ITC: update on scheme of amalgamation

Greenacre is a wholly-owned subsidiary of Russell Credit Limited which, in turn, is a wholly owned subsidiary of ITC Limited. 

ITC Ltd has announced that the scheme of amalgamation of Classic Infrastructure & Development Limited, a wholly-owned subsidiary of Greenacre Holdings Limited (Greenacre), with Greenacre became effective from April 05, 2016. 

Greenacre is a wholly-owned subsidiary of Russell Credit Limited which, in turn, is a wholly owned subsidiary of ITC Limited. Consequently, Classic Infrastructure & Development Limited has ceased to be a subsidiary of Greenacre and that of ITC Limited with effect from the said date.

ITC Ltd is currently trading at Rs. 321.8, down by Rs. 4.3 or 1.32% from its previous closing of Rs. 326.1 on the BSE.

The scrip opened at Rs. 328.4 and has touched a high and low of Rs. 328.4 and Rs. 320.45 respectively. So far 1667727(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 262419.42 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 359.75 on 26-Oct-2015 and a 52 week low of Rs. 268 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 336.75 and Rs. 324.25 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.93 % and 43.82 % respectively.

The stock is currently trading above its 200 DMA.

Pfizer calls off US$ 160 bn merger with Allergan and other top pharma news of the day

Biocon chairperson Kiran Mazumdar-Shaw on Wednesday sought a five-year exemption from drug price control and asked the government to desist from “ad hoc” measures to help the pharmaceutical sector acquire scale and become competitive in the global market.

Pfizer Inc. today announced that the merger agreement between Pfizer and Allergan plc has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the US Department of Treasury on April 4, 2016, which the companies concluded qualified as an “Adverse Tax Law Change” under the merger agreement.

Biocon chairperson Kiran Mazumdar-Shaw on Wednesday sought a five-year exemption from drug price control and asked the government to desist from “ad hoc” measures to help the pharmaceutical sector acquire scale and become competitive in the global market.

The Centre can ban even those drugs approved by the highest drug regulatory authority, the government maintained at the Delhi High Court on Wednesday in defense of its ban on several combination drugs last month, said a lawyer present at the proceedings. The court has, meanwhile, extended by nearly two more weeks the stay on the ban of the brands using these combinations, added the lawyer, who is representing a large pharmaceutical firm in the hearings. (ET)Justifying its recent ban on 344 combination drugs, the central government told the Delhi high court on Wednesday that it was a “legislative exercise” that was not influenced by earlier approvals granted by the Drug Controller General of India (DCGI), a body which operates under the central act governing medicines in India.

The Drug Price Control Order (DPCO) 2013 that expanded the span of regulation to 60% of the $22-billion Indian pharmaceutical market appears to have come a cropper. A recent study confirmed what many analysts feared: That regulation of the kind prevalent now could dent access to medicines, an outcome opposite to what the government wants.

Dr Reddy's Laboratories US arm is recalling 3,342 vials of anti-osteoporosis injection, made by Gland Pharma, according to reports.

Cipla has set its sights on building a pipeline of speciality drugs in the United States. The company, India's third-largest drugmaker, plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020. 

Asserting that regulatory action by the US Food and Drug Administration (USFDA) on leading Indian firms has impacted exports from the country, Dr Reddy's Laboratories Chairman Satish Reddy today asked for a dialogue between government and US health regulator.

The government has decided to relax a number of norms on environment clearances related to bulk drug manufacturing to encourage Indian drug makers and reduce the country’s dependence on Chinese imports.

Top 17 stocks in focus today: Tata Steel, Kotak Mahindra Bank, Dr Reddy's Lab

Check out the companies which will be in focus during trade today based on recent and latest news developments. 

Tata Steel: The Tata group has decided to sell steel assets in the UK and will launch a formal sale process for the same by Monday. British business minister Sajid Javid had a two-hour meeting with the company's Chairman Cyrus Mistry at Bombay House, the Tata Group's headquarters, on Wednesday in an effort to save thousands of jobs.

