12:45 pm Market Update:
Equity benchmarks erased morning gains due to sell-off in banking stocks and heavyweights like Infosys, Reliance Industries & L&T.
The Sensex fell 22.92 points to 25737.18 and the Nifty declined 9.60 points to 7797. About 1240 shares have advanced, 1160 shares declined, and 159 shares are unchanged on the BSE.
12:40 pm Ajanta Pharma’s launch: Shares of Ajanta Pharma gained 2.9 percent intraday after its US subsidiary has launched asthma drag.
Ajanta Pharma USA Inc, a subsidiary of Ajanta Pharma, announced yesterday the launch of Montelukast sodium oral granules (4mg), a bioequivalent generic version of Singulair granules, in the US market, the Mumbai-based pharma company said in its filing.
Montelukast sodium tablets are used for the chronic treatment of asthma in adults and pediatric patients 12 months of age and older.
12:20 pm Buzzing: Shares of Pipavav Defence and Offshore Engineering today surged over 6 percent intraday after Reliance Infrastructure said it will make an open offer to acquire an additional 26 percent in the company.
The Rs 1,263-crore open offer is scheduled to start on December 2. The open offer, to be made by Reliance Infrastructure along with its wholly-owned subsidiary Reliance Defence Systems Pvt Ltd, will stay open till December 15. Under the offer, the company is looking to acquire up to 19.14 crore shares from public shareholders of Pipavav at a price of Rs 66.
In March, the Anil Ambani group firm had announced plans to acquire a controlling stake in Pipavav Defence for up to Rs 2,082 crore.
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12:00 pm Market Check
The market continued to consolidate in afternoon trade with the Sensex rising 23.66 points to 25783.76 and the Nifty gaining 4.50 points to 7811.10. The BSE Midcap also erased early gains to trade flat.
The market breadth remained positive as about 1301 shares have advanced against 1007 declining shares on the BSE.
Infosys, one of the top five index heavyweights, lost more than 2 percent on margin warning for second half of FY16. In a conference call, the company says it expects Q3 to be soft but is confident of coming back to growth in Q4.
Axis Bank, Dr Reddy’s Labs, Bharti Airtel and Hero Motocorp fell more than 1 percent. Shares of ITC, HDFC, Sun Pharma, Cipla, Hindalco, Vedanta, GAIL and Tata Steel gained 1-4 percent.