We had mentioned in Tuesday’s closing report that Nifty, Sensex might try to rebound. The major indices of the Indian stock markets were range-bound on Wednesday and ended flat. On the NSE, there were 961 advances, 770 declines and 331 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Sensex gained on Wednesday, while the Nifty was marginally higher with gains made by the financial stocks. FMCG (fast moving consumer goods), oil and gas and realty stocks slipped in the red but the key finance and banking stocks gained.
Yes Bank on Tuesday said its two promoter groups -- Madhu Kapur Group and Rana Kapoor Group -- have agreed to nominate one representative director each on the Bank's Board. The bank, in a regulatory filing also said that it has sought the Reserve Bank of India's approval to appoint a temporary MD and CEO from February 1, 2019, till Ravneet Singh Gill takes over as the next full-time MD and CEO on March 1. Yes Bank shares closed at Rs199.35, down 1.75% on the NSE.
Drug maker Strides Pharma Science Ltd on Tuesday said its Canadian subsidiary acquired 80% equity stake in Canada-based generics frim Pharamapar for $3 million (Rs21 crore). "The acquisition will enable us to build our operations, as the pharmaceutical market in Canada is estimated to be $21 billion with a major share of generics through retail pharmacies," said the city-based Strides in a statement here. The two-decades old $8-million Pharmapar specialises in generic medication to insured individuals in Canada. It is also a leading partner to Quebec pharmacies and covers about 1,000 pharmacies with access to 12 banners and 100 products. Quebec accounts for 25% of the Canadian generics market and is private.
In a related development, the company's board has approved sale of its Australian business Strides Pharma Global to the Arrow-Apotex merged entity for Australian dollar 394 million ($281 million or Rs20 crore). "We will enter into a 10-year preferred supply agreement with the merged entity to result in potential annual Ebitda of Australian $15-20 million," said the company in a release. Strides Pharma Science Limited shares closed at Rs479.80, down 2.20% on the NSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: