Rupee Slides in India, Daiichi to Sell 8.3% Stake in Sun Pharma

Mukesh Buch
21 Apr, 2015
New York City

Adani Power agreed to acquire Hyderabad-based Lanco Infratech controlled Udupi Power worth ₹6,300 crore. Sun Pharma said Japan-based Daiichi Sankyo plans to sell its entire stake of 8.3% worth $3.6 billion in the company. Hindustan Zinc said net in the quarter rose 6%.

[R]6:00 PM Mumbai – Adani Power agreed to acquire Hyderabad-based Lanco Infratech controlled Udupi Power worth ₹6,300 crore. Sun Pharma said Japan-based Daiichi Sankyo plans to sell its entire stake of 8.3% worth $3.6 billion in the company. Hindustan Zinc said net in the quarter rose 6%.[/R]

Stocks in Mumbai traded lower and rupee turned lower and dropped to the low in the year on the worries that the central government is not likely to standardize rates for alternative minimum tax for foreign investors.

Rupee decreased 12 paisa to 63.19.

The Sensex Index fell 34.95 to close at 27,850.56. The CNX Nifty slid 13.10 to 8,434.95.

Gainers & Losers

Adani Power Limited rose 0.6% to ₹45.80 after the power generation company agreed to acquire Hyderabad-based Lanco Infratech’s Udupi Power Corporation worth ₹6,300 crore.

Sun Pharmaceutical Industries Ltd plunged 8% to ₹960.40 after the pharmaceutical products maker said Japan-based Daiichi Sankyo plans to sell its entire stake of 8.3% worth $3.6 billion in the company.

HCL Technologies Limited declined 3.5% to ₹892 after the software services provider said net in the third-quarter dropped 12.2% to ₹1,683 crore.

Net revenues slid 0.2% to ₹9,267 crore.

Hindustan Zinc fell 0.5% to ₹169.10 after the zinc producer said net in the fourth-quarter increased 6.17% to ₹1,997.44 crore.

Total revenues in the quarter jumped 11.56% to ₹4,720.56 crore.

Havells India Limited fell 0.6% to ₹289.15 after the power distribution equipment maker acquired 51% stake of worth ₹65 crore from Karnataka-based Promptec Renewable Energy.

Tata Sponge Iron Limited slipped 7.7% to ₹722 after the sponge iron maker said net in the fourth-quarter plunged 78.8% to ₹8.57 crore.

Total revenues in the quarter tumbled 32.2% to ₹160.33 crore.