Shares of personal products maker Godrej Consumer Products vaulted nearly 14 percent on Thursday to the top of the BSE Mid-cap index with volumes of 0.65 million shares.
On Wednesday, U.S.-based Sara Lee Corp had announced it would sell its 51 percent stake in Godrej Sara Lee Ltd joint venture to Godrej Consumer Products for $233.7 million. Godrej on Thursday said its revenues would rise 86 percent in FY11 following the buyout.
It was a good day of trade for investors in healthcare counters. The index for healthcare stocks gained 1.6 percent and ended as top sectoral gainer.
Opto Cicuits gained 3.2 percent and topped the index, followed by Cadila which rose 2.5 percent.
Metal stocks felt the heat on Tuesday after surging in the previous session, pulling the BSE Metals Index down 2.57 percent as copper prices dropped in London on euro zone worries.
The longer-term demand outlook in Europe and China also weighed on metal stocks and the sectoral index closed as the worst performer.
Shares in Cipla fell more than 6 percent on Monday to close at 319 rupees, even as the BSE Sensex surged 561 points.
Shares of the drugmaker tumbled as its March quarter net profit, announced on Friday, were below estimates.
Shares of healthcare companies traded firm on Thursday, helping push the sectoral index up 1.4 percent to the top of the gainers’ list.
Ranbaxy Labs gained 3.3 percent and ended as the top gainer in the healthcare index. Cipla and Sun Pharma were also among the shares that clocked decent rises.
Shares in Bharti Airtel, India’s top mobile operator, gained 2.6 percent on Wednesday and ended the top gainer among Sensex components, even as the benchmark closed weak near its 2-month low.
Its shares had declined 2.9 percent over the two earlier sessions.
Rival firm Reliance Communications’ shares however ended weak after losing 1.05 percent. Idea Cellular closed marginally in red.
Shares in Reliance Natural slipped 7.55 percent on Tuesday and ended as the top loser in the BSE Oil & Gas index. The benchmark index dropped nearly 250 points.
The Supreme Court is expected to rule by next week on a long and high-profile gas pricing dispute between the Ambani brothers.
NEW DELHI (Reuters) – Most of India’s diversified equity funds outperformed the benchmark index in April, as a significant exposure to small- and medium-sized firms and sectors like financials boosted unit values.
Such funds, which form the largest category of equity funds in India by number and assets, gained 2.72 percent on average, outperforming the BSE Sensex which inched up 0.18 percent, data from global fund tracker Lipper showed.
Metal companies fared badly at the bourses on Monday, causing the BSE Metal Index to drop nearly 2 percent.
Iron ore firm Sesa Goa ended as the top loser in the index, dropping more than 6 percent to 401.55 rupees. Gujarat NRE Coke shares slipped 4.3 percent.
NEW DELHI (Reuters) – Domestic fund managers plan to further increase their exposure to equities in the next three months, with financials and capital goods topping their list of sector picks, a Reuters poll showed.
All nine respondents to the Reuters Asset Allocation Poll conducted between April 20 and April 29 said Indian equities are fairly valued at current levels, while five said they would buy stocks and reduce their cash holdings