14 Oct, 2008

McDowell

McDowell has made a possible double bottom at Rs 700 in past two days. The stock crashed from Rs 1,269 four days before it reached a low of Rs 700. Thus, there is a possibility of good pullback with volume, according to Anand Rathi Securities.

The brokerage advises buying in cash around Rs 760-744 levels with stop loss at Rs 850 for the said target.

Jet Airways and Kingfisher Airlines

Jet Airways and Kingfisher Airlines have embarked on an extraordinary move to work out an operational alliance which includes sharing of codes on domestic and international flights, leveraging the joint network, joint fuel management, common ground handling, cross-selling of flight inventories, network rationalisation, cross-utilisation of crew, reciprocity in Jet Privilege and King Club programmes. The proposed code-sharing is subject to the approval of the Director General of Civil Aviation.

Dr Reddy’s Laboratories, Ranbaxy Laboratories, Wockhardt

Dr Reddy’s Laboratories, Ranbaxy Laboratories and Wockhardt, are in race for Germany’s largest health insurer Allgemeine Ortskrankenkasse’s $3.5-billion drug supply contract. The bid is scheduled to open in the first week of November. Germany, which is the world’s second largest drug market, looks for ways to curb rising healthcare costs.

Pyramid Saimira

Pyramid Saimira’s chairman, P.S. Saminathan, plans to buy around 70 lakh shares, 25 per cent of equity in the company, from other promoters N.C. Ravichandran and Nirmal Kotecha. (Read news item)