Lupin shares gain on inclusion in Sensex

 Shares of drugmaker Lupin rose by almost 2 percent after the stock became part of the BSE benchmark Sensex from on Monday.

The stock gained 1.91 percent to Rs 1,851.15 at BSE.

On NSE, it climbed 1.86 percent to Rs 1,850.75.

Lupin replaced private sector electricity producer Tata Power.

Shares of Tata Power fell 0.76 percent to Rs 71.60 at BSE but later recovered the lost ground and was trading 0.35 percent higher at Rs 72.40.

Since May 22, when the announcement was made by BSE, shares of Tata Power had lost nearly 5 percent, while Lupin gained 4.6 percent.

Meanwhile, in the stock market, the Sensex was trading with a sharp gain of 313.33 points at 27,629.50.

Indiabulls Real Estate shares soar 22.5% on fund raising plans

Stocks of Indiabulls Real Estate soared 22.5 percent on Monday as the company said it will seek shareholders' nod to raise a total of Rs 538 crore from promoters, including convertible warrants worth Rs 290 crore.

The stock zoomed 22.47 percent to Rs 51.50 at BSE.

On the NSE, it surged 20.83 percent to Rs 50.75.

The company's board, during its meeting held on Saturday, approved 3.67 crore equity shares and 4.36 crore convertible warrants, Indiabulls Real Estate said in a BSE filing yesterday.

The move is part of effort for augmenting "the long-term resources of the company for meeting funding requirements for its business purposes," and also reflects the confidence that the promoters have, it added.

"The board approved issuance of 4,36,00,000 (four crore thirty six lakh) warrants, convertible into equivalent number of equity shares of Rs 2 each to the promoter group entities at an issue/conversion price of Rs 67 per share," it said.

At this price, these warrants would be worth over Rs 290 crore.

The shareholders' approval for the proposal would be sought during the meeting on July 20.

"The total equity investments by the promoters would amount to Rs 538 crore in the company, post conversion of warrants," it added.

Sensex surges 414 points on monsoon relief; realty, banks rally

 Rising for the seventh straight session, the benchmark BSE Sensex on Monday surged by 414 points to 27,730.21 on rally in realty and banks shares as above normal monsoon reignited hopes of an RBI rate-cut.

In last seven sessions, the index has gained 1,359.23 points, its longest winning run since February.

The sentiment was also boosted by firm global cues after Greece gave its creditors new proposals on reforming bailout, fuelling hopes of averting a default and possible exit from the euro zone.

"A better-than-forecasted monsoon has reignited the optimism amongst market participants that a rate-cut by the RBI may be a possibility, if the monsoon trend sustains," said Hitesh Agrawal, Head Research of Reliance Securities.

The 30-share BSE index resumed higher and remained in the positive terrain throughout the day. It hit an intra-day high of 27,782.31 before ending at 27,730.21, a steep rise of 414.04 points or 1.52 percent -- its biggest single day gain since May 8 when it surged by 506.28.

The broader 50-issue NSE Nifty reclaimed 8,300-mark to hit a intra-day peak at 8,369.45 and settled at 8,353.10, showing a significant rise of 128.15 points or 1.56 percent.

Of the 30 Sensex stocks, 25 ended with gains.

Top gainers among Sensex included Axis Bank, which surged 3.62 percent and ICICI Bank zoomed 3.46 percent.

Among sectoral indices, realty rose the most by surging 5.05 percent, followed by bankex 2.62 percent, consumer durables 2.42 percent, IT 1.86 percent, power 1.67 percent, FMCG 1.39 percent, metal 1.13 percent and auto 1 percent.

Mid-cap index rose 1.49 percent and small-cap gained 1.40 percent.

Meanwhile, foreign investors sold shares worth Rs 106.12 crore during Friday's trading.

Globally, Asian bourses ended higher, while European markets were in green zone in opening trade.

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Syngene gets nod to raise foreign investment to 44%

Syngene, a subsidiary of Biocon, on Monday said it has received the Foreign Investment Promotion Board (FIPB) approval for raising foreign investment in the company to 44 percent from the earlier approved 10 percent.

The said investment would be made when Syngene comes out with its initial public offer (IPO).

The equity shares of Syngene are proposed to be listed on BSE and the National Stock Exchange (NSE).

"We have received the FIPB approval to increase the foreign investment limit in our company...This approval will enable us to look to broaden our global investor base," Syngene International CEO Peter Bains said in a statement.

The IPO is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene. The Biocon Group presently holds 83.6 percent equity stake in Syngene, a India-based contract research organisation.

In January, Biocon Research Limited (a wholly-owned subsidiary of Biocon) transferred 10 percent stake in Syngene to IVF Trustee Company Private Limited for Rs 380 crore.

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