Meanwhile, Canara Bank edged higher and was up over 6% after the government announced the appointment of Rakesh Sharma as chief executive of the bank. Rakesh Sharma currently is the chief of Laxmi Vilas Bank.
HDFC was down 2%. The company plans to sell 9% stake in HDFC Life to its British joint venture partner Standard Life for a little over Rs 1,700 crore.
In the banking space, ICICI Bank and HDFC Bank and Axis Bank were down 0.8-1.3% each while state-owned SBI was the top Sensex gainer up nearly 2%.
Index heavyweights Reliance Industries and Infosys were down 1-1.6% each.CIPLA was down over 4% on profit taking after sharp gains over the last two months ahead of its first quarter earnings surging 27% since June 11, 2015. The company reported an over two-fold jump in its consolidated net profit to Rs 650.61 crore for the quarter ended June 30, 2015 mainly on account of robust sales.
Among other shares, Birla Corporation extended gains and was up 12% after the company announced plans to acquire the Jojobera and Sonadih cement businesses from Lafarge India for an enterprise value of Rs 5,000 crore.
Nitin Fire Protection Industries have surged by nearly 10% to Rs 47.05, extending Friday’s nearly 6% gain on the National Stock Exchange (NSE), after bollywood star Amitabh Bachchan acquired more than one million equity shares of the company through the open market.
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