The News International Team
12:55pm Cadila Healthcare at new high
Cadila Healthcare shares hit a record high of Rs 1,239 on the Bombay Stock Exchange on Wednesday after getting approval from US Food and Drug Administration for anti-viral drug Acyclovir.
“Zydus Cadila has received the final approval from the USFDA to market Acyclovir tablets in the strenths of 400 mg and 800 mg,” said the company in its filing.
The estimated sales of this drug in 2014 is USD 55.8 million, as per IMS.
12:25pm Market Expert
Within the emerging market basket, India remains the best bet and has the potential to deliver 18-20 percent equity returns, believes Vikas Khemani, CEO – Wholesale Capital Markets at Edelweiss Financial Services.
According to him, India is an attractive market on all parameters and will continue to see FII flows. India remains in a sweet spot, feels Khemani.
The market currently is in a structural bull run and the positive trend will continue going forward, says Khemani in an interview to CNBC-TV18. However, one could see some consolidation, correction, which in turn could pose as a buying opportunity, he adds.
12:00pm The market remained lacklustre in noon trade with the Sensex falling 31.09 points to 26389.58 and the Nifty declining 7.95 points to 7889.55. Healthcare stocks saw buying interest while auto and FMCG stocks saw profit booking.
The broader markets continued to outperform benchmarks. Advancing shares outnumbered declining ones by a ratio of 1456 to 1091 on the BSE.
Sun Pharma and Cipla kept top positions in the buying list, up nearly 3 percent followed by Dr Reddy’s Labs with 1.8 percent. Wipro and Tata Steel were other gainers, rising over a percent.
However, the selling continued in ONGC, ITC, HDFC, L&T, SBI, Tata Motors, Axis Bank, HUL, M&M, Maruti Suzuki and GAIL, which lost 0.6-2 percent.
In the midcap space, FDC rallied 12 percent followed by Eros International, Arvind, BASF and Alembic Pharma with over 6 percent whereas Bhushan Steel, Rashtriya Chemical, Muthoot Finance, Sadbhav Engineering and Hindustan National Glass fell 3-5 percent.