Torrent may raise Rs 15 bn via QIP as it readies to bid for Sanofi assets
Ahmedabad-based Torrent Pharmaceuticals is all set to raise around Rs 15 billion through the qualified institutional placement (QIP) route, as it gets ready to bid for Sanofi’s generic drugs unit (Zentiva), sources close to the development said. An e-mail sent to the company on the matter remained unanswered.
A source close to the development said that the funds might be used to act as a ‘war chest’ for Torrent, as it readies to make a bid for the European asset. Another source felt Torrent might also utilize the funds for capital expenditure purposes apart from the potential acquisition. READ MORE
InterGlobe Aviation slips
InterGlobe Aviation fell 2.61% to Rs 1,268.55 on BSE, following aviation regulator’s order to ground certain A320Neo aircraft due to an ongoing Pratt & Whitney engine issue.
Glenmark Pharma is quoting at Rs 547.45, up 1.73% on the day as on the NSE. The stock is down 39.14% in last one year as compared to a 14.03% jump in Nifty and a 18.69% jump in the Nifty Pharma index.
PSU Banks rebound; IDBI Bank, OBC gain 7% from day’s low
Shares of public sector undertaking (PSU) banks have moved higher by 4% in noon deals, bouncing back upto 8% from their early morning lows on the National Stock Exchange (NSE).
Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BoB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows. READ MORE
The stock is quoting at Rs 59.1, up 2.34% on the day as on the NSE. Syndicate Bank is down 12.83% in last one year as compared to a 14.03% gain in Nifty and a 12.94% gain in the Nifty PSU Bank index.
Indian Oil, ONGC, Coal best performers in FY17; BSNL, Air India, MTNL worst
Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament today. READ MORE
Benchmark indices trimmed their morning losses and turned largely flat on Wednesday afternoon after the wholesale price inflation data .
Among banking indices, the Nifty PSU Bank index was trading 1.6% higher on Wednesday afternoon. The index had hit an intra-day low of 2,846.
Oriental Bank of Commerce (OBC), Union Bank of India, Syndicate Bank, Bank of Baroda (BOB) and Indian Bank were up more than 2% on the NSE. All these stocks have recovered by more than 5% from their respective intra-day lows.
RBI, on Tuesday, had barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India’s biggest bank fraud.
In key economic data released Wednesday, India’s annual wholesale price inflation eased to 2.48 per cent in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices.
Asian shares that eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, retreating from a 1-1/2 month high hit on Tuesday.