Asian shares got off to a lackluster start for the week. On Friday, US shares closed between 0.1 and 0.3% lower while European stocks too closed largely in the red. The Indian rupee has opened lower at 63.62 a dollar on Monday, down 10 paise compared to Friday's closing value of 63.52 per dollar.
According to a leading financial daily, drug major Cipla has entered into an agreement with Uganda's Quality Chemicals to acquire majority stake in the Africa-based firm for a total consideration of over US$ 30 m. The company has entered into a definitive agreement to acquire a 51% stake in Uganda's Quality Chemicals Ltd (QCL) from its existing shareholders. QCL is engaged in the business of import and distribution of pharmaceutical and consumer products. The acquisition will strengthen Cipla's overall presence in the African market. Reportedly, the turnover of QCL for the financial year ending December 2014 stood at Ugandan Shilling 14.85 bn.
According to a leading financial daily, Indian Oil Corporation Ltd (IOCL) will invest Rs 10-15 bn to raise its stake in Chennai Petroleum Corporation Ltd (CPCL). Reportedly, IOCL will make the investment by buying fresh shares of CPCL through a proposed private placement. IOC currently holds 51.89% in CPCL, while the other promoter, Iran's Naftiran Inter Trade Company Ltd, owns 15.40%. Shares of IOC have opened in negative while Chennai Petroleum Corp. has started trading on an optimistic note.