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Tuesday, 23 December 2014

Nifty consolidates on expiry; Guj Gas, Nirlon most active

10:20am Panacea Biotec in News

Panacea Biotec has entered into collaboration with a leading international pharmaceutical company for the development and supply of an immunosuppressant generic product in USA.

Under the terms of the agreement, the company will receive an upfront research fee, as well as milestone payments linked with the development of product.

Upon commercialisation of product, Panacea will be responsible for manufacturing and supply of product to a partner company while the partner will be responsible for front end sales and distribution in USA.

Both companies agreed on a hybrid model of transfer price and profit share at a pre-agreed ratio.

10:00am Market Check

The 50-share NSE Nifty continued to be rangebound at around 8250-8300 levels on the day of expiry of December derivative contracts. The 30-share BSE Sensex fell 7.47 points to 27498.99 amid consolidation.

About 974 shares have advanced, 832 shares declined, and 65 shares are unchanged on the Bombay Stock Exchange.

ICICI Bank, ITC, Infosys, L&T, M&M, Coal India and Hero Motocorp gained 0.4-1 percent while HDFC Bank, TCS, ONGC, NTPC, Dr Reddy's Labs, Hindalco, Wipro and Bharti fell 0.5-2 percent.

Gujarat Gas, Nirlon, Wockhardt, Mastek, Reliance Capital, SBI, Infosys and Jaiprakash Associates were most active shares on exchanges.

Nirlon hits 52-week high of Rs 204 as GIC Real Estate, the subsidiary of Singapore Government, will acquire majority stake in company. The acquisition by GIC Real Estate will trigger open offer.

Gujarat Gas too touched a 52-week high of Rs 812.55 after circuit filter revised to 10 percent from 20 percent by exchanges. More information please visit this site

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