Moneycontrol Bureau11:50 am Buzzing: Shares of Sun Pharmaceutical Industries gained more than 1 percent intraday after the company decided to sell its Ireland facility.
The drug major said following successful completion of Ranbaxy merger, there is an opportunity to optimise overall manufacturing network. "As a result, decisions are being made by the company or subsidiary companies to either close or divest some of manufacturing facilities," it said in a statement to exchanges.
According to Sun Pharma, such proposed divestment would have no material impact on company's performance, operations or revenues.
It looks like divestment of plant may be a part of company's consolidation initiatives (globally) started post Ranbaxy acquisition.11:30 am Drought hits gold: Anantha Padmanabhan is offering deep discounts and giving freebies to attract customers to his gold bangle festival in southern India, but he is still struggling to sell in a region where monsoon rains were up to a third below normal.
Two straight years of drought in India - for only the fourth time in over a century - have hit gold demand in the world's No.2 consumer and could cut imports by up to 10 percent in 2015, said Padmanabhan, head of a regional gold federation.
Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.
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The market is gaining some steam on the last day of the trading week. The Nifty is above 7800 with the midcaps marginally outperforming. The 50-share index is up 41.45 points or 0.5 percent at 7829.55.
The Sensex is up 128.56 points or 0.5 percent at 25750.73. About 1497 shares have advanced, 561 shares declined, and 78 shares are unchanged.
Infosys, SBI, Wipro, Axis Bank and Hindalco are top gainers while GAIL, Tata Motors, Tata Steel and BHEL are major losers in the Sensex.
Gold clung to small overnight gains near USD 1,110 an ounce, but the metal was headed for a third consecutive weekly fall as investors continued to fret over the timing of a looming US interest rate hike.
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