September 26, 2016 10:19:29 PM TLT
Profit booking dragged the street down :
Telecom stocks were in focus as the Department of Telecom started two-day mock auction that will end on September 27. Seven companies have deposited Rs 14,653 crore and the government is looking to mop up around Rs 1.46 lakh crore through the spectrum auction that will actually begin on October 1. Idea Cellular fell over 2 percent. Morgan Stanley has slashed target price of the stock to Rs 70 from Rs 89 earlier as it believes the share price will fall relative to the country index over the next 60 days. This is because of lowered forecast/guidance, it says. Auto component maker GNA Axles closed at Rs 245.05 on day 1, up 18.5 percent over issue price of Rs 207. Marksans Pharma shares surged 10.8 percent on approval from the US health regulator for antihistamine drug Loratadine liquid filled capsules 10 mg. Kilitch Drugs was locked at 20 percent upper circuit after Ethiopia government allotted land to its subsidiary for setting up pharma unit.