Hero MotoCorp has reported an 11% rise in sales for February 2013, at 228,444 units from 206,043 units sold in the corresponding month of last year. Its domestic market share stood at 19%.
Cipla has offered over $500 million to buy out South African affiliate Cipla Medpro sweetening its bid by 17 percent after earlier talks stalled over price. The board of Cipla Medpro, South Africa’s third-largest generic drug firm, urged shareholders to vote for the cash offer, endorsing a deal that appeared to have fallen apart just weeks ago. In November Cipla offered $215 million for 51 percent of the company.
The US markets closed in the red, with the S&P 500 moving further away from its all-time high, amid worries over the bailout news in Cyprus and over fears the euro zone’s bigger troubled economies such as Spain and Italy may follow suit. The CBOE volatility index spiked nearly 20 percent to finish near 14.
Dow Jones Industrial Average was down 0.43 percent or 62.05 points at 14,452.06. Nasdaq Composite declined 0.35 percent or 11.48 points at 3,237.59. Standard & Poor’s 500 shed 0.55 percent or 8.60 points at 1,552.10.
Buy L&T future above 1535.
L&T future is making a Flag pattern on 15 minutes charts.
Currently trading at 1512
Investor’s are advised to buy above 1523, break out is yet to come.
Targets are 1535/1555 and SL at 1505.45.
This is an intraday call as the pattern is forming on 15 minutes chart.
The S&P 500 set a record closing high on Thursday, finishing a fifth consecutive month of gains to extend a four-year rally.
The Dow Jones industrial average rose 52.38 points, 0.36 percent, to finish at 14,578.54, and the Nasdaq Composite added 11 points, or 0.34 percent, to 3,267.52.