The Nifty ended up 52 points or 0.7 percent at 7884 on November F&O series expiry. The Sensex was up 182.89 points or 0.7 percent at 25958.63. About 1610 shares have advanced, 1058 shares declined, and 227 shares were unchanged. Tata Motors, Sun Pharma, GAIL, Reliance and M&M are top gainers in the Sensex. Among losers are Dr Reddy's Labs, Bajaj Auto, TCS, Lupin and HDFC Bank.
Shares of Dr Reddy's Labs slumped 10 percent intraday on Thursday after US Food and Drug Administration (USFDA) released details of the warning letter issued to the pharma major. The warning letter was issued after inspection of three Dr Reddy’s facilties- unit VI of Srikakulam Plant, unit V in Miryalguda Taluk, Telengana and unit VII in Duvvada, Vishakapatnam. In a strongly worded letter, the regulator said that several violations are recurrent or represent long-standing failures and it is apparent co has not implement a robust quality system at the sites. The stock has already lost around 25 percent in November month.
Shares of Hero MotoCorp were up 1.5 percent intraday on Thursday. The US private equity firm Bain Capital will sell shares in Hero MotoCorp via block deal to raise as much as USD 116 million. Bain launched the deal to sell 2.98 million Hero shares in the indicative price band of between Rs 2,570 and Rs 2,600, says Reuters. After the deal, Bain will earn almost double of its investment made in Hero Moto four years ago. In March 2008, Bain Capital bought 8.6 percent stake in Hero Moto for USD 550 million (Rs 2500 crore ) in June 2014. Bain sold 2.84 percent stake for Rs 1481 crore in first tranche in Nov 2014, Bain sold 4.27 percent stake for Rs 2500 crore in second tranche. It also earned Rs 320 crore dividend since 2011.
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