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Markets dive on rupee pressure
Wed, 26 Jun Closing

Indian equity markets traded range bound with a positive bias this Wednesday as China's cash crunch eased and German consumer confidence climbed. Shares also rose after market regulator SEBI eased overseas investor norms for investing in Indian equities. However selling pressure started to intensify late afternoon after the Rupee breached the 60 dollar mark and touched another all time low. The markets finally ended the day in the red. While the BSE-Sensex closed lower by 77 points, the NSE-Nifty closed lower by 20 points. Both the BSE Mid Cap and the BSE Small Cap closed on a negative note. Auto and Metal stocks were the biggest losers.

As regards global markets, Asian indices closed mixed. European indices have opened in the green. The rupee was trading at Rs 60.3 to the dollar at the time of writing.

According to a leading financial daily, Novartis and GSK and Sanofi are among the companies in the race to buy out the domestic formulations business of debt-ridden Elder Pharmaceuticals. While Sanofi and GSK have put in non-binding bids, Novartis has signed a non-disclosure agreement. However, most of the MNCs are keen on acquiring the business and brands but without the employees as they have enough manpower to run Indian operations.

Dr Reddy's has launched Lamotrigine extended-release Tablets in the US market. It is indicated for the treatment of seizures. The tablets are a therapeutic equivalent generic version of Lamictal XR (lamotrigine).

According to a leading financial daily, ING Vysya Bank will be raising around Rs 9 bn through QIP route. The bank will issue 14.3 m equity shares at a floor price of Rs 624.5 and may offer a discount of not more than 5% to the floor price. The QIP pricing is at a premium of 3% to the closing price of Rs 605 as on June 25, 2013.

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