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Indian equity markets headed for a weak close, slipping into deeper red. At the closing bell, the BSE Sensex closed lower by 157 points, the NSE Nifty finished lower by 22 points. The S&P BSE Midcap & the S&P BSE Small Cap finished up by 0.8% and 0.3% respectively. Gains were largely seen in auto and healthcare stocks.
Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.6% and the Hang Seng fell by 1.3%. The Shanghai Composite lost 0.5%. European markets are trading mixed today. The CAC 40 is up 0.09%, while Germany's DAX is up 0.5% and London's FTSE 100 is down 0.3%.
The rupee was trading at 67.06 against the US$ in the afternoon session. Oil prices were trading at US$ 40.89 at the time of writing.
As per an article in The Economic Times, Cipla Ltd announced that it has acquired a portfolio of three products from Teva Pharmaceutical Industries Ltd in the US.
Recently, Teva Divested 79 Generic Drugs with Allergan Generics acquisition worth US$40.5 billion approved by US Federal Trade Commission (FTC).
As per the FTC, Aurobindo Pharma Ltd is also among the 11 firms that is bidding for over US$1 billion of Teva's assets being divested. Bhavita Nagrani, our pharma sector analyst has shared a few insights on the Teva deal in one of our premium editions of The 5 Minute Wrap Up.
Moreover, Teva expects this divestment to generate about US$2.9 billion. The companies acquiring the divested products include Impax Laboratories, Dr. Reddy's Laboratories, Sagent Pharmaceuticals, Cipla Limited, Zydus Worldwide, Perrigo Pharma International, Aurobindo Pharma USA and 3M Company, the reports stated.
Going forward, whether this deal unlocks the opportunity to Indian companies and gains traction in the US market is a key thing to watch out for.
Moving on to the news from power sector. According to an article in a leading financial daily, BHEL has bagged orders worth Rs 44 billion for setting up 80 MW Solar Photovoltaic (SPV) power plants on engineering, procurement and construction (EPC) basis.
The orders have been placed on BHEL by Neyveli Lignite Corporation Limited (NLC) and Bharat Electronics Limited (BEL). The SPV plants will be set up in Tamil Nadu (65 MW) and Telangana (15 MW).
One must note that, BHEL had earlier bagged EPC orders from NTPC for a 50 MW SPV plant in Andhra Pradesh and Madhya Pradesh each. Significantly, with these orders, BHEL's solar installations will now stand at 300 MW, reports stated. This also takes the company further into the domain of SPVs power plants, a direction that the BHEL intends to increasingly foray into over the long term.
BHEL finished the day down by 2.6% on the BSE.
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