10:30am Aurobindo Pharma rallies
Shares of Aurobindo Pharma gained 3 percent as Bank of America Merrill Lynch
reiterated its buy rating on the stock. The brokerage house sees 38 percent
upside potential from current price level.
Aurobindo corrected 20 percent over the past few days due to weak Q3FY15
operational performance. Operational performance was hit due to one-off
expenses such as mark-to-market losses on inventory and one-time penalty for
non-supply of products.
The brokerage believes the drug maker has multiple levers of growth such as
strong US pipeline, turnaround of WE business and positive contribution of
Natrol acquisition. Hence, it sees the current weakness in the stock as a
particularly good buying opportunity.
10:00am Market Check
Dragged by index heavyweights, the market is crumbling down. The Sensex is
down 235.25 points at 29227.02 and the Nifty is down 65.20 points at 8830.10.
About 1025 shares have advanced, 874 shares declined, and 162 shares are
unchanged.
Reliance, ICICI Bank, HDFC, Tata Power and Axis Bank are major losers in the
Sensex. Among the gainers are Hindalco, BHEL, Tata Steel, GAIL and Sesa
Sterlite.
Japanese stocks rose to a fresh 15-year high and the dollar was on the front
foot again on upbeat US data, but continuing uncertainty over the Greek debt
negotiations weighed on the euro.
US weekly jobless numbers released overnight proved better than expected,
diffusing some of the pressure on the dollar that followed dovish-sounding
minutes from the last Federal Reserve policy meeting. The minutes had dented
expectations for an early interest rate hike by the Fed, driving US debt yields
and the dollar lower.
The greenback was also supported as the ebb and flow of confidence in the
difficult talks between Greece and its lenders capped the euro. More information
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