The rupee strengthened by 16 paise to 73.73 against the US dollar in opening trade on Friday, tracking gains in Asian peers and positive domestic equities.

At the interbank forex market, the domestic unit opened at 73.76 against the US dollar, then gained further ground and touched 73.73, registering a rise of 16 paise over its previous close.

Join us as we follow the top business news through the day.

10:00 AM

Sensex climbs nearly 400 points in early trade; Nifty above 10,900

Equity benchmark Sensex opened on a strong note and surged nearly 400 points in early trade on Friday as investor sentiments improved amid positive leads from Asian markets and overnight gains on the Wall Street.

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

All Sensex components were trading higher with IndusInd Bank, M&M, TCS, Bajaj Finance, Bharti Airtel, Sun Pharma, Maruti, Tata Steel and Axis Bank gaining up to 3.22 per cent. — PTI

 

10:50 AM

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

GMR Infrastructure is selling its entire 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 equity by wholly-owned subsidiary GMR SEZ and Port Holding (GSPHL) have been signed, GMR Infrastructure said.

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

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is₹2,610 crore. Of this, ₹1,600 crore would be received on the closing date and balance ₹1,010 crore in next 2 to 3 years contingent upon certain agreed milestones.

The sale transaction will be subject to receipt of regulatory and other statutory approvals. The proceeds will be used to reduce debt of GMR Group. — N.Ravi Kumar

 

11:02 AM

Cipla gets final nod from USFDA for multiple sclerosis drug

PTI reports: “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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