With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
The broader markets ended in line with the benchmark indices- BSE Midcap and Smallcap indices ended higher by 1.3% and 0.9% each.
Lupin will fund the buy through $100 mn cash reserves and a bridge loan.
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
Sun Pharmaceutical Industries will take a call on whether to shut Ranbaxy's troubled factories or make changes in the top management of the latter only after its $4-billion acquisition deal is complete.
The challenge of merging Ranbaxy into the company has not been factored in.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
Revival in domestic business should also help overall revenue growth.
IT and pharma companies again save the day; mask pain in domestic consumption.
Another year of strong performance by these export-oriented sectors likely as US economy revives and rupee is expected to be under pressure.
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