Dr Reddy's slips on profit concerns
Hyderabad: Dr. Reddy's Laboratories stock continued to reel under selling pressure on concerns that the company may report lower profits in the fourth quarter. Dealers said the market is not very optimistic about the outlook of the company's earnings in the current fiscal also. Several broking firms that were bullish on the counter, a year ago, are now changing their outlook on the counter. Several institutional investors have started exiting the counter in the last couple of days and the fall in the stock price on Thursday was also due to it. The stock closed 3.03 per cent lower at Rs 849.35 with a volume of 1.06 lakh shares on BSE, and on NSE, it closed at Rs 851, down 2.80 per cent with a volume of 2.28 lakh shares.
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BHEL hits new high on sustained buying
Kochi: The share price of Bharat Heavy Electricals Ltd (BHEL) hit a new 52-week high of Rs 252 on the BSE on sustained buying support before losing steam to settle at around Rs 249 levels on Thursday. In fact, over the last six months, the stock has risen by almost 75 per cent from its new 52-week low of Rs 144 in November last year. While the passage of the Electricity Bill, securitisation and power sector reforms may have served as an immediate trigger for the counter, market sources opine that BHEL has been in the limelight in the recent past following sustained positive developments, which is expected to improve the financials of the company.
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SEBI suspends Agbros Securities
Kolkata: The Securities and Exchange Board of India has suspended Agbros Securities, member of Calcutta Stock Exchange, for nine months. The reasons listed for the suspension includes submission of "misleading information" to the regulator. The suspension (May 14, 2003-February 13, 2004) of the firm's certificate of registration is also prompted by delay in transfer of securities from the pool account to the clients' accounts. Agbros has further been accused of not maintaining order book and proper document register. It also did not maintain proper segregation between clients' funds and its own, SEBI has said in a statement.
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Heavyweights drag down Sensex
Mumbai: The markets continued their second day of decline. The BSE Sensex closed 19.14 points lower at 2961.60 points as compared to Wednesday's close 2980.74. The broad based Nifty closed at 941.55 points down by 8.66 points as compared to the previous close of 950.15. The Sensex opened weak at 2980.25 and scaled a high of 2989.23 points on morning trades. Weakness in heavyweights such as Reliance, ITC, Tata Engg and tech stocks caused the damage to the indices.
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Forwards plunge; gilts rise
Mumbai: Forward premia have crashed once again in the domestic currency markets on Thursday, with the six-month premium sinking to 0.87 per cent levels and the premium for one-year settling at 1.23 per cent. On Wednesday, the six-month premium ended at 1.68 per cent and the one-year premium was at 1.70 per cent.
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