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Piramal shares rise on Glaxo, Sanofi buy reports

Piramal shares rise on Glaxo, Sanofi buy reports
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First Published: Mon, Feb 09 2009. 12 00 PM IST
Updated: Mon, Feb 09 2009. 12 00 PM IST
Mumbai: On reports that GlaxoSmithKline Plc and Sanofi Aventis SA had emerged as bidders for the Indian pharmaceutical firm Piramal Healthcare Ltd, its shares surged up by almost a fourth.
However, Piramal said reports of a potential sale of the company were “unfounded.”
The shares opened up 3.4% and rapidly rode up to Rs242, up 24.5%.
At 10:04am, Piramal shares were trading at Rs232, up 19.3%.
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First Published: Mon, Feb 09 2009. 12 00 PM IST