The market gained some strength amid consolidation in afternoon trade. The Sensex climbed 88.75 points to 28046.24 and the Nifty reclaimed 8500, up 21.90 points at 8512.90.
Sun Pharma and Ranbaxy Labs rallied 4 percent each as today is the last day of trading in shares of Ranbaxy before merger of both companies. Morgan Stanley raised target price on the stock to Rs 1,241 apiece from Rs 995 and estimated 24.6 percent CAGR for FY16-FY17 against 18.6 percent for the street.
Dr Reddy's Laboratories gained 1 percent on acquisition of select portfolio of the established products business of Belgium-based company in India for Rs 800 crore. ITC, ICICI Bank, Bharti Airtel, HUL and Hindalco Industries were other gainers on Sensex, up 1-2 percent whereas HCL Technologies tanked 4 percent as the company warned of currency impact owing to the currency fluctuations. Infosys, TCS, Reliance Industries, BHEL and GAIL were down 0.5-1.5 percent. In auto space, Maruti Suzuki declined more than 1.5 percent on reporting weak sales for March. Total sales fell 1.6 percent and exports took a big knock, down 29 percent to 7836 units year-on-year. Ashok Leyland gained 1 percent on reporting a 24 percent growth in March sales at 12,754 units year-on-year. Eicher Motors advanced 0.5 percent as its motorcycle sales grew 42 percent and exports jumped 58 percent. Mahindra & Mahindra gained 0.8 percent despite a 12 percent decline in sales but its exports jumped 28 percent. Fertilser stocks gained 2-13 percent as cabinet approved gas pooling for the sector for 30 urea manufacturing units. Metal stocks are trading mixed. Tata Steel is up 0.3%, Hindalco is up 1.5% and Sesa Sterlite has shed around 0.6%. Tata Steel has divested its entire stake in Lanka Special Steels Limited to E. B. Creasy & Company for a total consideration of around Rs 20.4 crore in an all cash deal.
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Sun Pharma and Ranbaxy Labs rallied 4 percent each as today is the last day of trading in shares of Ranbaxy before merger of both companies. Morgan Stanley raised target price on the stock to Rs 1,241 apiece from Rs 995 and estimated 24.6 percent CAGR for FY16-FY17 against 18.6 percent for the street.
Dr Reddy's Laboratories gained 1 percent on acquisition of select portfolio of the established products business of Belgium-based company in India for Rs 800 crore. ITC, ICICI Bank, Bharti Airtel, HUL and Hindalco Industries were other gainers on Sensex, up 1-2 percent whereas HCL Technologies tanked 4 percent as the company warned of currency impact owing to the currency fluctuations. Infosys, TCS, Reliance Industries, BHEL and GAIL were down 0.5-1.5 percent. In auto space, Maruti Suzuki declined more than 1.5 percent on reporting weak sales for March. Total sales fell 1.6 percent and exports took a big knock, down 29 percent to 7836 units year-on-year. Ashok Leyland gained 1 percent on reporting a 24 percent growth in March sales at 12,754 units year-on-year. Eicher Motors advanced 0.5 percent as its motorcycle sales grew 42 percent and exports jumped 58 percent. Mahindra & Mahindra gained 0.8 percent despite a 12 percent decline in sales but its exports jumped 28 percent. Fertilser stocks gained 2-13 percent as cabinet approved gas pooling for the sector for 30 urea manufacturing units. Metal stocks are trading mixed. Tata Steel is up 0.3%, Hindalco is up 1.5% and Sesa Sterlite has shed around 0.6%. Tata Steel has divested its entire stake in Lanka Special Steels Limited to E. B. Creasy & Company for a total consideration of around Rs 20.4 crore in an all cash deal.
Get real time advice for Equity Trading Tips , Stock Cash Premium Tips , Equity Intraday Tips , Stock Cash Intraday , Stock Trading Tips, NSE Stock Market Tips and all market updates. For 2 Days Free Trial , please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
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