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Sun Pharma In The News

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Sensex stages modest recovery; IT stocks continue to trade weak

 

The market, which plunged sharply after a positive start, has staged a recovery of sorts thanks to some strong buying at lower levels in a few blue chip stocks. Realty stocks are trading firm. Metal and power stocks have come off their lows, wiping off most of their losses.Select healthcare, oil, automobile and PSU stocks have recovered lost ground. Information technology stocks continue to trade weak. Bank, capital goods and FMCG stocks are also exhibiting weakness. Midcap and smallcap stocks are finding modest support.
 
The Sensex, which had tumbled to 20,342, has edged up to, 20385.53 now, cutting down its loss a bit to 112.11 points or 0.56%. The Nifty, which has recovered to 6140.75 from a low of 6125.65, is down 36.60 points or 0.6% from its previous closing mark.Sesa Goa, Hindustan Unilever, NTPC, Ranbaxy Laboratories and Power Grid Corporation are up 1% - 1.75%. HDFC, Suzlon Energy, Dr Reddy's Laboratories, Tata Power, Reliance Capital, Mahindra & Mahindra and Tata Steel are also trading firm.
 
Sun Pharmaceuticals has lost 2.6%. BPCL, Ambuja Cements, Bharti Airtel, ITC, Axis Bank, ACC, Maruti Suzuki and GAIL India are trading lower by 1% - 1.75%. SAIL, State Bank of India, Kotak Bank, ICICI Bank, Larsen & Toubro, BHEL, Punjab National Bank, ONGC and Tata Motors are also down with notable losses.IT bellwether Infosys Technologies, which moved higher in early trades, has declined on selling pressure and is down with a loss of 1.5% at Rs 3135. Infosys Technologies has reported net profit at Rs 1737 crore as against Rs 1488 crore, a growth of 16.73% on quarter-on-quarter basis, as per International Financial Reporting Standards (IFRS). On consolidated basis, company posted net sales at Rs 6947 crore as against Rs 6198 crore, a growth of 12.08% (QoQ).
 
Operating margins improved smartly to 30.2% versus 28.31% on quarter over quarter. Earning per share also jumped to Rs 30.41 from Rs 26.05 in previous quarter of same financial year 2010-11. Standalone net sales rose 11.58% to Rs 6425 crore from Rs 5758 crore, quarter-on-quarter. In dollar terms, consolidated revenue went up 10.1% to US$ 1.49 billion versus US$ 1.36 billion (QoQ). The board of Infosys Technologies in its meeting on 15 October 2010 has declared interim dividend at the rate of Rs. 10 per share (200%) and a 30th year special dividend at the rate of Rs. 30 per share (600%).
 
Wipro and Tata Consultancy Services are trading lower by 2.2% and 2% at Rs 480 and Rs 966 respectively. HCL Technologies is down with a loss of 0.4% at Rs 437. CMC, Mphasis, Oracle Financial Services, Moser Baer, HCL Infosys, Tech Mahindra and Rolta are also trading weak.Bedmutha Industries, which made a spectacular debut on Thursday, is in demand once again. The stock, which spurted to Rs 212 earlier this morning, is currently trading at Rs 209.30, up nearly 17% over its previous closing price. Over 15.9 million shares have been traded so far at the Bedmutha Industries counter on the National Stock Exchange this morning.
 
Orchid Chemicals has rallied sharply on impressive volumes. The stock is up 6.15% at Rs 309 now. On the National Stock Exchange, the Orchid Chemicals counter has clocked a volume of over 7 million shares today. Chambal Fertilizers & Chemicals (1.5%) and UFlex (2.1%) have also moved higher on strong volumes.