Stocks: The hits and misses
Shares of software exporters tumbled after US-based Oracle, the third biggest software maker, reported disappointing quarterly results.
By ET Bureau | Updated:
IT Stocks
Shares of software exporters tumbled after US-based Oracle, the third biggest software maker, reported disappointing quarterly results. The dismal earnings raised worries that major technology customers may clamp down on budgets in 2012. Edelweiss Securities, in a report on Thursday, said software stocks could correct 8-10% due to moderation in growth.
Strides Acrolab
Strides shares rose 3% after the company said its sterile products plant in Bangalore got US Food and Drug Administration (USFDA) approval. Also, the company got USFDA nod to market fludarabine phosphate injection, used for treating cancer.
Orchid Chemicals
Orchid shares have gained 12% in the past three days after it received the initial $1.5 million milestone payment from Merck some time ago. Serum Institute of India has been buying shares of Orchid in the secondary market. The Chennai-based company also said that it has received sanction for $100 million by way of ECBs (external commercial borrowings), which will help it in redeeming the outstanding FCCBs (foreign currency convertible bonds) of $117 million.
Bharti Airtel & Idea Cellular
Bharti fell 1.8% and Idea dropped 1.2% on reports the telecom ministry has asked telecom operators to discontinue their 3G roaming agreements. Leading operators like Bharti, Vodafone and Idea had entered into agreements to offer 3G mobile services in circles in which they could not succeed in getting spectrum in the auction held last year.
Shares of software exporters tumbled after US-based Oracle, the third biggest software maker, reported disappointing quarterly results. The dismal earnings raised worries that major technology customers may clamp down on budgets in 2012. Edelweiss Securities, in a report on Thursday, said software stocks could correct 8-10% due to moderation in growth.
Strides Acrolab
Strides shares rose 3% after the company said its sterile products plant in Bangalore got US Food and Drug Administration (USFDA) approval. Also, the company got USFDA nod to market fludarabine phosphate injection, used for treating cancer.
Orchid Chemicals
Orchid shares have gained 12% in the past three days after it received the initial $1.5 million milestone payment from Merck some time ago. Serum Institute of India has been buying shares of Orchid in the secondary market. The Chennai-based company also said that it has received sanction for $100 million by way of ECBs (external commercial borrowings), which will help it in redeeming the outstanding FCCBs (foreign currency convertible bonds) of $117 million.
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Bharti Airtel & Idea Cellular
Bharti fell 1.8% and Idea dropped 1.2% on reports the telecom ministry has asked telecom operators to discontinue their 3G roaming agreements. Leading operators like Bharti, Vodafone and Idea had entered into agreements to offer 3G mobile services in circles in which they could not succeed in getting spectrum in the auction held last year.
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