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Week Rupee slumps market
Mon, 8 Jul Closing

Indian equity markets opened the day's proceeding on a weak note after the Rupee hit an all time low of 61.19 to the dollar. Markets continued to trade lower in the afternoon session as overseas investors sold away shares in the emerging markets and shifted stance to US after robust jobs data. Risk appetite was also hurt amid lingering fear over tapering of US Federal Reserve's bond-buying plans on back of growth recovery in world's biggest economy. While the BSE Sensex closed lower by 171 points, the NSE-Nifty closed lower by 56 points. Both the BSE Mid Cap and the BSE Small Cap closed on a negative note. Oil and Gas and Realty stocks were the biggest losers.

As regards global markets, Asian stock markets closed in the red. European indices have opened in the green. The rupee was trading at Rs 60.9 to the dollar at the time of writing.

According to a leading financial daily, Novartis has entered into a development and licensing agreement with Biological E (BioE) for two vaccines against typhoid and paratyphoid fevers. Under the license, Novartis Vaccines Institute for Global Health (NVGH) will transfer technology to Hyderabad-based BioE, which will have financial and operational responsibility for manufacturing, further clinical development, approval and distribution in the developing world. A combined typhoid-paratyphoid vaccine will be transferred once proof of concept is completed through early, small-scale studies in humans to determine safety and immunogenicity.

Bharti Airtel has cleared debt of Rs 67.96 bn out of a total debt of Rs 638 bn. The debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company. This money was raised by the company through preferential allotment of 5% equity shares in Bharti Airtel at Rs 340 per share to Qatar Foundation Endowment.

The Zambia Information and Communication Technology Authority instituted criminal proceedings against the local units of Bharti Airtel accusing it of failing to meet minimum standards. The deteriorating levels of quality of service has made communication difficult and resulted in increased public outcry and negative impact on ease of doing business in Zambia. South Africa's MTN and the Zambia's Zamtel are the two companies along with Airtel who are taken to court.

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