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Auto stocks lead among gainers
Wed, 29 Oct 11:30 am

After opening firm, the Indian indices have continued to witness buying momentum. The buying interest is highest in auto, oil and gas and FMCG stocks. Only stocks form power sector are trading in red today.

The BSE-Sensex is trading up 161 points. The NSE-Nifty is trading up 42 points. Both, BSE Mid Cap index is trading up 0.6% and BSE Small Cap index is trading up 0.7%. The rupee is trading at 61.35 to the US dollar.

Most software stocks are trading higher today. Infosys and HCL Technologies are leading the gainers. As per a leading financial daily, India's second largest software firm Infosys, is ready to make large acquisitions to drive growth. Chief Operating Officer (COO), U.B. Pravin Rao has stated that the company would consider acquiring companies in the US$ 600-700 m range. Also, the company was open to even larger acquisitions as long as it is in line with the company's long term strategy. CEO Vishal Sikka had stated earlier that Infosys would consider acquiring those firms that offer a strategic advantage in terms of domain knowledge time-to-market capability and geography. Infosys has been extremely conservative in the past regarding acquisitions and has acquired only 5 companies since inception. As on 30 September 2014, the company had cash and cash equivalents of nearly US$ 5.5 bn. Infosys was trading up 1.3% at the time of writing.

Indian pharma stocks are trading mixed with Dishman pharma and Wockhardt Ltd being the leading gainers in the pack, while Biocon Ltd and Ipca are the leading losers. As per the financial daily, Dr Reddy's Laboratories has launched Sirolumus in the US market. The company has launched 1mg and 2mg strength tablets in US followed by the USFDA approval. The drug is generic equivalent to Rapamune, used prevention of organ rejection in kidney transplant patients. Reportedly, the Rapamune tablets brand had US sales of approximately US$ 206 m for the twelve months ending in August 2014 according to IMS Health. This will be an lucrative opportunity for Dr Reddy's since its a low competition opportunity. Dr Reddys is trading down by 0.2%

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