Piramal Stock Up 5 Pc On Deal Expectations

Shares of Piramal Healthcare rose as much as five percent in a weak market on Wednesday on market talk of Indian drug maker was in talks to sell the company to a global pharmaceutical major.

French drugs maker Sanofi-Aventis and Pfizer was in talks to buy Piramal Healthcare, local TV channels reported on Wednesday.

A spokesman for the Piramal refused to comment on.

For 951 (0421 GMT), shares of Piramal Healthcare, the market value of 2.5 billion, were up 4.9 percent 568.45 rupees, has risen as much as 5.1 percent in the main Bombay market which was down 1.4 percent.

Rupee extends drop on weak shares; dollar gains

The rupee comprehensive its decline in afternoon trading Monday on the back of losses in domestic share and broad strength in the dollar alongside major currencies abroad.

Per 1 pm, the partially exchangeable rupee at 44.59/60 per dollar, weaker than the preceding close of 44.5150/5250. The directory of the dollar alongside six major currencies was up 0.4 percent.