Lupin up 2.5% on Russia's Biocom acquisition

Shares of drug major Lupin on Friday gained 2.5 percent after the company announced acquisition of Russia's Biocom, marking its foray into the Russian pharma market, which is expected to be one of the top eight in the world by 2018.

The stock rose 2.52 percent to Rs 1,917 on BSE.

On NSE, it was up 2.5 percent at Rs 1,917.

The company has taken 100 percent stake in ZAO Biocom in Russia, subject to certain closing conditions, Lupin had said in a statement yesterday without disclosing the financial details.

Set up in 1991, Biocom is a generic pharma company with focus on therapies such as cardiovascular, central nervous system and antimicrobials and also does contract manufacturing and secondary packaging. 

Stocks markets head for 2-1/2-month closing high; HDFC Bank, Lupin lead

 India`s stock markets rose on Friday to head towards their highest close in 2-1/2 months as HDFC Bank Ltd rose on relative valuations, while drugmaker Lupin Ltd rose after an acquisition in Russia.

Local shares are also headed for a third consecutive weekly gain on value buying by domestic investors with a Greece default already factored in, while better-than-expected progress of the monsoon also helped sentiment.

April-June earnings, expected to begin on a subdued note with some disappointment from IT companies, could be the next key trigger.

"June-quarter would only see a marginal improvement on a sequential basis as seen in core sector growth and tax collections," said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.

Earnings would be led by private banks and capital goods, he added.

The 30-share BSE Sensex rose 0.58 percent and the 50-share Nifty gained 0.48 percent, heading towards their highest close since April 17.

For the week, the Nifty is up 1.2 percent while the BSE Sensex is 1.1 percent higher.

Rains for the 2015 monsoon season so far were 13 percent above normal at 194.6 millimetres, easing concerns that food inflation will quicken in Asia`s third-largest economy.

However, Asian shares fell as Chinese stocks extended their plunge and growing caution ahead of Greece`s referendum prompted investors to cut risky bets, while disappointing U.S. employment data weighed on the dollar.

HDFC Bank rose 1.1 percent and was among the top gainers on the broader Nifty.

Lupin rose 1.8 percent after it acquired pharmaceutical company Biocom in Russia.

Value-buying was also seen in beaten-down software stocks. Tata Consultancy Services rose 0.6 percent, while Infosys was up 0.4 percent.

SBI launches initiative to speed up home loan applications..

 Country's largest lender State Bank of India today launched an initiative to provide doorstep services and expedite home loans application process.

The initiative known as 'Project Tatkal' will help get the loan within 10 days after receipt of application form and relevant supporting documents, the bank said in a release.

"It will bring down the average time taken for delivery of home loan to within 10 days from the date of receipt of completed home loan application form and relevant supporting documents from the customer," the release said.

The implementation will be done at large centres with sizable home loan business.

The bank has also recently introduced an online customer acquisition solution (OCAS) for instant e-approval of home loan applications.

The bank has over three million home loan customers with a portfolio of over Rs 16,60,000 crore. 

BSE to shift 29 companies to restricted trade; NSE to move 6

BSE has decided to shift 29 firms including 3i Infotech and CIL Nova Petrochemicals to the restricted trading segment from next week to ensure safety in capital markets and safeguard the interest of investors.

Besides, National Stock Exchange (NSE) will also move six securities to this category.

Stocks that would be transferred on both the bourses include 3i Infotech, California Software Company, Cambridge Technology Enterprises, CIL Nova Petrochemicals, Green Fire Agri Commodities and GSS Infotech.

These scrips would be traded and settled on trade-to-trade basis (T group segment) with effect from July 7, 2015, the exchanges said in similar-worded circulars.

The decision is a part of a surveillance review and to ensure market safety and safeguard the interest of investors, the bourses said.

The exchanges have asked trading members "to take adequate precaution" while trading in these scrips.

"Trading Members should note that transfer of scrips for trading and settlement on a trade-to-trade basis is purely on account of market surveillance measure and it should not be construed as an adverse action against the company," the bourses said.

"Further, this is a temporary measure and will be reviewed periodically depending on the market conditions," it added.

Besides, BSE and NSE also issued a list of stocks that would continue in the trade-for-trade segment on their respective platforms.

While BSE has identified 193 companies whose securities will remain under restricted category, NSE has listed 65 companies..