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Market Update

Infosys Founders Trim Stakes by $1.1 B, Aurobindo in U.S. Acquisition

Author: Mukesh Buch
Last Update: 12:58 PM ET December 08 2014

6:00 PM Mumbai – Aurobindo Pharma to acquire the U.S.-based Natrol Inc worth $132.5 million. Infosys founders sold shares worth Rs 6,484 crore. SBI is expected to decide on the loan of $1 billion to Adani Group for its Australian project in three-months.

The Sensex Index declined 338.70 or 1.2% to close at 28,119.40. The CNX Nifty dropped 100.05 or 1.2% to 8,438.25.

Gainers & Losers

Aurobindo Pharma Limited soared 3.5% to Rs 1,162.80 and the natural and ayurvedic medicine maker agreed to acquire the U.S.-based Natrol Inc worth $132.5 million.

Infosys Limited plunged 4.9% to Rs 1,968.60 and second the largest software service provider’s four founders and family members - N R Narayana Murthy, Nandan Nilekani, SD Shibula, and K Dinesh - sold shares worth Rs 6,484 crore or $1.1 billion.

Founders and families collectively sold 32.6 million shares in a bulk deal at a fixed price 1,988 rupees a share according to a source in Deutsche Bank in India.

Before the sale, the founders controlled 15.9% in the company and all seven founders have requested securities regulators to remove their names from the promoters list at the company.

Mangalore Refinery and Petrochemicals Limited fell 0.4% to Rs 53.45 and the petrochemical company received an order to supply 6,000 metric tons of petcoke to Ramco Cements.

SPML Infra Limited climbed 2.9% to Rs 90.05 after the infrastructure developer secured new orders worth Rs 267 crore from Karnataka Urban Infrastructure Development and Finance Corp.

SML Isuzu, Ltd. declined 3.1% to Rs 866.95 after the automaker reported November total sales declined 19.9% to 533 vehicles form 666 vehicles same period a year ago.

State Bank of India slipped 1.4% to Rs 313.25 and the financial service provider reported the bank will decide a loan of $1 billion to Adani Group in three-months for its Australian mining project.

The bank also plans to raise $300 million through a bonds issue.

Thermax Limited advanced 1.2% to Rs 1,076.90 and the engineering solution provider won a repeat order worth Rs 351 crore from a client in Africa.

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