Drug firm Dr Reddy's Laboratories said state-run Life Insurance Corporation has cut its stake in the company to 6.31% by selling shares worth R875.29 crore in the open market. LIC held 8.38% stake in the pharma major before offloading about 35.25 lakh shares, accounting for around 2.07% shareholding. The insurer has reduced its stake to 6.31% through the open market sales, Dr Reddy's Laboratories said in a filing to the BSE. LIC has sold 35.25 lakh shares via market sale, the filing said. Following the transaction, LIC's total shareholding in the company has come down to 6.31% from 8.38%, it added. Dr Reddy's scrip closed at R1,913.10 on the BSE, down 0.45%.
Pantaloon up 10% as RBI eases norms for FIIs
Shares of Pantaloon Retail India surged over 13% after the Reserve Bank allowed foreign institutional investors, non-resident Indians and persons of Indian origins to buy shares in the company. At close of trade on Tuesday, shares of Pantaloon Retail were up 9.69% at R266.1 on the BSE. During the day, shares of the company jumped over 13% to R275.75 its 52-week high. On the NSE, the scrip closed at R265.8, up 9.61%.
Jefferies downgrades Ashok Leyland
Jefferies on Tuesday downgraded Ashok Leyland, Indias second-biggest bus and truck maker, to underperform from buy and cut its target price to R21.8 from R30.2. The brokerage said truck demand continued to deteriorate, while demand from Southern India, a critical market for Ashok Leyland, hadnt recovered to the extent expected. Jefferies also cited Ashok Leyland's stretched balance sheet and weak cash flows as reasons for the downgrade.