India Movers: Elder Pharma, Fortis, Hexaware, L&T, M&M, Sesa Goa

Mukesh Buch
06 Sep, 2013
New York City

Elder Pharma slid after Sanofi India may buy its formulation business. M&M Financial and a Korea based Woori Financial Group signed a joint venture agreement. Sesa Goa 2.09 billion shares ready to trade after ends of lock-in period and mergers.

[R]6:00 PM Mumbai – Elder Pharma slid after Sanofi India may buy its formulation business. M&M Financial and a Korea based Woori Financial Group signed a joint venture agreement. Sesa Goa 2.09 billion shares ready to trade after ends of lock-in period and mergers.[/R]

Market indexes in Mumbai gained for the second day in a row after the newly appointed central bank governor proposed several key changes that will lower government bond holdings limit for banks and strengthen sudden weakness in rupee.

The Sensex Index advanced 290.30 or 1.5% to close at 19,270.06 The CNX Nifty gained 87.45 or 1.6% to close at 5,680.40. For the week, Sensex climbed 3.5%.

Gainers & Losers

Elder Pharmaceuticals Ltd dropped 2.1% to Rs 358.10 on rumors that French drug maker Sanofi SA’s Indian subsidiary likely to buy domestic formulation business of the company.

The proposal for restructuring plan was already approved by the board on July 11.

Fortis Healthcare Limite rose 0.3% to Rs 96 after allotted 3.7 million shares were sold at a price of Rs 99.09 to Standard Chartered Private Equity Mauritius III Ltd for Rs.37 crore.

Hexaware Technologies Limited slid 0.6% to Rs 125.45 after the private equity firm Chrys Capital sold 4.86 million shares of the company for more than Rs 61 crore in open market.

L&T Finance Holdings Limited surged 13.6% to Rs 67.25 after the governor of Reserve Bank of India said new bank licences will likely be announced in January 2014.

Mahindra & Mahindra Financial Services Limited rose 0.7% to Rs 266.60 after signed memorandum of understanding with Korea based Woori Financial Group to establish a joint venture.

Sesa Goa Limited slipped 1.9% to Rs 175.45 and 2.09 billion shares are available to trade as lock-in period ends from today after merger of Vedanta Resources Plc, Sterlite Industries (India) Limited and Sesa Goa.