Money on the markets
A maturing market amid the mayhem
Shares in Orchid Chemicals hit a 52-week high in early trades on the sale of its key generic injectable business but ended 10.35 percent lower at 197.85 rupees on Wednesday after growth concerns sparked a sell-off.
Orchid Chemicals remained one of the top traded stocks on BSE ending with a volume of over 9.5 million shares.
Late on Tuesday, U.S.-based Hospira Inc said it would buy Orchid Chemicals & Pharmaceuticals Ltd’s generic injectable business for $400 million, in a deal that would expand its global reach and position as the market leader.
Orchid Chemicals expects the sale of its generic injectable drug to add 7-8 rupees a share to its earnings in FY11, Managing Director K Raghavendra Rao said.
Shares of travel operator Cox and Kings (India) Ltd closed nearly 30 percent up on Friday after listing about 8 percent lower than its issue price of 330 rupees.
Shares in the counter rose to an intra-day high of 433.45 rupees before closing at 426.05 with volumes of 16.9 million shares.
Shares of telecom firms rose on Thursday after the RBI allowed telecom firms to access oversees markets to fund their bids for 3G spectrum.
The big names that led the rise were Bharti Airtel (up 3.4 percent to 342.35 rupees), Reliance Communications (up 2.1 percent higher at 185.70 rupees) and IDEA (up 4.1 percent higher at 60.20 rupees)
Realty stocks posted smart gains on Tuesday with the realty index gaining 3.2 percent and ending as the top sectoral performer.
The Sensex ended nearly 250 points higher at 17,228.
Ansal Properties was the star performer among realty index stocks with a jump of over 12 percent, followed by Parsvnath which gained a bit over 7 percent.