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Broad Based Selling in Markets
Fri, 11 Dec 01:30 pm

After trading near the dotted line in the morning session, the Indian Indices have slipped further into the red. All sectoral indices are witnessing selling pressure. Realty and banking stocks are leading the losers.

The BSE-Sensex is trading down by 218 points. The NSE-Nifty is trading down by 74 points. The BSE Mid Cap index is trading down 0.8% and the BSE Small Cap index is trading down 1%. The rupee is trading at 66.79 to the US dollar.

According to a leading financial daily, Tata Power's wholly owned subsidiary - Tata Power Solar has successfully commissioned a 12 MW solar rooftop project for RSSB Educational & Environmental Society. The project is the largest solar rooftop plant in the world, set up in a single phase. It is built across eight sheltered venues at a single place in Amritsar. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year.

The rooftop project is set up under the Punjab Government's grid connected rooftop solar projects scheme, wherein power from the plant will be fed to the grid. In April 2014, the same organization had set up a similar 7.524 MWp solar plant on a single rooftop.

The scrip of Tata Power was trading down by 1.3% on the BSE at the time of writing.

Shares of Cipla were trading on a positive note after it was reported that the company has received Board approval for transfer of the consumer healthcare business of the company to Cipla Health on a going concern basis by way of a slump sale for a lump sum consideration of Rs 160 million.

Cipla Health is a newly incorporated subsidiary of the company and was incorporated on August 27, 2015. It will focus its business activities in the consumer healthcare space. Reportedly, the amount and percentage of the turnover contributed by the consumer healthcare business of the company for the financial year 2014-15 was Rs 542.8 million and approximately 0.48% respectively.

Reportedly, the transaction will enable the company to participate in the attractive and growing over-the-counter haelthcare market. This business requires a specialized FMCG kind of focus, and a separate subsidiary would enable the company to attract the right talent and provide the focus and attention required for this business.

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