Money on the markets
A maturing market amid the mayhem
Dr Reddy’s shares hit an intra-day high of 900 rupees on Friday before closing 3.6 pct up at 865.45 rupees.
Shares in the drugmaker jumped to a 3-1/2-year high on a report that GlaxoSmithline is in talks to buy a 5 percent stake in the company for $150 million.
At a time when firms are competing to increase their share in the global healthcare industry, the proposed move will bring a lot of mileage for both firms.
Drug sales in emerging markets are expected to grow at a mid-teens percentage rate through 2013, according to IMS Health.
Tata Steel shares jumped 8.2 percent on Wednesday, registering their biggest one-day rise in more than three months and their best close in a year. The surge helped the BSE Metal Index gain 4.2 percent.
The counter led the gainers on the BSE after Federal Reserve Chairman Ben Bernanke said the U.S. recession was probably over, boosting metals stocks across regions. Shanghai copper futures also rose but lagged the international market.
Shares in Reliance Industries ended 1.5 percent higher at 2180 rupees, pushing the broader market up 1.4 percent to 16,454.
The BSE Sensex ended 0.3 percent down on Monday snapping a six-day rally. Shares in metals maker Sterlite Industries dropped 3.5 percent to 719 rupees.
RIL shares have been on the rise for four consecutive trading sessions now, adding over 12 percent over the period.
SBI’s chairman said that earnings of the bank are seen rising 30-35 percent in the current quarter, with retail loans growing at about twice the pace from the year earlier.
Amtek Auto was the star performer in the auto index, with its shares surging nearly 16 percent. Its shares have jumped nearly 50 percent since July.