Stock Market News May 27th 2014 …

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Corporate News

AP HC vacates status quo order on Sun Pharma-Ranbaxy merger – Positive in short to medium term for Sun Pharma and Ranbaxy The Andhra Pradesh High Court Saturday vacated the status quo order it had issued earlier on the merger process between Sun Pharma and Ranbaxy. A petition in this regard was filed by two investors requesting the High Court to restrain the BSE and the NSE from giving any clearance to the scheme of amalgamation or merger between Sun Pharma and Ranbaxy.

The petitioners alleged that there was heavy trading of Ranbaxy stock before the merger with Sun Pharma was announced on April 6. They requested the court to direct market regulator Sebi to investigate the insider trading of Ranbaxy shares and take appropriate action against Sun Pharma and Silver Street Developers. The court had earlier issued interim orders to maintain status quo with regard to the merger.

Sun Pharma had on April 6 announced that it would fully acquire Ranbaxy in an all-stock transaction with a total equity value of USD 3.2 billion, along with debt of USD 800 million, taking the overall deal value to USD 4 billion. We believe this development to be positive for Sun Pharma and Ranbaxy

National Economy News

New mining policy to be in place by next month

Goa CM Goa Government has said it will adopt a transparent mechanism to award mining leases in future and was studying the Supreme Court order lifting ban on iron ore extraction before taking a decision on vacating current mine operators whose fate hangs in balance. CM Manohar Parrikar said the lease owners technically continue to remain in possession of mining sites as the State government was still analyzing the Supreme Court judgment.”
Govt recommends anti-dumping levy on US, Chinese solar cells .

The commerce ministry has recommended levying anti-dumping duty on solar cells imported from the US, Malaysia, China and Chinese Taipei. The move is aimed at providing relief to domestic manufacturers. Concluding an 18-month probe into allegations that cheap solar cells were being dumped into India, the ministry has suggested a restrictive duty in the range of $0.11 to $0.81 per watt.

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