Kotak Mahindra Bank: Kotak Mahindra Bank has announced that the Company's subsidiary, Kotak Mahindra (International) Limited (KMIL), a Foreign Portfolio Investor (FPI) has acquired 38,68,606 equity shares at Rs. 23.65 each, aggregating to Rs. 9.16 crore being 6.8% of the paid-up capital of Diamond Power Infrastructure Limited.

Tata Motors: Tata Motors is working on sub-2 litre (2,000cc) diesel engines for its portfolio of utility vehicles (UVs), a move that will enable it to sell vehicles in the National Capital Region (NCR), a top official has been quoted as saying by a business daily.  Tata Motors launched its much awaited hatchback Tiago at an aggressive introductory price of Rs 3.2 lakh to Rs 5.54 lakh ex-showroom New Delhi.

Sobha Ltd: The real estate company has registered new sales area of 3.38m sq ft valued at 20.12bn at an average price realisation of Rs. 5946 per sq ft.

Dr Reddy's Laboratories: Dr Reddy's Laboratories US arm is recalling 3,342 vials of anti-osteoporosis injection, made by Gland Pharma, according to reports.

Future Retail: Future Retail Limited has announced that the Company has made further investment in its subsidiary, Staples Future Office Products Limited (SFOL), pursuant to the rights issue, which has resulted in increase of its total holding from 60% to 61.67% of the equity share capital of SFOL.

Pfizer: Pfizer Inc. announced that the merger agreement between Pfizer and Allergan plc has been terminated by mutual agreement of the companies. The decision was driven by the actions announced by the US Department of Treasury on April 4, 2016, which the companies concluded qualified as an “Adverse Tax Law Change” under the merger agreement.

Biocon: Biocon Chairperson Kiran Mazumdar-Shaw on Wednesday sought a five-year exemption from drug price control and asked the Government to refrain from announcing “ad hoc” measures to help the pharmaceutical sector become globally competitive.

Axis Bank: Axis Bank, a lender to Jaypee Infratech Ltd, has taken possession of the debt-laden company’s headquarters in Noida, reports a business daily.

Bajaj Auto: Bajaj Auto’s ambitious Qute quadricycle secured a one-star rating in crash tests performed by the Brussels-based Euro New Car Assessment Programme, or Euro NCAP, reports a business daily.

Nava Bharat Ventures Ltd: The company entered into an agreement for renewal of Conversion arrangement of Chrome Ore into Ferro Chrome, with Tata Steel for a period of 4 years commencing from April, 2016, to produce up to 70,000 MT of High Carbon Ferro Chrome per annum at its Odisha Ferro Alloy Plant.

Gayatri Projects: The company is planning to restructure debt via 5/25 scheme, says report.

Siemens: Siemens has announced that it has partnered with NTPC to boost power generation in South India.

Adani Power: Adani Power Ltd has informed BSE that the board of directors of the company at its meeting held on April 06, 2016, approved Preferential offer and issue of up to 52,3 crores Warrants, convertible into equivalent number of Equity Shares of Rs. 10/- each to the promoter group entities subject to the approval of the Members of the Company through postal ballot by way of passing special resolution under Section 42 and 62 of the Companies Act, 2013 and other necessary regulatory approvals.

MEP Infrastructure Developers Ltd: MEP Infra in a joint venture (JV) with its Spanish partner has received Letters of Award (LOAs) for Rs.1762.98 Crores from National Highways Authority of India (NHAI) and Ministry of Road Transport and Highways (MORTH).

INOX Leisure Limited: INOX, one of the largest cinema exhibition chains in India, announced an agreement with IMAX Corporation, for five IMAX theatre systems.

ABB India, Welspun Energy: ABB India and Welspun Energy, have together installed about 700 MW of solar photovoltaic projects across several states in India like Punjab, Rajasthan, Gujarat, Maharashtra, Karnataka and Tamil Nadu. 

Tata Motors launches Tiago hatchback and other Top Corporate News of the day

Check out the most important news stories, which captured the headlines at the corporate level in India and internationally. 

