1:30 pm Buzzing:
Lupin shares hit fresh 52-week low of Rs 1,552, down over 7.3 percent intraday Friday. In fact, the stock has been under pressure for couple of sessions, especially after US regulator’s observations on Goa plant. CLSA downgraded the stock to underperform from buy and slashed target price to Rs 1,800 from Rs 2,162 earlier as it does not see any near-term catalyst. It expects the stock to remain rangebound until clarity emerges on the Goa observations. Out of nine USFDA (US Food and Drug Administration) observations in Form 483 on Lupin’s Goa plant, two are repeat from the July 2015 inspection (Observation No 2 and 4) while two are worrying (No 1 and 4), feels the brokerage.
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The market is firm with support from banks, IT and metals. The Sensex is up 102.87 points or 0.4 percent at 24780.24, and the Nifty is up 38.25 points or 0.5 percent at 7550.80. About 1111 shares have advanced, 1184 shares declined, and 182 shares are unchanged.
Hindalco, GAIL, TCS, Adani Ports and Tata Steel are top gainers while Lupin, Sun Pharma, Maruti, HUL and Dr Reddy’s are losers in the Sensex.
Gold prices were up by Rs 75 to Rs 29,431 per 10 gram in futures trade today as speculators took fresh positions on positive cues from global markets.
Analysts said the rise in global market prices, as the dollar dropped after the US Federal Reserve scaled back forecasts for interest rate hikes this year, raised demand for gold and other commodities. This influenced the precious metal prices in futures trade in India as well.
Globally, gold was trading 0.4 percent higher at USD 1,262.97 an ounce in Singapore today. The precious metal is 1.1 percent higher this week and up 19 percent for the year.