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Business Live: Sensex climbs 400 points in early commerce, Nifty above 10,900

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The rupee strengthened by 16 paise to 73.73 towards the US greenback in opening commerce on Friday, monitoring positive aspects in Asian friends and constructive home equities.

At the interbank foreign exchange market, the home unit opened at 73.76 towards the US greenback, then gained additional floor and touched 73.73, registering an increase of 16 paise over its earlier shut.

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10:00 AM

Sensex climbs practically 400 points in early commerce; Nifty above 10,900

Equity benchmark Sensex opened on a robust be aware and surged practically 400 points in early commerce on Friday as investor sentiments improved amid constructive leads from Asian markets and in a single day positive aspects on the Wall Street.

The 30-share index was buying and selling 395.08 points or 1.08 per cent larger at 36,948.68, and the NSE Nifty climbed 121.50 points or 1.12 per cent to 10,927.05.

All Sensex elements have been buying and selling larger with IndusInd Bank, M&M, TCS, Bajaj Finance, Bharti Airtel, Sun Pharma, Maruti, Tata Steel and Axis Bank gaining as much as 3.22 per cent. — PTI

 

10:50 AM

GMR Infra to promote stake in Kakinada SEZ to Aurobindo Realty for ₹2,610 cr.s

GMR Infrastructure is promoting its complete 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL), in a ₹2,610 crore deal.

Definitive agreements for the sale of the fairness by wholly-owned subsidiary GMR SEZ and Port Holding (GSPHL) have been signed, GMR Infrastructure mentioned.

As a part of the proposed stake sale in KSEZ, the 100% fairness of Kakinada Gateway Port (KGPL) held by KSEZ would even be transferred to Aurobindo Realty.

Total consideration for the sale of fairness stake in addition to the sub-debt in KSEZ is₹2,610 crore. Of this, ₹1,600 crore could be obtained on the deadline and steadiness ₹1,010 crore in subsequent 2 to three years contingent upon sure agreed milestones.

The sale transaction will likely be topic to receipt of regulatory and different statutory approvals. The proceeds will likely be used to cut back debt of GMR Group. — N.Ravi Kumar

 

11:02 AM

Cipla will get closing nod from USFDA for a number of sclerosis drug

PTI studies: “Drug major Cipla on Friday said it has received final approval from the US health regulator for Dimethyl Fumarate capsules, indicated for the treatment of relapsing forms of multiple sclerosis.

The newly approved product is a generic therapeutic equivalent version of Biogen IDEC Inc’s Tecfidera.

Quoting IQVIA (IMS Health) data, Cipla said Tecfidera had US sales of approximately USD 3.8 billion for the 12-month period ending July 2020.

Shares of Cipla were trading 2.12 per cent higher at Rs 748.35 apiece on the BSE.”

 



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