After opening in the green, the Indian Indices have witnessed some selling pressures however have continued to trade above the dotted line. Majority of the sectoral indices are in favour today with realty and banking stocks being the leading gainers.
Majority of the Indian pharma stocks are trading in the green today with Dishman pharma and Natco Ltd leading the pack of gainers. India's largest pharma company Sun pharmaceuticals has announced about acquisition of Pharmalucence in US. The company has sterile injectable facility in US supported by strong R&D capabilities. The other functions of the acquired company also include contract manufacturing and product development of lyophilized products. Sun pharma has portfolio of various sterile injectables and thus this acquisition will help in strengthening its injectable product basket. The amount paid for this acquisition remains undisclosed. Sun pharma is trading up by 1%.
Most Telecom stocks are trading higher today. Idea Cellular and Tata Teleservices are leading the gainers. As per a leading financial daily, India's largest telecom firm Bharti Airtel, has sold its majority stake in Beetel Teletech to US based Brightstar Corp. The Bharti enterprises owned firm was the vehicle that helped the Bharti group to enter the telecom business in 1985. Beetel provided fixed line phones to Airtel, MTNL and BSNL. With dwindling sales of fixed line phones in India, Bharti has exited this business. The financial details of the transaction were not disclosed. Bharti Airtel is trading down 0.5% today.