Nicholas Piramal peaks on US deals

DALAL STREET SPIKES

Nicholas Piramal spurted over 6 per cent in intra-day to touch an all-time high of Rs 1,132 on reports that the company has inked two new custom manufacturing agreements with US-based companies that would add $30 million per annum to the company's sale for financial year 2006-07.

The stock finally closed at Rs 1,113.35, up 6 per cent from its previous close. The counter witnessed volumes of more than 58 thousand shares on BSE. The entire pharma sector was in limelight with the BSE Healthcare index gaining 18.59 points to end at 2,687.66.

Analysts said, the positive sentiment towards the pharma sector was on the reckoning that Bush will not curb exports or restrict outsourcing of clinical trials to India.

Other major pharma companies such as Dr Reddy's was up 1.63 per cent to Rs 780.65 and Ranbaxy Labs was up 0.92 per cent to Rs 1,137.65.