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has barred company's on-request offering of IndiaCast UTV channels. TDSAT said Dish TV can offer IndiaCast UTV channels on A-la-carte basis. (Disclaimer: TV18 Broadcast and Moneycontrol both are part of the Network18 Group)
02:59pm Maruti Suzuki hits record high
Shares of Maruti Suzuki rallied as much as 3.9 percent intraday to touch a life-time high of Rs 1,796.45 on the BSE. Suzuki Motor Corporation is looking at hiking stake in Maruti Suzuki, reports CNBC-TV18 quoting sources. It is learnt that Suzuki Motor is considering various options including open offer and preferential issue to hike stake in Maruti, but it is yet to take final decision on hiking stake.
02:45pm Aurobindo hits life-time high
Aurobindo Pharma rallied 3.5 percent intraday to touch a record high of Rs 390 on the BSE. The stock has been buzzing since the biginning of this week, rising nearly 30 percent in five-sessions. Ventura Securities has initiated a buy coverage on the stock with a target price of Rs 466 apiece. At the current market price of Rs 377, the stock is trading at 12.5x and 9.7x its estimated earnings for FY15E and FY16E, respectively, representing a potential upside of around 24 percenet over a period of 24 months, Ventura report said. According to report, given the strong product pipeline (+100 general injectables by FY16E, around 4 penems by FY15, +20 controlled substances in FY15, 25 oncology products and 10 hormonal product by FY17) targeting the largest generic market (US), ARBPL will be a key beneficiary of the increased generic opportunities. Ventura expects Aurobindo Pharma revenues and earnings to grow at a CAGR of 24.2 percent and 57.2 percent to Rs 11,214 crore and Rs 1,131 crore over the forecasted period of FY13-16 expected. "Further, timely approvals for ready to market products can be a game changer for the company and further accelerate the pace of growth," it adds.
02:31pm Equity benchmarks pared losses in last hour of trade with the Nifty inching towards 6200 level supported by Reliance Industries and Tata Motors . Even the cut in losses of banks and capital goods stocks also helped the market recover from day's low. The Sensex slipped 71.91 points to 20,787.95, and the Nifty fell 23 points to 6,194.15. The broader markets are flat. Petrochemical major Reliance Industries gained 0.6 percent and commercial vehicle maker Tata Motors rose 0.4 percent. Maruti Suzuki and Wipro extended gains to 3 percent and 2 percent, respectively. IT majors TCS and Infosys rose over 1.4 percent. However, top private sector lender ICICI Bank dropped 2.6 percent while its rivals HDFC Bank and State Bank of India declined 1.5 percent each. Engineering and construction major Larsen and Toubro and state-run oil & gas explorer ONGC slipped 2.4 percent each. FMCG majors ITC and Hindustan Unilever fell over 0.5 percent while index heavyweights HDFC plunged nearly 2 percent.
No comments:
Post a Comment