Heard on the street
Sun Pharma eyeing Torrent Pharma?
The Ranbaxy-Daichii deal has sparked off rumours about many more M&A transactions in the pharmaceutical industry. The latest buzz is that Vadodara-based Sun Pharmaceuticals is eyeing a substantial stake in the Ahmedabad-based Torrent Pharmaceuticals. According to market sources, Sun Pharma is gunning for at least 50% of the promoter’s stake in Torrent Pharma. Promoters hold 74.09% in Torrent Pharmaceuticals. Though email queries send to both the companies failed to elicit any response, senior officials have refuted any such development.
“We are not looking for any domestic acquisitions at the moment. Further, we do not like to comment on market rumours,” said a Sun Pharma spokesperson. An analyst, who is tracking Sun Pharma closely, also termed the deal as highly improbable. “The company will utilise all its resources to close its merger arrangement with Israel-based Taro Pharmaceutical. The Indian company is already in trouble with Taro moving court against Sun for protecting minority shareholders in the event of the former trying to gain voting rights through open market share purchase,” the analyst said. According to market sources, a couple of operators (one of whom is a big-shot in diamond trade) and some funds have been buying Torrent Pharma shares in sizeable quantities over the last few days. Torrent Pharma ended 1.2% lower at Rs 155 while Sun Pharma shed 3% to close at Rs 1,429 on the BSE on Monday.
Chinese boost for Anu’s Labs
Recently-listed Anu’s Laboratories is riding high on the back of China’s efforts to clamp down on chemical factories ahead of the Beijing Olympics. According to market buzz, shortage of raw material supplies from China will provide a boost to intermediary companies like Anu’s Lab as acetophenone will not be available for shipments from China during the peak demand season of monsoons from mid-July to end-August. China has made transportation of chemical and other hazardous substances a difficult task. Despite the positive talk surrounding the stock, Anu’s Lab shares fell 5% to close at Rs 386. To cash on this opportunity, the company has initiated a capacity expansion to meet a sudden surge in demand. Market sources add that the company is in talks with a Chinese company for a joint venture to further strengthen its position. When contacted, Anu’s Labs managing director Hari Babu declined to comment on these developments.
Real estate gains await Modern India
Mumbai-based Modern India is bucking the bearish wave that has engulfed real estate companies of late. Over the last one week, the stock has gained close to 16%. According to market buzz, the company is selling some of its apartments and penthouses for close to Rs 80-90 crore in Belvedere Court in Mahalaxmi. When contacted, Modern India chairman and managing director VK Jatia declined to comment. The stock closed at Rs 279, up 10% from the previous close. According to informed sources, company will report an EPS of about Rs 26-28 for the financial year 2008-09. (Contributed by Shailesh Menon & Apurv Gupta)
-----------------------------------------------------
Stocks to watch: DLF, Amtek, GHCL
Religare puts 'buy' on Sintex Industries; target Rs 587
STCI assigns 'outperformer' to Hindalco; target Rs 180
Bears go hammer and tongs at RIL
--------------------------------------
Infosys Technologies Annual/Directors Report
Technical Calls - June 24 2008
EIH Hotels / Varun Shipping
Ambuja Cements / Mercator Lines
Zee Entertainment / BPCL
Shanti Gears / India Offshore Sector Update
China Metals / Information Technology - Sector Update
Shipping Sector / India Steel Sector
Source: http://www.theeconomictimes.com and www.deadpresident.blogspot.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
No comments:
Post a Comment