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Bank, power stocks top gainers
Tue, 4 Dec Closing

Despite some profit booking seen in key heavyweights from auto, IT and cement sectors, the indices in Indian stock markets led the pack of gainers in Asia today. Selective buying interest was seen in banking, power and pharma stocks. While the Sensex today closed higher by around 43 points, the NSE-Nifty closed higher by 18 points. The BSE Mid Cap and BSE Small Cap indices also ended higher by around 0.5% each.

Asian indices closed a mixed bag today while Europe is trading in the positive currently. The rupee was placed at Rs 54.64 to the dollar at the time of writing.

Piramal Enterprises' subsidiary, Decision Resources Group, one of the world's leading research and advisory firms focusing on healthcare insights and analysis, has acquired Abacus International. The latter is a pioneer in evidence-based global market access solutions for many of the world's leading healthcare companies. The acquisition of UK-based Abacus by Decision Resources Group will result in a significant global expansion of Decision Resources Group's market access capabilities. Abacus will be part of the Market Access Business Unit at Decision Resources Group which currently includes the brands: Fingertip Formulary, HealthLeaders - InterStudy, PharmaStrat and Pinsonault.

The stock of Axis Bank has elicited interest over the past few sessions over negative news emanating from the Maldives government - GMR group row over an airport project. The bank has sent legal notice to Maldives government to recover US$ 350 m loan given to GMR Infrastructure for building Male airport. Additionally, the bank has an exposure of $160 million in the project for which it has entered into a contract with the Maldives government. GMR has so far invested up to US$ 230 m in the project including US$ 78 m that it had paid upfront after it won the bid in 2010. The debt-equity ratio was 70:30, with Axis Bank-led consortium providing most of the debt. As per a business daily, in case of termination or contract getting void, the Maldives government will ensure that investment of Axis Bank, would be protected and a notice of 60 days will be given. The stock of Axis Bank has gained around 4% in the past week.

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