Nifty choppy ahead of expiry; Cipla, Tata Motors in focus

The market continued to be choppy ahead of expiry of March derivative contracts (on Thursday). The Sensex gained 12.16 points at 28173.88 while the Nifty fell 1.15 points to 8541.80.

The broader markets underperformed with the BSE Midcap and Smallcap indices falling 0.2-0.5 percent. Declining shares outnumbered advancing ones by a ratio of 1649 to 913 on the Bombay Stock Exchange. Tata Motors has been among the top Nifty gainers today. The board approved rights issue of 6 shares for every 109 shares held at Rs 450 per share. The company proposed to raise up to Rs 7,500 crore via the rights issue. Tata Motors DVR approved rights issue at Rs 271 per share.

The merger deal between Sun Pharma and Ranbaxy Labs is finally sealed. Sun and Ranbaxy gained 1 percent after Sun announced the completion of the merger process. Shareholders will get 0.8 shares of Sun Pharma for each share held in Ranbaxy. Sun MD, Dilip Shanghvi says they are looking to expand in the US markets and will invest around USD 300 million for research and development.

Cipla has launched generic drug Sofosbuvir in India under the brand name Hepcvir. Following the non-exclusive licensing agreement signed with Gilead Sciences in September last year, to manufacture and market chronic hepatitis C medicines, Cipla is now all set to make the drug Sofosbuvir available to Indian patients in a week’s time.

However, Ipca Labs tumbled 13 percent on import alert for its Pithampur & Silvassa units, which is in addition to import alert imposed on Ratlam facility in January. The management says they are taking necessary corrective action.