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Sensex, Nifty consolidate; HDFC, Kotak Mahindra top gainers

14:00

The News International Team

02:52pm Ranbaxy in News

Drug firm Ranbaxy Laboratories has received regulatory nod to launch its indigenously developed anti-malarial drug Synriam in 7 African nations.

The company has received regulatory approval to launch its first New Chemical Entity (NCE) Synriam in seven African countries — Nigeria, Uganda, Senegal, Cameroon, Guinea, Kenya and Ivory Coast, Ranbaxy Laboratories said in a statement.

The product has already been launched in Uganda and will be made available in other six countries towards the end of January 2015, it added.

Commenting on the development, Ranbaxy CEO and MD Arun Sawhney said: “Most malaria cases and deaths occur in sub-Saharan Africa… Synriam is among the best options available today as it is highly effective, affordable and a convenient therapy option, leading to better compliance.”

The company is confident that the drug will help the government and healthcare system in Africa to fight the menace of malaria, he added, reports PTI.

02:25pm Interview

Farid Kazani, group chief financial officer and director-finance, Mastek says the company will list its insurance business on the New York Stock Exchange (NYSE) after the CoverAll merger gets completed.

In an interview to CNBC-TV18, Kazani says the entire transaction will be earnings per share (EPS) accretive.

Kazani further adds that Mastek will be a solution company after demerging the insurance business.

The decision to merge the two businesses is the latest step in the execution of Majesco’s aggressive growth strategy to consolidate its global insurance business under a single and separate entity, Mastek said in a press release.

02:00pm Market Check

The market remained in a consolidation mode in afternoon trade. The Sensex declined 12.92 points to 27337.76 and the Nifty fell 0.05 points to 8224.05.

About 1103 shares have advanced, 1645 shares declined, and 107 shares are unchanged on the Bombay Stock Exchange.

Sanjeev Prasad of Kotak Institutional Equities says one should not get perturbed by market fall. Use every dip to buy this market, he advises. He is bullish and recommends a buy on banks and auto names.

Case for a rate cut rises as November WPI came in at 0 percent, a five-year low, down from from its October level of 1.77 percent led by a drop in fuel prices. Fuel inflation went down 4.9 percent reflecting the sharp plunge in global crude prices.

The rupee weakened to a fresh ten-month low of 62.70 on the back of large corporate dollar demand.

HDFC and Kotak Mahindra Bank topped the buying list, up 4-4.5 percent.

Globally, Asia were mostly in the red reacting to the weak US close, continuing slide in oil prices and decline in manufacturing sentiment in Japan. Japan is also in focus on account of Prime Minister Shinzo Abe winning the snap election over the weekend.

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