Technology stocks lose ground

<div class="section1"><div class="Normal"><script language="javascript">doweshowbellyad=0; </script><br />MUMBAI: The markets started on a negative note following losses in technology and cement shares.<br /></div> <div align="left" style="position:relative; left: -2"><table cellspacing="0" cellpadding="2" align="left" border="1" width="31.9%"> <colgroup> <col width="100.0%" /> </colgroup> <tr valign="top"> <td width="100.0%" colspan="1" rowspan="1" style="" valign:="" top="" background-color:="" f3f3f3=""> <div class="Normal"><img src="/photo/548499.cms" alt="/photo/548499.cms" border="0" /></div> </td> </tr> </table></div> <div class="Normal"><span style="" font-size:="" font-weight:="" bold="">• At 11:30 am: Bharat Earth Movers was down 4.21% to Rs 189.The stock lost ground on profit booking after recent gains. Prior to today’s fall, the BEML stock had risen 25% to Rs 197.30 on 8 March from a recent low of Rs 157.55 touched on 26 February.</span><br /><br /><span style="" font-size:="" font-weight:="" bold="">• At 11:25 am: State Bank of India (up 0.64% to Rs 643.50), HDFC Bank (up 0.59% to Rs 381.60) and Dr Reddy’s Labs (up 0.08% to Rs 1,030.95) were trading in positive territory in an otherwise weak market.</span><br /><br /><span style="" font-size:="" font-weight:="" bold="">• At 11:25 am: Cement pivotals Grasim down 2.71% at Rs 1,192.00, Gujarat Ambuja Cements down 1.86% at Rs 316.50 and ACC down 1.41% at Rs 273.45 lost ground on selling pressure after Monday’s gains. </span><br /><br /><span style="" font-size:="" font-weight:="" bold="">• At 11:25 am: Construction major Larsen & Toubro is set to hike its topline to Rs 20,000 crore and said it will soon come up with a new business plan to ensure a 20 per cent annual sales growth by 2009.</span><br /><br /><span style="" font-size:="" font-weight:="" bold="">• At 11:20 am: Natco Pharma was trading with a gain of 1.82% at Rs 109.00 after the company announced the launch of yet another anti-cancer drug from its stable. The company launched Geftinib 250 mg tablets under the brandname `Geftinat’. This is the first time that the generic version of Geftinib is being introduced in the country. </span><br /><br /><span style="" font-size:="" font-weight:="" bold="">• At 11:15 am: PSU oil and gas major ONGC was trading firm at Rs 855.50 following reports that encouraged by the "positive response" for the road-show to attract investment here, Indian government will now try to get a higher price for its 10% share in the ONGC, currently on offer to international investors.</span><br /><br /><span style="" font-size:="" font-weight:="" bold=""><formid=367815></formid=367815></span><br /><br /><br /></div> </div><div class="section2"><div class="Normal"><br />• At 11:10 am: Avery India was trading with a loss of 5.97% at Rs 36.20 after the company announced a buy-back of shares at Rs 35 per share compared to its close of Rs 38.50 on BSE on Monday. The stock recorded a small volume of just 105 shares traded on BSE so far. <br /><br />• At 11:05 am: Gammon India down 0.89% at Rs 445.00 moved off the days high of rs 459.00 on selling pressure at higher levels. The stock attracted buying interest in early trades after the company announced that it had bagged a Rs 80-crore Road Corridor Project from MSRDC. The project consists of Railway Over Bridges (ROBs) linking Santa Cruz and Chembur, under the Mumbai Urban Transport Project (MUTP). <br /><br />• At 11:00 am: Tata group international telecom carrier VSNL held firm at Rs 204.50 up 1.67% on sustained buying interest. The investing community cornered reports that the Siddharth Ray-promoted Data Access has emerged as the lowest bidder for carrying traffic from Bharat Sanchar Nigam (BSNL)’s subscribers to the US, UK, Canada and West Asia. These sectors account for over 63% of BSNL’s outbound traffic. <br /><br />• At 10:55 am: Sun Pharma down 0.83% at Rs 685.00 moved off the days high of Rs 703.00 on selling pressure at higher levels. The stock attracted buying interest in early trades following reports that the company is finally taking over Hindustan Antibiotics, India’s oldest PSU in the pharma sector. Sun Pharma is reportedly learnt to have got the government to agree to a Rs 260-crore proposal for transfer of the PSU to it. <br /><br />• At 10:50 am: The board of Indian auto ancillaries maker Amtek Auto Ltd is to consider the acquisition of the UK-based GWK group.<br /><br />• At 10:45 am: Morepen Labs was trading higher by 7.93% at Rs 8.30. The stock leaped up after the company received a fresh US Food and Drug Administration (FDA) approval for its active pharmaceutical ingredient (API) manufacturing facility at Masulkhana, Himachal Pradesh. The facility is currently manufacturing the anti-hinstamine, Loratadine, for which it had received an approval by the FDA in March 1999. <br /><br />• At 10:40 am: Berger Paints was up 5.40% at Rs 204. The stock spurted after the paints major decided to issue bonus shares in the ratio 1:2. The company is planning to explore acquisition opportunities in Saarc countries and Thailand. <br /><br />• At 10:35 am: Zee Telefilms was trading lower by 1.98% at Rs 126.20. The stock lost ground on selling pressure after Monday’s gains.<br /><br />• At 10:30 am: PSU oil and gas major ONGC up 1.48% at Rs 863.50 was amongst the gainers on the Sensex. The public offer for 10% government stake in the company has been over subscribed 4.23 times till now. The offer is scheduled to close on Saturday March 13, 2004. <br /><br /><formid=367815><br /><br /><br /></formid=367815></div> </div><div class="section3"><div class="Normal"><br />• At 10:25 am: Heavyweight pivotals Infosys Technologies down 2.41% at Rs 4,985.00, ICICI Bank down 1.39% at Rs 301.50, Reliance Industries down 1.15% at Rs 590.00, Hindustan Lever down 0.58% at Rs 155.45 and ITC down 0.53% at Rs 1,171.00 proved a drag on the indices in early morning trades.<br /><br />• At 10:20 am: Technology major Infosys Technologies down 2.90% at Rs 4,960.00, Satyam Computer down 1.88% at Rs 297.00 and Wipro down 1.31% at Rs 1,421.60 were trading lower as selling continued on the counters following a fall in the technology ADRs listed on the US indices on Monday.<br /><br />• At 10:15 am: Liberty Shoes Ltd has reported that Mr. Adesh Gupta, presently working as Executive Director (ED) of the company since July 16, 2001 has been elevated as Chief Executive Officer (CEO) of the Company.<br /><br />• At 10:10 am: Natco Pharma Ltd announced the launch of another anti-cancer drug from its stable. The Company has announced the launch of Geftinib 250-mg tablets under the brand name "GEFTINAT". This is a first time introduction of the generic version of Geftinib in India. Geftinib is a selective epidermal growth factor receptor. <br /><br />• At 10:05 am: The rupee firmed in early deals on Tuesday, testing the 45.23 per dollar mark briefly before state-run banks stepped in to buy dollars, most likely on behalf of a central bank keen to cap the local unit''s rise. The rupee was at 45.2300/2350 per dollar, just off a peak of 45.23 but firmer than Monday''s close of 45.2400/2450. <br /><br />• At 10:00 am: The markets started the day on a negative note following losses in technology and cement couters. Infosys, Stayam, Wipro, Grasim and HPCL were among the losers. SBI, ICICI Bank, ONGC and Tata Tele managed to gain.<br /><br /><formid=367815><br /></formid=367815></div> </div>