Astrazeneca Pharma India jumped 14.55% to Rs 2631.10 and topped the gainers in the BSE's 'A' group. The stock hit a record high of Rs 2,649 in intraday trade today, 12 April 2012. The company is a probable delisting candidate as foreign promoter holds 90% stake as at 31 March 2012 in Astrazeneca Pharma India. Market regulator Securities & Exchange Board of India (Sebi) had mandated all listed companies to increase public shareholding to a minimum 25% by June 2013 to comply with listing norms.
Max India surged 8.34% to Rs 203.95 and was second biggest gainer in 'A' group. During market hours today, 12 April 2012, Max India said that Japan's Mitsui Sumitomo Insurance Company is acquiring, subject to required approvals and permissions, 26% stake in Max New York Life Insurance.
Max New York Life Insurance is a joint venture between New York Life and Max India. Mitsui Sumitomo Insurance Company will buy 9.37% stake from Max India for Rs 984.44 crore. The remaining 16.63% stake will be bought from New York Life International Holdings.
Max India and Mitsui Sumitomo Insurance Company have entered into a shareholder agreement today, 12 April 2012 which would become effective on consummation of aforesaid transactions. Max India further informed that the company's equity shareholding in Max New York Life Insurance Company would continue to remain close to 70% on consummation of aforesaid transactions.
Jindal Steel & Power advanced 4.86% to Rs 510.20 on bargain hunting after falling 10.39% in prior four trading sessions. The stock was third biggest gainer in 'A' group.
Neyveli Lignite Corporation gained 4.45% to Rs 89.15 and was the fourth biggest gainer in 'A' group. Reportedly Neyveli Lignite Corporation has initiated the process for entering into memorandum of understanding for setting up the Rs 10,000 crore 1,980 megawatt coal-based thermal power project at Ghatmapur in Kanpur district of Uttar Pradesh with 50:50 equity participation.
Unitech rose 4.42% to Rs 29.55 after the Company Law Board reportedly allowed the realty firm to resolve its dispute with Norwegian mobile phone company Telenor, its joint venture partner in India, through international arbitration in Singapore. The stock was fifth biggest gainer in 'A' group.