TOP CORPORATE NEWS

·        Axis Bank dips on stake sale by LIC

Axis Bank has dipped 3%, extending its nearly 8% fall in past week, after Life Insurance Corporation of India have offloaded equity shares worth of Rs 51 crore through open market transaction during last week.

·        Aurobindo Pharma hits new high

Aurobindo Pharma has moved higher by 3%, also its record high, in otherwise weak market after the company has received the US health regulator’s approval to market a generic version of AbbVie Inc.’s Depakote ER extended-release tablets, used for treating mental illness, in the US market.

·        United Spirits up 0.5%

Edelweiss Group companies bought 2.57 percent equity stake in United Spirits by revoking pledged shares. Edelweiss Group holds 4.33 percent in USL as pledged shares. Total holding of the group in USL stands at 6.90 percent.

·        Oil and gas shares bounce back

Shares of state-owned oil marketing companies are trading higher by up to 4%, erasing their entire early morning losses, after the government said under-recovery on high speed diesel declined further to Rs 1.62 per litre from Rs 2.80 per litre earlier.