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Strides Arcolab gains as government clears Mylan's deal

Prime minister Manmohan Singh on Friday cleared the FDI of Strides Arcolab-Mylan Rs 9,920 crore ($1.6 billion) deal.

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is trading higher by 2% at Rs 813 on reports that Prime minister Manmohan Singh on Friday cleared the foreign direct investment (FDI) of Strides Arcolab-Rs 9,920 crore ($1.6 billion) deal.

On February 28 this year, US-based Mylan and Bangalore-based Strides Arcolab signed the agreement under which the US drug major was to acquire Agila Specialties, the injectible medicine business of Strides.

Now, the deal will be brought to the Cabinet Committee on Economic Affairs (CCEA) under existing policy to get the final approval.

The stock opened at Rs 803 and touched high of Rs 835 on BSE. A combined 179,299 shares change hands on the counter till 1035 house on BSE and NSE.
 

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