MEP Infrastructure Developers Ltd in a joint venture (JV) with its Spanish partner has bagged contracts for Rs17.6bn under the hybrid annuity model from National Highways Authority of India (NHAI) and Ministry of Road Transport and Highways (MORTH).

According to reports, raids were conducted by the IT department in the office of the Ashoka Buildcon office in Nashik, Maharashtra, the house of its certain promoters and the Pimpalgaon-Baswant toll plaza run by the company.

Tata Motors launched the compact hatchback Tiago at Rs339,000 petrol (ex-showroom, Mumbai), while the diesel is priced at Rs4,18,000.

Punjab National Bank’s subsidiary PNB Housing Finance has raised Rs5bn by issuing bonds to World Bank arm International Finance Corporation (IFC) for funding its green residential projects.

Tata Steel gets forest panel nod for Odisha mining project.

Future Group completes all-cash transaction to buy online furniture retailer FabFurnish. The all-cash transaction will see Future Group bring its entire portfolio of home furnishings and decor business under the FabFurnish brand, making it the largest home furnishings and decor business in the country. 

RPG Lifesciences announced that it has received GMP Certificate from Bavarian Authority, a competent authority in Germany.
Being Human Clothing, which was operating as a retail division of Mandhana Industries, has been demerged from the company to form Mandhana Retail Ventures (MRVL). MRVL will manufacture, retail and distribute the brand. Being Human was operating as a retail division of Mandhana Industries from 2012 to 2016.

Tata Motors is reducing the size of its diesel engines to skirt a temporary ban on the sale of large diesel-powered cars in New Delhi as the government seeks to reduce toxic smog in the capital city. 

The Government cleared conversion of Bank of Baroda's Rs299.1mn loanto Andrew Yule & Co into equity shares, paving the way for disinvestment of the Kolkata-based PSU in the next three months. 

Yes BankBSE inked a tripartite agreement for on-lending USD50mn loan from World Bank arm IFC to women entrepreneurs.

GSK Consumer Healthcare, the world's leading over-the-counter (OTC) healthcare and wellness products maker, is shifting its priority focus in India to power brands Sensodyne toothpaste and OTC drugs Crocin, Otrivin and Voltaren. This marks a shift, for the first time in over three decades, away from its mainstay Horlicks in the country. "We will invest in OTC brands disproportionately. Horlicks doesn't have the power to be globalised though it remains a core brand for India. But if India has to grow faster, we will have to dial our wellness (OTC) portfolio," Zubair Ahmed, head of GSK Consumer Healthcare for Asia-Pacific, Middle East and Africa. 

Cipla has set its sights on building a pipeline of speciality drugs in the United States. The company, India's third-largest drugmaker, plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020. 

Sensex, Nifty to open on a flat note

Indices could remain subdued initially. Life Insurance Corporation of India is likely to invest close toRs.2.7 trillion in the capital markets during the year to March 2017, says a report. Asian markets continue to display a mixed trend. Among US indices, Dow advanced 0.6%, S&P 500 climbed 1.1% and Nasdaq Composite surged by 1.6% to settle at 4,920.72 - it’s highest settlement of the year.

If yesterday the market managed to eke out gains amidst volatility, today promises to be no different. The FOMC minutes affirmed that several Fed officials are taking a cautious approach to raising rates. Minutes from the latest FOMC meeting indicate continued resistance to further interest rate increases. Several officials argued against an interest-rate hike in April, saying that such move would signal too much urgency they didn't think appropriate. The US central bank officials also were split on whether the stubbornly low inflation would hit the Fed’s 2% target level. As a result, US stock indices finished with solid gains.

The outlook is a flat start. Indices could remain subdued initially. Life Insurance Corporation of India is likely to invest close toRs.2.7 trillion in the capital markets during the year to March 2017, says a report.  Asian markets continue to display a mixed trend. Among US indices, Dow advanced 0.6%, S&P 500 climbed 1.1% and Nasdaq Composite surged by 1.6%  to settle at 4,920.72 - it’s highest settlement of the year.

A jump in oil prices sent shares of energy companies' shares sharply higher. Oil prices jumped 5.2%, to close at US$37.75 per barrel after a surprise drop in inventories. The Energy Information Administration (EIA) reported that US crude supplies in storage fell by 4.9 million barrels in the week ended April 1.

