Outlook: - Nifty turned negative early on and never made it back. Higher than expected March WPI inflation (5.7% YoY) further dampened sentiments. - US posted smart gains while early Asia too trades with gains as China reports better than expected growth nos. (7.4% YoY). - Nifty would open with gains, though profit booking could cap upside. - Stock specific activity will be rife as we tread through result season. News: - CRG IN: As per media reports, Hitachi, the Japanese major, has emerged as the front-runner to buy the promoters stake in Crompton Greaves. Though the discussions are yet to be concluded, the deal is expected to value Crompton Greaves at over $2.5bn. - PSU Oil Marketing Cos. (OMCs) announced a second cut in petrol prices this month (by Rs. 0.70 a ltr), though they were silent on the monthly rise in diesel price as part of a phased de-control of the fuels prices. - GNP IN: Glenmark Pharmaceuticals Ltd, through its Swiss subsidiary, has received $5 mn as milestone payment from Sanofi on a collaboration regarding its VLA2 (alpha2-beta1) Integrin monoclonal antibody. - CDH IN: Cadila Healthcare and Zydus Pharmaceuticals have entered into a settlement agreement with Depomed Inc pertaining to patent infringement case related to latters neuropathic pain relieving drug Gralise. Settlement will allow Cadila and Zydus to begin sell of generic versions of Gralise on January 1, 2024, or earlier under certain circumstances. Other terms of the settlement were not disclosed. - ARBP IN: Aurobindo Pharma has been sued by The Medicines Co in the United States district court of New Jersey for alleged infringement of patents of its heart drug, Angiomax. - ASTR IN: AstraZeneca Pharma India has deferred its plan to seek shareholder approval for delisting of the company’s shares. The company on Friday set a floor price of Rs. 854.10 a share for the delisting offer. - PUNJ IN: Engineering major Punj Llyod has won Rs 32.54bn contract for constructing infrastructure facilities in in a Libyan city. Project covers about 2,400 hectares, almost the entire area of Zliten city and is scheduled to be completed in four years. - DCBB IN: Board of Directors of DCB Bank Ltd has decided to raise an amount not exceeding Rs. 3bn, including issue of shares under QIP, subject to securing appropriate regulatory and other approvals, as applicable. bit.ly/1l5G4Ve
Posted on: Wed, 16 Apr 2014 03:35:03 +0000
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