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Sensex falls 100 pts, Nifty breaks 10,400; PSU banks dip, IT outshines

The company after consultation with merchant bankers may have fixed the price band at around Rs 1,215-1,240 per share.

The country’s largest private sector lender is likely to raise approximately Rs 4,200 crore by diluting 24 percent equity stake in ICICI Securities through a public offer.

Sources said the broking business of the bank may be valued at Rs 16,800 crore.

The issue is expected to close on March 23, sources added.

Shares of Strides Shasun added 1.5 percent as it has received USFDA approval for Efavirenz Tablets.

The company’s wholly-owned subsidiary Strides Pharma Global Pte. has received approval for Efavirenz Tablets USP, 600 mg from the United States Food & Drug Administration (USFDA).

Efavirenz Tablet is a generic version of Sustiva Tablets of Bristol-Myers Squibb Company.

According to CQ VIA data, the US market for Efavirenz Tablets USP, 600 mg is approximately USD 115 million and Strides is only the second generic company to get the approval for the product under the para IV route.

The product will be manufactured at the company’s Oral dosage facility at Bangalore and will be marketed by Strides Pharma Inc. in the US Market. Strides are launching the product immediately.

Benchmark indices started off the day on a negative note on Wednesday, continuing consolidation for the second consecutive session. Weak global cues weighed on market sentiment.

The 30-share BSE Sensex was down 99.50 points at 33,757.28 and the 50-share NSE Nifty fell 37.60 points to 10,389.30.

TCS, HCL Technologies, Tech Mahindra, L&T and Aurobindo Pharma gained strength.

Tata Steel, Coal India, SBI, Hero Motocorp, Hindalco, HPCL, BPCL and ONGC were under pressure.

The Nifty Midcap index was down 0.3 percent.

SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank declined up to 3 percent.

Future Retail, Graphite India, NBCC and Fortis Healthcare gained up to 4 percent.

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