Ambareesh Baliga of Karvy Stock Broking is of the view that investors wi

Cipla dipped 4.4% to Rs 192 after declaring a 30% fall in net earnings for the first quarter ended June 30, 2007.

The stock hit an intraday low of Rs 191.70 and an intraday high of Rs 199.85 during the day.

The scrip turned down on high volume of 21.1 lakh shares on the BSE counter.

The company recorded a 30% fall in its net profit to Rs 120 crore in Q1 June 2007 as against in the corresponding period (Q1 June 2006) of the last year.

Mumbai: Drug manufacturer Cipla posted a 29.73 percent enhancement in its net earnings at Rs 119.76 crore for the quarter ended June 30 as against Rs 170.43 crore for the same period of the last year.

The company’s total income (net of excise) augmented 4.34 per cent to Rs 920.37 crore for the June quarter against Rs 882.05 crore for the quarter ended June 30, 2006.

At the board meeting, the company’s directors also recommended a dividend of Rs 2 per equity share for the year 2006-2007 amounting to Rs 155.46 crore.

Shares of Cipla last traded at Rs 200.90, down 2.21 per cent on the BSE.

According to Bharat Thakur, assistant manager, Karvy Stock Broking the stock market is likely to lift up further on coming Monday (July 16).

Technical Analyst, Ashwani Gujral is of the opinion that Housing Development Finance Corporation (HDFC) has aim of Rs 2200.

Gujral stated, “I think definitely financial space has a lot of strength, the PSU sector was lagging but now with inflation coming down, I think PSU banks will also catch up.”

One will see Rs 1350 shortly on HDFC Bank as it has made a fresh breakout, and HDFC is now hovering to attain a target of 2200.

The stock market (BSE) has followed the same volatile pattern once more. It remains strong throughout the week, and analysts have suggested a strong resistance level at 14595.
The support for the Sensex is at 14425, and the resistance to the up move at 14526-14540-14584-14594. On the other hand, the support for the Nifty is at 4236 and resistance to the up move at 4286-4290-4322.
According to Ashwani Gujral the Nifty would trade in a higher place at 4,300, before any major rectification kicks in.