Street would be watching out the last day of subscription for Equitas IPO, which has turned out to be one of the biggest after Bharti Infratel's Rs 4,155 crore issue that hit the market in December 2012. The company has set the price band of the IPO at Rs 109-110 per share.

Sakthi Finance’s public issue of secured, redeemable, non- convertible debentures (NCDs) up to Rs. 100 crore would open on April 7.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to the proposal of M/s. ATC Asia Pacific Pte. Ltd. Singapore for acquisition of 51% of shareholding in M/s. Viom Networks Limited by way of transfer from existing shareholders.

The Union Cabinet has given its approval to Recommendations on Fiscal Deficit Targets and Additional Fiscal Deficit to States during Fourteenth Finance Commission (FFC) award period 2015-20 under the two flexibility options recommended in para 14.64 to 14.67 of its Report.

PNB Housing Finance Limited has issued secured fixed rate NCDs to International Finance Corporation (IFC) to raise Rs. 500 crore for funding Green Residential projects. With this, PNB Housing has become the first housing finance company (HFC) to successfully issue Green Bonds.

Canada Pension Plan Investment Board (CPPIB) announced  that one of its wholly owned subsidiaries has entered into an agreement to purchase 40% of Glencore Agricultural Products (Glencore Agri) from Glencore plc for US$2.5 billion. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of calendar 2016.

ABB in India and Welspun Energy, have together installed about 700 MW of solar photovoltaic projects across several states in India like Punjab, Rajasthan, Gujarat, Maharashtra, Karnataka and Tamil Nadu.

ABG Shipyard board to discuss strategy for induction of strategic partner

ABG Shipyard Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 08, 2016, to discuss general corporate issues. 

ABG Shipyard Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 08, 2016, to discuss general corporate issues, strategy for induction of Strategic Investor / Partner and authorize Monitoring Institution on behalf of CDR Lenders to appoint Investment Banker to identify a Strategic Investor / Partner etc.

ABG Shipyard Ltd is currently trading at Rs. 50, up by Rs. 2.05 or 4.28% from its previous closing of Rs. 47.95 on the BSE.

The scrip opened at Rs. 49.1 and has touched a high and low of Rs. 51 and Rs. 49.1 respectively. So far 261874(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 259.08 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 250 on 09-Apr-2015 and a 52 week low of Rs. 39.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 53 and Rs. 44.75 respectively.

The promoters holding in the company stood at 38.57 % while Institutions and Non-Institutions held 10.67 % and 50.76 % respectively.

The stock is currently trading below its 200 DMA.

Rupee opens at 66.42/$, up 4 paise

On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. 

The Indian rupee opened higher by 4 paise at 66.42/$ on Wednesday as against the previous close of 66.46/$. On Tuesday, the rupee lost ground against US dollar, influenced by the sharp fall in equities.Markets were under pressure due to weakness in European markets, wherein Germany's DAX spearheaded the decline after a disappointing factory orders report which showed a contraction of 1.2% on mom basis.

On domestic cues, RBI at the monetary policy review decided to cut the repo rate by 25bps to 6.5%, while reduced the minimum daily maintenance of CRR from 95% to 90%. The central bank has gradually lowered the average liquidity deficit in the system from 1% of NDTL to a position closer to neutrality.

The home currency closed at 66.46/$, down 26 paise as against the previous close of 66.20/$. The local unit had hit a high of 66.30 and a low of 66.76. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.32 and for Euro stood at 75.52. The RBI’s reference rate for the Yen stood at 59.98; reference rate for the Great Britain Pound (GBP) stood at 94.4200.  

Cipla eyes on speciality drugs in US

The company is reportedly eyeing first commercial launch in the US around 2020.

Cipla is planning to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments, says report.

Report says that the company is eyeing for the first commercial launch in the US around 2020. 

The company is planning a pipeline of speciality drugs in the United States, says report.

Cipla Ltd is currently trading at Rs. 499.75, down by Rs. 4.25 or 0.84% from its previous closing of Rs. 504 on the BSE.

