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Market Update

India Movers: Bajaj, Hexaware, NHPC, Reliance Infra, Sun Pharma

Author: Mukesh Buch
Last Update: 10:53 AM ET August 23 2013

6:00 PM Mumbai – Bajaj Corp agreed to acquire Nomarks to enter skin care market. Baring Private Equity acquired 42% stake of Hexaware for $400 million. NHPC plans to buy back shares worth Rs 1,600 crore.

The Sensex Index climbed 206.50 or 1.1% to close at 18,519.44 The CNX Nifty gained 63.30 or 1.2% to close at 5,471.75. For the week, Sensex slid 0.4%.

Gainers & Losers

Bajaj Corp Limited surged 5.2% to Rs 252.35 and the company agreed to acquire Nomarks from Ozone Ayurvedics. Ozone has 12% market share in the Rs 342 crore anti-marks category and the larger skin care market is estimated at Rs 8,500 crore.

After the deal, Bajaj’s annual revenue will increase 7% to Rs 600 crore.

Gitanjali Gems Limited declined 4.9% to Rs 73.10 and Macquarie Bank Limited sold 5,63,016 shares or 0.61% stake in the jeweler at Rs 81.02 per share.

Hexaware Technologies Limited gained 1.6% to Rs 120.75 after the report Baring Private Equity Asia agreed to acquire 42% stake in the company for $400 million.

Larsen & Toubro Limited increased 1.8% to Rs 738.75 and the company plans to form new subsidiary L&T Technology Services.

NHPC Limited jumped 2.5% to Rs 16.75 after the hydro power producer plans to buy back shares worth Rs 1,600 crore.

Reliance Infrastructure Limited climbed 3.8% to Rs 357.10 after the company received approval from Maharashtra Electricity Regulatory Commission to recover past arrears of Rs 5,550 crore in next six years.

Sun Pharmaceutical Industries Limited rose 1% to Rs 507.25 and its rival Himka Pharma raised sales outlook for doxycycline to $230 million from $200 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc