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Market Update

India Movers: Bharti Airtel, Cipla, Strides Arcolab, Swan Energy, Wipro

Author: Mukesh Buch
Last Update: 9:54 AM ET December 05 2013

6:00 PM Mumbai Bharti Airtel raised 750 million to cut its $11 billion in debt. Cipla agreed to acquire its distributor in Croatia. Strides Arcolab sold Agila Specialties to Mylan for $1.75 billion. Swan Energy rose after board approved stock split. Wipro to exit from PC business.

The Sensex Index climbed 249.10 or 1.2% to close at 20,957.81. The CNX Nifty jumped 80.15 to close at 6,241.10.

Sensex rallied and rupee strengthened after exit polls predicted a win for Bhartiya Janata Party in four states: Madhya Pradesh, Chhattisgarh, Rajasthan and Delhi.

Narendra Modi, Chief Minister of Gujarat and the leader of the party and leading contender for the Prime Minister in the next election, campaigned vigorously and attracted large crowds during election rallies.

BJP is expected to retain power in two states, win majority seats in Rajasthan and lead all parties in Delhi with 31 of 70 seats. The official vote counting is set on December 8.

Gainers & Losers

3i Infotech Ltd soared 4.9% to Rs 6.43 after the copany approved the conversion of its rupee debt of Rs1,298 crore to foreign currency debt of $215 million.

Axis Bank Ltd climbed 4.3% to Rs 1,241.20 on media reports that three global payment processing companies are interested in acquiring its credit and debit card swipe machines business.

Bharti Airtel Limited gained 1% to Rs 335.45 after the telecom company raised 750 million through the sale of bonds in its unit Bharti Airtel International Netherlands B.V. The bond pays an interest rate of 4% guaranteed on senior notes due 2018.

The company said it plans to reduce its $10.7 billion debt it accumulated in fiscal 2011 to expand its operations in Africa.

In July, Airtel sold its 5% stake to Qatar Foundation Endowment.

Cipla Limited slid 0.6% to Rs 387.50 after the drug maker agreed to acquire its distributor in Croatia for an undisclosed amount to build a direct presence in global markets.

In November 22, acquired additional 14.5% stake in Quality Chemical Industries Ltd of Uganda for $15 million.

Cipla reported net profit in the third-quarter declined 26.6% to Rs 358.06 crore and sales increased 13.4% to Rs 2,512.39 crore.

Strides Arcolab Limited tumbled 14.5% to Rs 843 after the company said it has completed sale of its Agila Specialties division to U.S.-based Mylan Inc. for a total consideration of $1.75 billion.

The company agreed for hold back $250 million until Strides fulfils regulatory conditions related to its injectable facility in India and expects to complete the same by 2014.

Swan Energy Ltd soared 5.9% to Rs 120.45 after the company said its board of directors approved 2-for-1 stock split on December 4.

Wipro Limited rose 0.2% to Rs 492.50 and the company plans to discontinue manufacturing of Wipro branded desktops, laptops and servers to focus on IT solutions and services.

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