The scrip opened at Rs. 505 and has touched a high and low of Rs. 505 and Rs. 499.2 respectively. So far 12837(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 40490.57 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 748 on 17-Aug-2015 and a 52 week low of Rs. 495.2 on 29-Mar-2016. Last one week high and low of the scrip stood at Rs. 519 and Rs. 501.9 respectively.

The promoters holding in the company stood at 36.79 % while Institutions and Non-Institutions held 34.79 % and 26.33 % respectively.

The stock is currently trading below its 200 DMA.

Top 17 stocks in focus today: Tata Steel, M&M, Rolta India

Check out the companies which will be in focus during trade today based on recent and latest news developments. 

Tata Steel: Workers at Jaguar Land Rover (JLR) on Tuesday warned Tata Group Chairman against a ‘fire sale’ of its UK steel business, saying that it wasn’t the responsible thing to do. UK business minister Sajid Javid is travelling to Mumbai to meet Tata Group Chairman Cyrus Mistry on Wednesday to stave off the possible loss of thousands of jobs at Britain's largest steelmaker that could result from asale or shutdown.

Tata Motors: JLR, the Tata Motors-owned marquee brand, is slowly turning the corner in 2016, having remained on the fringes of the Indian luxury car market so far.

Infosys, TCS: Swiss private equity fund Partners Group is in talks with Infosys, TCS to sell domestic IT services company CSS Corp, according to reports.

GM Breweries Ltd: GM Breweries reported a net profit of Rs. 17.4 crore for the quarter ended March 31 compared to Rs.5.7 crore reported in the year-ago period.

RPG Life Sciences: RPG Life Sciences, part of the RPG Group, engaged in manufacturing and marketing of pharmaceutical products, has received GMP Certificate from Bavarian Authority, a competent authority in Germany, as per EUGMP standards for its formulation manufacturing facility at 3102/A,G.l.D.C. Industrial Estate, Ankleshwar, District Bharuch,Gujarat.

Pfizer: Pfizer and Allergan Plc are scrambling to determine whether to proceed with their plan to merge and move Pfizer's address but not its operations or headquarters to lower-tax Ireland.
 
Tata Power Ltd: Tata Power Ltd and Hyderabad-based Greenko Group Plc have evinced interest in acquiring Welspun Renewables Energy’s portfolio of 1.1 gigawatts (GW) renewable power assets, reports a business daily.

Aditya Birla Fashion Retail Ltd: Pantaloons, a unit of Aditya Birla Fashion Retail Ltd, has forayed into children’s wear with the launch of Pantaloons Kids, says a business daily. The retailer is piloting apparel and lifestyle stores for children in Ahmedabad, Bengaluru, Jabalpur, Kolkata and Chandanpur in West Bengal, says the financial newspaper.

Mahindra & Mahindra: Mahindra & Mahindra’s Farm Equipment Sector (FES) has raised the bar in farm technology with the launch of the Mahindra YUVO, a new age, superior technology, range of tractors in the 30-45 HP category which will be added to the company’s existing range of highly successful 15 –57 HP tractors.

ONGC: ONGC has received green nod for Rs. 350-crore project of drilling 22 exploratory wells in NELP-9 blocks located at Banaskantha, Gandhinagar and Ahmedabad districts of Gujarat, according to reports.

United Spirits: Diageo and two of its subsidiaries on Tuesday filed objections in the Debt Recovery Tribunal (DRT) in New Delhi against its last month's order prohibiting Vijay Mallya from withdrawing US$75 million exit payout from the British liquor giant till the disposal of SBI’s case against him over loan default, reports a business daily.

Power Grid Corporation of India Limited: Power Grid Corporation of India Limited, a ‘Navratna’ Company under Ministry of Power of the country, commissioned transmission projects worth Rs. 30,300 crore (unaudited) during 2015-16, which is the highest-ever commissioning achieved by the Company in its history.

Aurobindo Pharma: Aurobindo Pharma has received final approval from the USFDA to manufacture and market Polymyxin B for Injection USP, 500,000 units/vial. This product is expected to be launched in Q2 FY16-17.

