Ranbaxy Laboratories, which was the country's largest pharmaceutical company in terms of FY14 sales numbers, will figure in the CNX mid-cap index from September 26. Until March this year, the company was part of the benchmark Nifty index. The 50-share index now has four pharmaceutical firms, including Ranbaxy's buyer Sun Pharma, Lupin, Cipla and Dr Reddy's. In the reshuffle, Indian Oil Corporation will give company to Ranbaxy in the mid-cap index.
IFC to exit Cholamandalam?
International Finance Corporation, which sold 2.06 per cent of its holding in Cholamandalam Investment & Finance Company, seems to be interested in selling the remaining 4.13 per cent as well. Market sources said that it was scouting for buyers for this. On Wednesday, International Finance Corporation sold the stake at Rs 410 a share to Cornalina Acquisition, a foreign institutional investor (FII), for Rs 121.27 crore. Cholamandalam Investment and Finance Company is the non-banking financial institution arm of Murugappa Group. As on June 30, promoters held 57.75 per cent in the company and FIIs 19.03 per cent. The stock closed at Rs 406.95 on Thursday.
Fresh start for MCX-SX
India's newest stock exchange, MCX-SX, is reportedly aiming for a fresh start. To start with, it is seeking a new name. Market sources said it had written to the Securities and Exchange Board of India (Sebi) with two options - New Age Stock Exchange or International Stock Exchange. The exchange, which recently extinguished warrants of its founder Financial Technologies, has also moved its corporate office to Mumbai's Bandra Kurla Complex, closer to rival and market leader National Stock Exchange (NSE). What may not go down well with NSE is if MCX-SX is allowed to change its name to International Stock Exchange. More so, if it abbreviates it as I-NSE.
