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Taro investor reverses stance, backs Sun
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.

Banking stocks at 52-week high on hopes of credit growth
The banking stocks continue to rule high on the back of stimulus measures by the Reserve Bank of India that helped revival of economic growth and attraction of foreign funds. Key economic data like the recent Index of Industrial Production (IIP) indicated likely swift recovery of the economy. Factory output at 10.4% in August registered the highest growth rate in 22 months.

News of the day

Govt has no info on ministerial conflict of interest in gas row
The Prime Minister’s Office does not have any information whether cabinet ministers who were part of the Empowered Group of Ministers (EGoM) to decide on the price of gas from the Krishna-Godavari basin had declared if they had any conflict of interest with regard to Reliance Industries Ltd or the late Dhirubhai Ambani. The PMO has said so in reply to a Right to Information (RTI) query.
Business Opportunities

IRB Infra to raise Rs 1,200 crore

IRB Infrastructure Developers is all set to raise further funds to the tune of Rs 1,200 crore through various instruments. - IRB Infra Q2 PAT jumps 80% at Rs 74.31 cr - IRB Infrastructure to raise funds - IRB Infra qualifies to bid for Rs 22k-cr road project - IRB Infra bags Rs 800-cr road project from NHAI - IRB Infra bags MIDC order for airport development - IRB Infra bags NHAI project in Punjab In its extra ordinary general meeting today, the company accorded to the special resolution for raising of funds not exceeding Rs 1,200 crore by further issue of securites in domestic as well as international markets. This will include instruments such as equity shares, warrants with non-convertible debentures under qualified institutions placement (QIP). The fund raising instruments also include foreign currency convertible bonds (FCCBs), ADRs and GDRs. The company also will go for increase in the foreign institutional investors (FIIs) investment limits upto 49 per cent of the paid up capital. The company will also borrow from one or more sources from time to time notwithstanding that the total amount of borrowings may exceed the aggregate of the paid up capital. It also made it clear that at any point of time, the total borrowings should not exceed Rs 1,500 crore. On the Bombay Stock Exchange, the company"s shares were trading at Rs 263.90, up 0.53 per cent at 1135 IST.


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