Cipla Ltd said it has received fresh notices from National Pharmaceutical Pricing Authority demanding Rs47.7 crore for the drug Salbutamol and Rs25.4 crore for the drug Ciprofloxacin.
“These demands are contrary to the orders of the Supreme Court of India and the company has received legal advice that entire amounts demanded by the government are not tenable and sustainable,” the company said in a filing to the Bombay Stock Exchange (BSE).
On Wednesday, Cipla ended 0.82% down at Rs367.30 on the BSE, while the benchmark Sensex closed 1.15% up at 20,256.03 points.
GMR Infrastructure Ltd said MAS GMR Aerospace Engineering Co Ltd, a 50:50 joint venture between GMR Hyderabad International Airport Ltd and Malaysian Aerospace Engineering Sdn Bhd has achieved financial closure for maintenance, repair, and operations (MRO) facility at Rajiv Gandhi International Airport in Hyderabad.
The project cost is Rs309 crore. The equity portion would be Rs77 crore, while the remaining would be debt. The debt component of Rs232 crore is syndicated among State Bank of Hyderabad, Andhra Bank and State Bank of Bikaner and Jaipur.
The MRO facility is expected to start from July 2011 with necessary certifications from DGCA and EASA. The facility is designed to perform base maintenance checks with one wide body, two narrow bodies and one narrow body cum paint hangars.
On Wednesday, GMR Infra gained 0.56% to Rs45 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.15% up at 20,256.03 points.
The market, which was range-bound for most part of the morning session, picked up momentum in noon trades resulting in the key benchmarks closing above their psychological levels.
After a sideways opening, the market remained range-bound till noon and then gained momentum on buying support from consumer durables, banking and metal stocks. Volatility, usually seen in the futures & options expiry week, was absent today.
Institutional buying in post-noon trades put the indices into a higher trajectory and well above their crucial levels of 20,000 on the Sensex and 6,000 on the Nifty. Support also came from the Asian peers that closed in the positive terrain today.
The Sensex closed 230.61 points (1.15%) at 20,256.03 points. The index swung between a high-low of 20,274.20 and 20,054.64, respectively. The Nifty gained 64.35 points (1.07%) to close at 6,060.35. The benchmark touched a high of 6,067.55 and a low of 6,002.85 today.
In line with the market’s performance, the market breadth was positive today. The Sensex had 27 gainers and three losers at the end of trade while the Nifty settled with 38 advancers, 11 decliners while one stock remained unchanged. Among the broader indices, the BSE Mid-cap index gained 0.51% and the BSE Small-cap index surged 1.13%.
The top gainers on the Sensex list were Hindustan Unilever (up 3.48%), Bharti Airtel (up 3.45%), Sterlite Industries (up 3.38%), HDFC Bank (up 3.23%) and ITC (up 2.44%). Cipla (down 0.82%), Wipro (down 0.66%) and Reliance Communications (down 0.50%) made it at the bottom of the list.
All sectoral indices ended in the positive terrain today. The top performers were BSE Consumer Durables (up 1.93%), BSE Fast Moving Consumer Goods (up 1.64%), BSE Metal (up 1.48%), BSE Bankex (up 1.46%) and BSE Auto (up 0.83%).
Markets in Asia closed mostly in the green on higher commodity prices. Investors ignored the Chinese central bank’s Christmas Day rate hike and instead chose to lap up commodity and banking stocks.
The Shanghai Composite gained 0.68%, the Hang Seng surged 1.54%, the Jakarta Composite advanced 1.07%, the KLSE Composite rose 0.45%, the Nikkei 225 was up 0.50%, Straits Times was up 0.76% and the Seoul Composite was 0.50% higher. On the other hand, the Taiwan Weighted lost 0.05% at the end of the session.
Drawing up a roadmap for disinvestment during the last quarter of this fiscal, the government today said it would dilute its stake in SAIL in January, followed by Power Finance Corporation (PFC) and oil major ONGC in March. A finance ministry official said the follow-on public offer of Indian Oil Corporation has been deferred to next fiscal.
Markets in the US closed mostly in the green on Tuesday, supported by gains in energy stocks as cold weather prevailed in the north-eastern region of the country. In economic news, the Conference Board’s confidence index unexpectedly fell to 52.5, lower than analysts’ predictions. The S&P/Case-Shiller index of property values fell 0.8% in October from the same month in 2009, the biggest year-over-year decline since December last year. Besides, employers added 951,000 workers to payrolls in the first 11 months of the year, according to figures from the Labor Department. Despite the gains, unemployment was at 9.8% last month after finishing 2009 at 10%.
The Dow surged 20.51 points (0.18%) at 11,575.54. The S&P 500 added 0.98 points (0.08%) at 1,258.52. The Nasdaq shed 4.39 points (0.16%) at 2,662.88.
Foreign institutional investors were net buyers of Rs109.03 crore in the equities segment on Tuesday. On the other hand, domestic institutional investors were net sellers of stocks worth Rs265.36 crore.
India-based Welspun Corp (down 0.93%) has picked up 35% stake in Australian Leighton Holdings for around $104 million in a bid to build strategic partnership. The latter is engaged in civil engineering and infrastructure, building, mining, offshore and rail.
Operating since 1985, the Welspun Group (which also has units in Gujarat and Karnataka) has interests in infrastructure, the oil and gas sectors, steel, steel pipes, and home textiles.
IT services major Prism Informatics (up 0.65%) has bagged a contract for SAP CRM from Thailand-based SB Furniture Group of Companies through its subsidiary, Nexus System Resources.
The implementation project consists of two parts i.e. Retail ERP and Retail CRM with the project kicking off in November 2010 and targeted to go live in April 2011.
Zensar Technologies Inc, Zensar Technologies’ (up 1.08%) US-based wholly owned subsidiary, has concluded the acquisition of Akibia Group through merger process which would be effective from 31 December 2010.
Last month, Zensar Technologies Inc had entered into definitive agreements to acquire US-based PSI Holdings Group Inc—a limited liability company incorporated in Massachusetts—and its wholly owned subsidiaries namely Akibia Inc, Aquila Technology Corp and Akibia BV (collectively referred to as Akibia).