Strides Arcolab approves merger with Shasun Pharma

The  Strides Arcolab  board of directors at a meeting held on September 29, 2014, approved a scheme of amalgamation between the company and  Shasun Pharmaceuticals  wherein, Shasun Pharmaceuticals will amalgamate with the Company. The scheme of amalgamation is subject to various statutory and regulatory approvals, as may be applicable. Shareholders will get five shares of Strides for every 16 shares held in Shasun. The merger will be an all-stock transaction. The Strides Arcolab board will also consider special dividend on October 7.

Strides Arcolab stock price On September 29, 2014, at 15:12 hrs Strides Arcolab was quoting at Rs 716.10, up Rs 73.30, or 11.40 percent. The 52-week high of the share was Rs 1050.00 and the 52-week low was Rs 343.80. The company's trailing 12-month (TTM) EPS was at Rs 588.59 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1.22. The latest book value of the company is Rs 273.80 per share. At current value, the price-to-book value of the company is 2.62.

Cipla surges on strengthening presence in Kenya

Sep 29,2014   02:27 Hrs IST

Cipla is currently trading at Rs. 618.80, up by 7.30 points or 1.19% from its previous closing of Rs. 611.50 on the BSE. The scrip opened at Rs. 612.00 and has touched a high and low of Rs. 621.00 and Rs. 608.30 respectively. So far 103279 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 639.05 on 16-Sep-2014 and a 52 week low of Rs. 366.70 on 24-Feb-2014. Last one week high and low of the scrip stood at Rs. 626.70 and Rs. 574.00 respectively. The current market cap of the company is Rs. 49612.51 crore. The promoters holding in the company stood at 36.80% while Institutions and Non-Institutions held 35.85% and 26.23% respectively. Cipla is aiming to build a strong presence in Kenya. In line with its global strategy, Cipla continues to retain ownership of its marketing authorisations and trademarks for its products in Kenya and will continue to invest further in developing the Kenya market. The company has recently introduced its own office in Kenya. The products will be brought to Kenyan patients in partnership with Surgipharm. Over the years, Cipla has been working with various partners in Kenya and has been supplying a basket of products across various key therapies - anti-HIV, anti-malarial, anti-asthma, gastroenterology, anti-infectives, cardiovascular and oncology among others. Cipla is a global healthcare company which uses technology and innovation to meet the healthcare needs of patients in various therapy areas. For more than 70 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across almost 170 countries. Cipla’s turnover in 2013-14 was $1.7 billion.

Nifty struggles below 8000; Sun Pharma, TCS gain 3%

The Nifty is struggling below the 8000-level. The 50-share index is up 5.70 points at 7974.55 and the Sensex is up 45.89 points at 26672.21. About 1434 shares have advanced, 510 shares declined, and 48 shares are unchanged. Both Sun Pharma and TCS are up 3 percent each. BHEL, Wipro and Infosys are top gainers in the Sensex. Among the losers are Hindalco, Tata Power, Bharti Airtel and Coal India. The dollar hit a four-year peak against a basket of currencies in early Asian trade on Monday, bolstering Japanese shares, but other Asian shares shrugged off Friday's Wall Street rebound in the face of political unrest in Hong Kong. Hong Kong shares dropped 2.3 percent to three-month lows in the worst unrest since China took back control of the former British colony two decades ago. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7 percent, hitting its lowest level since mid-May. Even the usually calm Hong Kong-dollar, which is pegged to a narrow band against the US dollar, slipped 0.1 percent to 7.761 against the greenback, its lowest level since March, as the street clashes affected some banks' operations.

Neyveli Lignite Corp gains on eyeing acquisition of multiple power projects

Sep 29,2014   10:00 Hrs IST

Neyveli Lignite Corporation is currently trading at Rs. 84.75, up by 0.90 points or 1.07 % from its previous closing of Rs. 83.85 on the BSE. The scrip opened at Rs. 84.00 and has touched a high and low of Rs. 84.75 and Rs. 83.85 respectively. So far 1992 shares were traded on the counter. The BSE group 'A ' stock of face value Rs. 10 has touched a 52 week high of Rs. 108.50 on 26-May-2014 and a 52 week low of Rs. 54.55 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 89.90 and Rs. 81.00 respectively. The current market cap of the company is Rs. 14067.59 crore. The promoters holding in the company stood at 90.00 % while Institutions and Non-Institutions held 8.30 % and 1.70 % respectively. Neyveli Lignite Corporation (NLC) is examining a number of power projects on offer to scale up its generating capacity rapidly. The company is examining nine projects, where the promoters have showed interest in letting NLC acquire the projects. These proposals have been received in response to call for expressions of interest by the company. The Central public sector enterprise in lignite mining and power generation mines about 30 million tonnes of lignite annually and has association power generation of about 2,740 MW. NLC is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines with a capacity of about 30.60 million tonnes per annum, while it can produce about 2,740 MW of power from four power plants

OnMobile Global inks agreement with Tata Teleservices

Sep 29,2014   10:00 Hrs IST

OnMobile Global, a global leader in mobile services, has inked an agreement with Tata Teleservices, making it the exclusive Caller Ring Back Tone partner (CRBT) for the company. OnMobile will centrally manage Tata’s Content Management Systems across the Code Division Multiple Access (CDMA) and Global System for Mobile Communications (GSM). This deal will enable Tata Teleservices to improve operational efficiency, reduce turnaround time and provide a superior user experience to all its subscribers. This deal, which has been signed for an initial term of 3 years, will allow Tata’s CDMA subscribers to access a slew of CRBT features which were earlier available only for GSM subscribers. Some of the features include enabling song search and activation through SMS and Tata’s website. Subscribers will also be able to copy each other’s songs by using OnMobile’s Press * to copy feature.