Vedanta stocks will be in focus as the company said it has received go-ahead from both bourses BSE and NSE on the proposed merger of its oil and hydrocarbon arm Cairn India with itself.
The benchmark BSE Sensex propelled by a rally in Chinese stocks and overnight gains in the US
vaulted 258 points on Wednesday to close at 25,963.97 — its highest close in over two weeks — ahead of the US Fed meeting.
Below are the stocks that made news today:
Sun Pharma: Sun Pharmaceutical Industries shares jumped over 2 per cent on Wednesday after the company informed stock exchanges that it has entered into an agreement with InSite Vision to acquire the US-based eyecare firm for around $48 million plus related debt and other transaction costs to strengthen its branded ophthalmic portfolio in the US. The share price of the pharma major closed 2.38 per cent up at Rs 887.35.
Suven Life Sciences: Suven Life Sciences shares gained over 4 per cent on BSE on Wednesday after the company informed stock exchanges about the grant of of two product patents from Canada and one product patent from China corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029 and 2030. The scrip closed 4.27 per cent up at Rs 241.80.
Vedanta and Cairn India: Shares of Cairn India and Vedanta were in focus as they have received no objection from the BSE and the NSE for the proposed merger of Cairn India with Vedanta, both the companies made the announcement after market hours on Tuesday. Vedanta gained 2.12 per cent at Rs 98.95 on Wednesday while Cairn India slid 0.41 per cent at Rs 144.40.
Sadbhav Infrastructrure Projects: Shares of Sadbhav Infrastructure Projects made a robust debut on stock exchanges on Wednesday. The scrip listed at Rs 110.75 on BSE as compared to its issue price of Rs 103. Later, Sadbhav Infrastructrure Projects shares closed at Rs 106.15 apiece.