Last week we saw sale of promoter’s stake in Ranbaxy, India’s largest generic pharma company, to Dii Ichi Sankyo of Japan. Ranbaxy, set up in 1961, was valued at $ 8.5 b. in the deal. During a prior week I had attended the analyst meet of Punjab National Bank, which, after 119 years, has grown to become the largest but one (after SBI) public sector bank.

The rally continues, spurred by an RBI credit policy which did not change interest rates but hiked CRR by 25 basis points to suck out some more liquidity and by some encouraging corporate results, such as those of DLF which made a fourth quarter profit of a whopping Rs 2176 crores!