Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Japanese drugmaker Daiichi Sankyo Co, which bought control of Ranbaxy Laboratories in 2008, said it believes unnamed former shareholders of the company hid information regarding U.S. regulatory probes into Ranbaxy.  Full Article 

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Mahindra shares fall after Aston Martin bid reports

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Workers inspect the body of a Mahindra & Mahindra's XUV 500 vehicle on the assembly line at the company's vehicle manufacturing plant in Chakan, outside Pune, September 29, 2011. REUTERS/Vivek Prakash/Files

Workers inspect the body of a Mahindra & Mahindra's XUV 500 vehicle on the assembly line at the company's vehicle manufacturing plant in Chakan, outside Pune, September 29, 2011.

Credit: Reuters/Vivek Prakash/Files

Mon Nov 26, 2012 12:49pm IST

Reuters Market Eye - Shares in Mahindra & Mahindra(MAHM.NS) drop as much as 2.9 percent after reports that the automaker has entered into a takeover deal with an Italian private equity fund for 50 percent of British luxury car maker Aston Martin.

Brokerage Edelweiss says in a note Aston Martin would require significant investments in research and development, and benefits of technology transfer to the Indian tractor and utility vehicle maker's product portfolio was "questionable" given little similarity between portfolios. Edelweiss says it views the bid with caution, but maintains its "buy" rating with a target price of 1,027 rupees on Mahindra stock.

Mahindra & Mahindra shares have gained 7.9 percent this month as on Friday's close. The stock was down 2.78 percent at 927.50 rupees at 12:12 p.m.
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