Suryajyoti Spinning Mills to enter into builders & contractors business

Suryajyoti Spinning Mills is entering into the business of builders and contractors at an appropriate time in the future as the board may deem fit.The resolution to diversify into this business was passed by the shareholders of the company at the AGM held on 28 September 2007. Going forward the company proposes to enter this business for which it has taken an enabling approval from its shareholders.Recognizing the need to improve infrastructure, the Government has announced commitments to build large infrastructure projects through significant public expenditure and with the help of private partners. During the next five years investments of more than US$ 300 billion in infrastructure are expected. The company is keen to capitalize on the opportunities present in the sector.At present, the company is setting up a bottom-weight fabric weaving, processing and finishing facility in collaboration with an Italian company. The fabric produced will be sold in India and overseas under the pangea brand name and the company expects to fetch a premium price for the fabric. The company expects the project to be commissioned by March 2008.

Rohit Ferro starts its production from 3rd furnace

Rohit Ferro Tech has announced that the production from the 3rd furnace at the Jajpur unit of the company has started. The fourth furnace is awaiting the power supply from the grid, which is expected to be received by this month end.

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Sun Pharmaceutical - Caraco Pharmaceuticals Laboratories (Company''s US subsidiary) announces FDA app

Sun Pharmaceutical Industries Ltd has informed about the Press Release of Caraco Pharmaceutical Laboratories Ltd, i.e. Companys U. S. subsidiary company dated September 26, 2007, as follows :

Caraco Pharmaceutical Laboratories, Ltd, (Amex: CPD) on September 26, 2007 has announced that the US Food and Drug Administration (FDA) has granted final approval for the Companys Abbreviated New Drug Application (ANDA) for Methimazole Tablets USP, 5 mg and 10 mg (Methimazole).

Methimazole is indicated in the medical treatment of hyperthyroidism. Caracos Methimazole is therapeutically equivalent to the FDA reference listed drug (RLD) listed in the Orange Book, Methimazole Tablets USP, 5 mg and 10 mg, respectively. According to IMS Data, for the twelve months ended June 2007, Methimazole had annual sales of approximately $21 million.

Daniel H. Movens, Caracos Chief Executive Officer, said, We are pleased to receive this approval from the FDA. This marks the third approval in the last 30 days and the sixth approval this quarter. This is in addition to the two tentative approvals granted by the FDA during the period. One of the main drivers of our growth is to continue to expand and strengthen our product portfolio. This will bring our total product selection to 41different products represented by 86 various strengths.

Detroit-based Caraco Pharmaceutical Laboratories Ltd, develops, manufactures, markets and distributes generic and private-label pharmaceuticals to the nations largest wholesalers, distributors, drugstore chains and managed care providers.

Market Reports: Market is trading strongly.

The market has gained further momentum. The strong buying is seen in the Metal, It and Realty stocks. The BSE Sensex is trading with a gain of more than 200 points and continued to stay above the physiological 17000 mark. The overall market breadth turns negative as most profit booking is seen in the Mid Cap and Small Cap. Almost 1343 shares are advancing in comparison to 1348 shares that are declining. However the BSE Mid Cap decreased by 20.60 points to 7,332.02 while the Small Cap advanced by 35.91 points to 9,065.25. At 2.31 PM BSE Sensex is at 17,140.49 up by 219.10 points while Nifty is at 4,976.55 up by 36.05 points. State Bank of India is trading higher by (1.14%) at Rs.1870 as the bank is aiming to disburse Rs 150 crore, through two property fairs. Last year, at similar fairs, the bank had approved loans to 3,800 people which amounted to Rs 500 crore, and the final disbursement stood at Rs 80 crore. This year the bank is expecting to approve more than Rs 500 crore and disburse Rs 150 crore, through home loans and car loans. Tata Motors advanced by (0.81%) to trade at Rs.746. The automaker in order to prmote sales has taken an initiative i.e it will offer more cash discounts to counter a four-month sales slump, with interest rates in the South Asian nation at a five-year high. The most active shares on NSE are Reliance Energy trading at Rs.1,105.70 with a total traded value of Rs.48060.23 lakhs followed by Reliance Ltd. trading at Rs.2329 with Rs.45166.46 lakhs. The top gainer in the BSE Sensex is Reliance Energy surged by (8.48%) at Rs.1,113 followed by Infosys Technologies improved by (4.66%) to trade at Rs.1910. BSE Metal index surged by 310.13 points to 13,395.77. The major gainers are Sterlite Industries (7.14%) at Rs.765, Tata Steel (2.90%) to Rs.772.65 followed by Jindal Stainless Steel (1.08%) at Rs.164.40.

Rajesh Exports Board to consider Bonus Issue & Stock Split

Rajesh Exports Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 22, 2007, inter alia, to consider the following:

1. The issue of Bonus Shares.

2. Splitting of existing equity shares of Rs 2 each to equity share of Re 1 each.

Market Commentary: Post Session Market

The market closed the session on a strong positive note as BSE Sensex surged by 229.17 points to close at 17,150.56 while Nifty grew by 60.05 points to close at 5000.55. Both the benchmark indices i.e. BSE Sensex and Nifty touched their lifetime highs. Sensex touched the intraday high of 17,188.40 while Nifty crossed psycholological mark of 5000 during the trading session. The market rallied towards the end on the back of strong global cues. Overall, the market breadth was little weak as 1477 stocks were closed in red and 1298 stocks were ended up in green while 57 stocks remained unchanged in BSE. The BSE mid cap fell 20.66 points to close at 7,331.96 while Small cap manages to close with gains of 17.21 point at 9,046.55.

BSE Metal index surged by 416.96 points to close at 13,502.60 as Sterlite Industries (6.48%), Tata Steel (5.82%), NALCO (4.96%), JSW Steel (2.36%) and SAIL (0.47%) are closed in green.

BSE IT index closed firmly at 4,643.43 as it was up by 141.46 points. Infosys (4.79%), HCL Tech. (3.05%), Satyam (2.56%), Tech Mahindra (2.20%), TCS (1.99%) and Wipro (1.26%) closed in green.

BSE bankex index improved by 111.72 points to close at 9,229.52 as HDFC Bank (4.26%), SBI (2.05%), AXIS Bank (1.61%), ICICI Bank (0.97%) and Andhra Bank (0.74%) closed higher.

BSE oil & gas index grew by 22.16 points to close at 9,639.10 as ONGC (3.74%) and GAIL India (1.15%) closed in green while IOCL (3.09%), RPL (2.77%), HPCL (2.05%) and BPCL (1.27%) closed in red.

BSE Capital goods index closed higher by 36.72 points at 14,691.07 as BEML (2.96%), BHEL (2.60%) and Suzlon energy (0.94%) closed higher while ABB (1.93%), Siemens (0.51%) and L&T (0.21%) closed lower.

BSE Health Care Index closed up by 28.87 points at 3,720.23 as Glennmark (4.90%), Cipla (3.16%), Nicholas Piramal (3.24%), Pfizer (1.38%) and Dr Reddy (1%) closed in positive.