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A solid end to the week
Fri, 28 Aug Closing

After starting the morning session on a strong note, Indian stocks lost some steam during the afternoon session but managed to finish the day well above the dotted line. The BSE Sensex closed higher by 161 points, while the NSE-Nifty closed higher by 45 points. BSE Mid Cap and BSE Small Cap also closed in the green. Midcap was up by 0.3%, while Smallcap closed higher by 0.1%. Gains were largely seen in IT, auto, oil & gas and, while consumer durables, realty and banking stocks were at the receiving end.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 4.8% and the Nikkei 225 rose 3.03%. The Hang Seng lost 1.05%. European shares fell in early trade. The rupee was trading at 66.08 against the US$ at the time of writing.

According to a leading financial daily, UltraTech Cement is in discussion with Jaiprakash Associates for acquiring its 2.2 million tonne (MT) Bhilai unit. Both entities have approached SAIL for its nod for the deal as the domestic steel giant has a 26% stake in the facility. Earlier in December 2014, UltraTech Cement had acquired Jaiprakash Associates' two cement units and associated power plants in Madhya Pradesh for Rs 54 bn. The two units in Madhya Pradesh include clinker capacity of 2.1 million tonne and cement grinding capacity of 2.6 MT at Bela along with a captive power plant of 25 MW. In addition, 3.1 MT of clinker capacity and 2.3 MT of cement grinding capacity at Sidhi has also been sold along with a 155 MW power plant. The shares of Ultratech Cement ended the trading day up by 1.2% on the BSE.

Healthcare stocks finished the trading day with moderate losses with Glenmark Pharma and Sun Pharmaceuticals being the leading losers. According to a leading business daily, Lupin has received final approval from the United States Food and Drugs Administration (FDA) to market a generic version of AstraZeneca Pharmaceuticals LP's (AstraZeneca) Prilosec Delayed-Release capsules 40 mg. It is indicated for the short-term treatment of Duodenal Ulcer, Gastric Ulcer, treatment of Gastro Esophageal Reflux Disease (GERD), among others. Prilosec had annual US sales of US$ 185 m.

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