Money Tree

After opening gap up in the morning NIFTY touched 4200 levels but could not hold on to that and remained around 4180 for a long time of the day and then in the last half hour from 2.30 p.m. onwards it started slipping and now has lost almost all its morning gains. Currently at 3.05 p.m NIFTY is 4145 and Sensex is at 14078. The advance decline ratio has also turned negative with 450 advancing stocks to 629 declining. The major pullers of NIFTY are Gail which is up 8.2 percent at 317, HP up 4.65 percent at Rs.273 and BP up 2.67 percent at Rs. 340. Zee is the major dragger of NIFTY, down almost 3 percent at Rs.276.5. The midcap index has turned negative and currently is down about 0.5 percent.

Strides Arcolab acquires Grandix Pharma

Strides Arcolab has acquired South India based Grandix pharma for Rs. 100 crores, the company (Grandix) has recorded a turnover of Rs. 48.6 crores for the year ended on 31st March 2006 and the same is estimated to jump 20 percent further in the current fiscal. Strides Arcolab opened at 348.85, up almost 18 rupees on the back of this news but slipped during the day and is currently quoting at Rs. 327 down 3 rupees or nearly 1 percent.