Gammon India Limited, through its offshore subsidiaries has acquired a 75.1 percent stake in Italy-based steam turbine maker, Franco Tosi Meccanica Spa., for 40 million Euro.
Italy-based Franco engaged in the manufacture of steam turbines for thermal and hydro-electric plants.
Further, the company has informed that it has also acquired 50% shares of another Italian firm Sadelmi, which is engaged in balance of plant mainly for the power sector for 7.5 million Euro.
Aurobindo Pharma Limited, one of the country’s leading pharmaceutical companies, has informed that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Zaleplon Capsules 5mn and 10mg.
Zaleplon Capsules are the generic equivalent of King Pharmaceuticals' Sonata Capsules, which are indicated for the treatment of insomnia.
The company has already launched the product in the US market.
Technical Analyst, Ashwani Gujral is of the view that investors can buy Tata Consultancy Services (TCS) stock to achieve a short term target that lies between Rs 1047-1087.
According to Mr. Gujral, interested investors can purchase the stock on declines with a strict stop loss of Rs 966.
Indian Stock markets opened marginally higher on Wednesday. Selling pressure has been witnessed in select banking counters. NSE Nifty touched an intraday high of 5158 and a low of 5110 during the first hour of trading. Technology stocks including Infosys Technologies, Wipro, Satyam Computers and HCL Tech were trading with a gain of over 1%.
Stock Markets opened strong on Friday as the global cues were positive. US Markets closed higher and Nasdaq Composite Index has been staying firm as expectations are higher from Technology companies.
HDFC Bank was trading higher by 2%. The bank announced better than expected results yesterday. HDFC was also trading strong during the first hour of trading session. Banking major SBI was also up by 1.7%.
Indian Stock markets opened strong on Thursday. Real Estate, Technology and Banking Stocks were trading strong during the early trading session. Today is April series derivative contracts expiry, so we may witness selling pressure towards the end of trading session. Investors may roll-over their positions to next month as markets are looking stable and are forming a trading zone.
Stock Markets are looking strong today. NSE Nifty touched an intraday high of 4984 and an intraday low of 4889. BSE Sensex was up by 272 points at 16,516.
Public sector lender, Dena Bank, has reduced its benchmark prime-lending rate (BPLR) by 0.25 per cent. The new rate will be 13 per cent, against the earlier 13.25 per cent.
The revised rate will come into effect from March 3. The move is in line with the rate cuts announced by leading public sector banks such as the SBI, Punjab National Bank, Bank of India and Union Bank.
Recently, Mumbai-based, Dena Bank announced that it will auction Rs 188.4 crore of its non-performing assets (NPAs) to bring down gross NPAs below 2.5 per cent by March 2008.
At 11.40 a.m., BSE Sensex was up by 320 points. BSE Sensex has managed to cross 18,000 level after many trading sessions. NSE Nifty was also trading firm by 90 points.
IDBI plans to raise funds through rights issue. The financial major may also consider follow-on public offer in the next financial year.
Auto major Tata Motors and Ford may sign MOU on March 5, 2008 for the acquisition of Jaguar and Land Rover brands owned by Ford.
US markets are expected to continue the rising trend for the third consecutive day. European Stocks ended higher as financial sector stocks gained further strength. Retail Giants Macy's Inc. and Target Corp may see some action as the companies will be reporting their earnings.
Asian Stock markets ended mixed after a strong opening. Hong Kong's Hang Seng was up by 1.9 per cent at 23,714. Japanese stocks opened higher and Nikkei 225 Average closed 0.7% higher. Profit booking was witnessed at higher levels.