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Market Update

India to Sell 5% Stake in SAIL, Apollo Acquires Hetero Med

Author: Mukesh Buch
Last Update: 9:10 AM ET September 17 2014

6:00 PM Mumbai Apollo Hospitals agreed to acquire pharmacy stores from Hetero Med Solutions for $24 million. Aurobindo Pharma received U.S. regulatory approval to market infection and stomach ulcer treatment generic drug. GMR Infra plans to raise Rs 1,500 crore through a rights offering.

The Sensex Index gained 138.78 or 0.5% to close at 26,631.29 The CNX Nifty increased 42.60 to 7,975.50.

Gainers & Losers

Apollo Hospitals Enterprise Limite gained 1.4% to Rs 1,122.65 after the healthcare services provider agreed to acquire pharmacy stores from Hyderabad-based Hetero Med Solutions Ltd for Rs 146 crore or $23.8 million.

Aurobindo Pharma Ltd increased 1.6% to Rs 867.90 after the company received approval from the U.S. health regulator to market generic version of Amoxicillin for oral suspension in the American market.

Canara Bank Ltd fell 0.2% to Rs 391.90 and the company board is awaiting approval from the government to raise Rs. 3,500 crore through a qualified institutional placement in November.

GMR Infrastructure Ltd closed unchanged at Rs 22.30 and the company is planning a rights issue to raise Rs. 1,500 crore and repay debt.

Steel Authority of India Limited dropped 2.1% to Rs 75.55 after a senior government official said disinvestment of 5% in the company is likely to take place between September 24 and 26.

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