Stocks on the move - pharma stocks buzz

Dr.Reddy's has acquired Betapharm in an all-cash deal for euro 480 million. The stock rallied to a high of Rs 1,250, and is now up 6% at Rs 1,242. The counter has clocked a volume of around 1.55 lakh shares.

Ranbaxy successfully launched its $400 million FCCB issue yesterday. Each bond is priced at a 60% premium to yesterday's close (Rs 448) on the BSE. The stock, however, is down 1.6% at Rs 440 with a volume of around 3.30 lakh shares as the company lost the race to acquire Betapharm.

Tata Motors announced a 30% conversion premium for its Yen 11.76 billion issue. The stock has rallied 3% to Rs 792, and around six lakh shares have changed hands till now.

Orchid Chemicals has signed a deal with Pfizer for the development of new animal healthcare products. The stock spurted to a high of Rs 325, and is now up 1% at Rs 320. The counter has seen trades of around 3.57 lakh shares.

The Sensex is now up 62 points at 10,175.