L&T Construction: The company has announced that it has bagged orders worth Rs.2,125 crore.

Era Infra Engineering Ltd: Era Infra Engineering Ltd has announced that Consortium of the company and SRS Real Infrastructure Limited Secures Contracts from Government of the Republic of Congo for US$ 87,674,300.

JMC Projects: JMC Projects has announced it has received Second Provisional Certificate to start operations at UP-MP Border road Project.

Lupin: The pharma company announced the appointment of Dr. Kurt Nielsen as President of Lupin – Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey.

Narayana Hrudayalaya: The company announced that it has decided to cease operations at its "Malla Reddy Narayana Multispecialty Hospital" in Hyderabad, Telangana (erstwhile Andhra Pradesh) and entered into an agreement to sell the undertaking to Chandramma Educational Society.

Kiri Industries: Kiri Industries has executed agreements for settlement of all its debt by end of the financial year 31 March 2016. This has resulted in significant reduction of borrowing of the company by the end of financial year 2015-16 and the total borrowings of the Company have been reduced from Rs. 853.13 crore to Rs 410.62 crore, which is about 51.87% reduction compared to the previous financial year.

Rolta India: Fitch Ratings has downgraded Rolta India Limited's (Rolta) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B' from 'BB-'. The Outlook is Negative.

GP Petroleums: GP Petroleums Ltd has tied up with the Repsol, Spains largest lubricant Company for blending and marketing of Repsol lubricants in India.

Snowman Logistics: Snowman Logistics has informed BSE that the construction of the Jaipur warehouse has been completed and the warehouse is now ready for operations with a capacity of 4200 pallets, thereby taking the total capacity of the Company to 98,500 pallets.

Opening Bell - Sensex rallies over 100 points

At 9:15 AM, the S&P BSE Sensex is trading at 24,992 up 109 points, while NSE Nifty is trading at 7,636 up 33 points. 

At 9:15 AM, the S&P BSE Sensex is trading at 24,992 up 109 points, while NSE Nifty is trading at 7,636 up 33 points.

The Indian rupee opened higher by 4 paise at 66.42/$ on Wednesday as against the previous close of 66.46/$. On Tuesday, the rupee lost ground against US dollar, influenced by the sharp fall in equities.Markets were under pressure due to weakness in European markets, wherein Germany's DAX spearheaded the decline after a disappointing factory orders report which showed a contraction of 1.2% on mom basis.
 US stock indices declined for the second day running amid ongoing concerns about the sluggish global economic growth. In a speech at a German university, IMF MD Christine Lagarde called on nations across the globe to boost growth, warning that risks to global growth are rising.

The Dow Jones Industrial Average dropped 133.68 points, or 0.8%, to close at 17,603.32, after reaching a session low of 17,579.56.  The blue-chip benchmark logged its worst one-day fall since Feb. 23, when it sank 189 points. The S&P 500 index fell by 20.96 points, or 1%, to end at 2,045.17, as the utilities sector slipped 1.9% and the financials sector dived 1.4%.  Just before the close, the index reached a session low of 2,042.56.

The Nasdaq Composite Index surrendered 47.86 points, or 1%, to settle at 4,843.93.

A gauge of service-sector activity suggested that first quarter US GDP growth might not be as bad as some had expected. The Institute for Supply Management (ISM) services index rose to 54.5 in March, up from 53.4 in February. Official data showed that the US trade deficit widened by a slightly greater margin than economists had expected in February, with the deficit climbing 2.6% to US$47.1 billion due to higher imports.

Allergan shares plunged nearly 15% after the US Treasury Department late on Monday announced new rules to curb corporate tax inversion that could complicate the Botox maker’s takeover by drug giant Pfizer.

Government is looking at ways to ensure transmission of monetary action on the ground as there is no silver bullet that can deal with the rate cut issue, Minister of State for Finance Jayant Sinha reportedly said.

Union Minister Arun Jaitley said the government plans to develop 25 regional airports, says report. Finance minister reported that it emphasised the need for having long-term funding for infrastructure.