Ranbaxy slumps 13%

The BSE 30-share Sensex was down 75.55 points, or 0.89% and was
near the day's low.

The weekly inflation data due later in the day may influence the
trend on the bourses during the course of the day, with market
expecting a rate cut by the Reserve Bank of India (RBI) to support
faltering economic growth.

However, volatility is also likely to remain high ahead of the
February series F&O expiry today, 26 February 2009. As per reports,
rollover of Nifty positions from February 2009 series to March 2009
series stood at 62% while marketwide rollover of positions was 57%,
as on Wednesday, 25 February 2009.

There are expectations that the Reserve Bank of India (RBI) will
cut interest rates further to support faltering growth. A sharp
fall in inflation to 13-month low in the week ended 7 February
2009, raised speculation of the central bank having more room to
cut rates. As per reports, RBI governor D Subbarao will meet select
heads of banks on Friday, 27 February 2009, to hold discussions on
issues like credit flow and liquidity conditions.

The global financial sector crisis and recession in key global
economies have pushed economic growth in India down to a six-year
low. The Central Statistical Organisation (CSO) has pegged India's
projected GDP growth for the year ending March 2009 at 7.1%, the
slowest in six years and below the previous year's 9% rise.

Asian shares rose Thursday, cuing off a late run higher on Wall
Street on Wednesday, but markets faded in and out of positive
territory in early trade suggesting a lack of clear direction in
the near-term. Key benchmark indices in Taiwan, Japan and Singapore
were up by between 0.24% and 0.53%. However, indices in China,
South korea and Hong Kong fell by between 0.19% to 0.8%.

The Dow Jones Industrial Average, which had been off nearly 200
points earlier in the session, ended the day down 80.05 points, or
1.09%, at 7270.89. US bank stocks rose after US officials unveiled
details of the Treasury's plan to convert stakes to common stock,
although the wider index remained anchored by a bleak housing
report from The National Association of Realtors.

At 10:24 IST, the BSE 30-share Sensex was down 75.55 points, or
0.89%, to 8,823.71. At the day's high of 8,905.56 Sensex gained 3
points in early trade. At the day's low of 8,820.89 the Sensex lost
81.67 points in early trade.

The S&P CNX Nifty was down 17.65 points, or 0.64%, to 2,744.85.

The market breadth, indicating the overall health of the market,
was weak on BSE with 687 shares advancing as compared with 820 that
declined. A total of 75 shares remained unchanged.

From the 30 share Sensex pack 20 stocks fell while rest rose. HDFC,
Bharat Heavy Electricals and Sterlite Industries fell by between
0.57% to 3.05%.

Ranbaxy and Daiichi Sankyo successfully completes landmark deal

Ranbaxy and Daiichi Sankyo successfully completes landmark deal Ranbaxy Laboratories and Daiichi Sankyo Company has announced the successful closure of their transformational deal with the execution of the final transfer of the remaining equity shares of the Singh family, in Ranbaxy. Pursuant to this, Daiichi Sankyo has now acquired 63.92% of the equity share capital of Ranbaxy comprising 268,711,323 shares. The company made this announcement during the trading hours today, 07 November 2008