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Shares of Bharti Airtel today surged over 4 per cent after the company announced that it will acquire rights to use Aircel's 4G spectrum in eight telecom circles for Rs 3,500 crore.
The stock was trading at Rs 348.50 on BSE, up 4.24 per cent from the previous close.
On the NSE, the shares were trading at 347.20, a rise of 3.77 per cent.
At 1.45 pm, the shares were trading higher by 3.95 per cent at Rs 347.50 on the BSE and up by 3.83 per cent at Rs 347.40 on the NSE.
Bharti Airtel and its subsidiary Bharti Hexacom entered into a definitive agreement with Aircel and its subsidiaries Dishnet Wireless and Aircel Cellular to acquire the rights to use 20 megahertz (MHz) in 2,300 band 4G TD spectrum in the eight circles, the company had announced on Friday.
These circles are Tamil Nadu (including Chennai), Bihar, Jammu and Kashmir, West Bengal, Assam, the Northeast, Andhra Pradesh and Odisha.
This is the second deal in less than a month that will make the firm a pan-India operator for providing high speed mobile data services.
Earlier, Bharti had bought radiowaves from Videocon Telecommunication for Rs 4,428 crore to increase its network coverage in six regions.
Orchid Pharma shares rally
Shares of Orchid Pharma surged over 13 per cent after the company received an Establishment Inspection Report (EIR) from the US health regulator based on the successful inspection closure of the API manufacturing facility in Tamil Nadu.
The stock soared 13.29 per cent to Rs 43.90 on the BSE. On the NSE, it jumped 12.88 per cent to Rs 43.80.
During the mid-session trade, the shares were up 7.48 per cent at Rs 41.65 on the BSE and higher by 7.22 per cent at Rs 41.60 on the NSE.
“Orchid received the Establishment Inspection Report (EIR) from USFDA based on the successful inspection closure of the API manufacturing facility located at Alathur, Kancheepuram district. The facility was inspected by USFDA in the month of August 2015,” the company said in a BSE filing today.
USFDA releases a copy of the EIR to the establishment that was the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed.
Sun Pharma shares jump
Sun Pharma shares rose nearly 2 per cent today as it received approval from the US health regulator USFDA for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.
The stock gained 1.74 per cent to Rs 825.95 on the BSE. On the NSE, it went up by 1.75 per cent to Rs 826.
The company shares were trading up by 0.52 per cent at Rs 816 on the BSE. On the NSE, the stock was up 0.49 per cent at Rs 815.75.
One of the company’s wholly-owned subsidiaries “has received approval from USFDA for its New Drug Application (NDA) related to BromSite (bromfenac ophthalmic solution) 0.075 per cent for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery,” Sun Pharmaceutical Industries said in a filing to the BSE.
The drug has been developed by InSite Vision which the company had acquired in November 2015, it added.
The company is likely to commercialise BromSite through its newly formed US-based division Sun Ophthalmics in the second half of 2016, it said.
DLF shares climb over 3%
Shares of realty major DLF today climbed over 3 per cent after the company initiated the process to sell promoters’ 40 per cent stake in the rental arm, a deal estimated at Rs 12,000-14,000 crore.
Shares of the firm were trading at Rs 122.40 on BSE, up by 3.33 per cent over the previous close.
On the NSE, the stock surged 3.42 per cent to trade at Rs 122.45.
The stock was up 2.15 per cent at Rs 121 on the BSE at 1.50 pm local time. On the NSE, it was up 1.9 per cent at Rs 120.65.
DLF had in October announced that its promoters will sell their stake in DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of office and retail complexes.
The realty firm would continue to own the remaining 60 per cent stake in DCCDL.
According to sources, DLF’s bankers have circulated the information memorandum to 18-20 global institutional investors that are keen to purchase this stake.
Blackstone, Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board, Brookefield, Abu Dhabi Investment Authority and Qatar Investment Authority are among the prospective buyers, they added.
Rupa & Co hits upper circuit limit
Shares of knitwear maker Rupa & Co today jumped 20 per cent to hit its upper circuit limit after the firm said its subsidiary Oban Fashions has acquired exclusive licence for manufacturing and sale of innerwear brand ‘FCUK’ in India.
Rupa & Co’s stock hit the upper circuit limit of 329.40 on BSE, a jump of 20 per cent over the previous close.
On the NSE, the firm soared by 20 per cent to touch the upper circuit limit at 328.90.
At 1.50 pm local time, the shares were trading higher by 18.58 at Rs 325.50 on the BSE and up by 18.93 per cent at Rs 326 on the NSE.
Oban Fashions, a wholly-owned subsidiary of the company, had on April 7, 2016, entered into a definitive licence agreement with French Connection Ltd, Rupa & Co said in a BSE filing.
Under the pact, Oban Fashions will have the rights to develop, manufacture, market and sell the innerwear and related products with the brand name ‘FCUK’ in India, it added.
According to information available on the Web site of French Connection (FCUK), the company, which had entered India in 2008, has opened 55,000 sq ft of retail space over 240 points of sale across 53 cities.
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