The March futures contract of Nifty 50 suggests a positive start for domestic equities today. The contract was trading at 17,030.50, up 111 points or 0.66 per cent from the previous close.
Lupin: The company has announced the successful completion of an inspection carried out by the UK Medicines and Healthcare products Regulatory Agency at its Pithampur facilities in India. Also, the US FDA has completed a Post-marketing Adverse Drug Experience (PADE) inspection of the company’s operations. The inspection closed with no observations.
Zydus Lifesciences: The USFDA inspected the manufacturing facility SEZ-1 of Zydus Lifesciences located at Pharmez, Ahmedabad. The inspection was a Pre-Approval Inspection (PAI) as well as a GMP Audit and concluded with three observations. There were no Data Integrity related observations.
Shoppers Stop: The company had approved additional investment of upto Rs 25 crores in Global SS Beauty Brands (GSBBL), a wholly owned subsidiary, by way of subscription to Preference Shares of GSBBL, in one or more tranches. Earlier, the company made investments aggregating to Rs 20 crores in the preference share capital of GSBBL, by way of subscription to 2,000 preference shares at a face value of Rs 1,00,000/- each issued by GSBBL.
Tata Steel: Tata Steel has acquired 4.65 lakh equity shares of Rs 10/- each at a premium of Rs 205/share of Tata Steel Utilities and Infrastructure Services, a wholly owned subsidiary of the company, on a rights basis, for Rs 10 crore.
Adani Total Gas/Adani Transmission: Leading bourses NSE and BSE on Friday said Adani Total Gas and Adani Transmission will move to the first stage of the long-term additional surveillance measure framework from March 27. On March 10, both exchanges put the two companies under the second stage of the long-term Additional Surveillance Measure (ASM) framework. In two separate circulars, the bourses said these securities will continue in the framework but will be moved from respective lower stage ASM from March 27.
Nykaa: Five senior executives of Nykaa, including the SuperStore CEO, chief business officer and chief commercial officer, have resigned from the company, according to two people aware of the development. Those who have resigned include Nykaa SuperStore CEO Vikas Gupta, Nykaa Fashion chief business officer Gopal Asthana, chief commercial operations officer Manoj Gandhi, business head Shuchi Pandya and finance head Lalit Pruthi. While the reason for the resignation of the four executives could not be ascertained, Pruthi has now joined the ed-tech firm UNIVO as chief financial officer.
L&T: Larsen and Toubro Ltd aims to capture 30% of India’s electrolyzer market once its technology partnership with McPhy Energy of France goes on stream, a top executive at the engineering conglomerate said. The French electrolyzer technology and production company will grant an exclusive licence of its pressurized alkaline electrolyzer technology for manufacture and future product upgrades, L&T said on Wednesday. “The cake is quite large for many players to be, you know, benefiting from it,” Subramanian Sarma, whole-time director & L&T, said in an interview.
One97 Communications: The Reserve Bank of India (RBI) has extended an earlier deadline for Paytm Payments Services Ltd to reapply for a payment aggregator licence but has not lifted restrictions on onboarding new online merchants, parent company One 97 Communications Ltd said on Sunday. In November, RBI had asked the company to resubmit its application within 120 calendar days after seeking approvals for past downward investments from the company into Paytm Payments to comply with foreign direct investment norms. It also barred the company from onboarding new online merchants.
Sun Pharma: Drug major Sun Pharmaceutical on Friday announced that it is set to acquire a 60% shareholding in Vivaldis Health & Foods for Rs 143.30 crore from its existing shareholders. The remaining 40 per cent shareholding will be acquired in future as per certain terms and conditions, said Sun Pharmaceutical in its regulatory filing. It will be a cash transaction and is expected to be completed by May 2023. “INR 143.30 crores subject to customary closing adjustments for 60% (sixty per cent) shareholding,” the company said in its filing.
Emami: Emami Ltd, a multinational conglomerate headquartered in Kolkata, has announced a proposal for a buyback of shares worth up to Rs 186 crore. The buyback price has been set at Rs 450 per share, according to an exchange filing on Friday. This buyback is set at a premium of around 24% above Emami’s current share price of around Rs 362.55 apiece on the NSE. The buyback will be executed through the open market route via stock exchange mechanisms.
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