Asian shares shed gains as the Chinese, Hong Kong and Singapore markets slipped. European markets are mixed to lower. Shares in France are off as the CAC 40 drops 0.56%. The DAX is down 0.35% while the FTSE 100 in London is unchanged. The rupee was trading strong by 17 paise at 63.84 in the afternoon session on heavy selling of dollar.
According to a leading financial daily, Vedanta India will acquire up to 5.33% stake, worth over Rs 22 bn in Cairn India next week. Vedanta India, which changed the name from Sesa Sterlite last month, is a promoter in Cairn India. Reportedly, it will acquire up to 100 million shares of the company from another promoter Twin Star Mauritius Holdings Ltd. After the acquisition of the shares, Vedanta India's stake in Cairn India will grow from 18.73% to 24.06%. Twin Star Mauritius Holdings held 39.41% stake in Cairn India as of March 2015. Shares of Cairn India ended the trading session up by 0.21% at Rs. 191 per share on the BSE. Vedanta India ended up by 2.34%.
According to a leading financial daily, drug-maker Cipla and vaccine maker Serum have entered into a joint venture for the second time to market flu vaccine Nasovac-S in India. As per the reports, Serum will develop and manufacture the vaccine, and Cipla will exclusively market it in India. The advantage of the Nasovac-S vaccine is that it is given through the nasal route, unlike vaccines that are injected in. Cipla does not possess any presence in the vaccination segment which makes this deal more lucrative for Cipla. The two companies have been in the news recently on speculation that they could merge.