🔆Good Morning All🔆
💥 Morning Market News & Update
Stocks To Watch
🔹Lupin: Signs an exclusive distribution pact with Fordoz Pharma for exclusive rights to market and distribute two complex injectable assets. The assets - in the oncology and anti-infective therapeutic areas are in advanced stages of development in the U.S. and its territories.
🔹Jubilant FoodWorks: Announces foray into the FMCG space with a range of ready-to-cook sauces, gravies and pastes. The company has launched eight products across Indian & Chinese cuisines and will be initially available for consumers across e-commerce platforms. It plans to expand the product availability by adding more e-commerce platforms as well as retailing through supermarkets and hypermarkets going ahead.
🔹Welspun Corp: Board approves the listing of Welspun Middle East Pipes on the local exchanges of Saudi Arabia. The process of listing will involve divestment of a maximum 15% stake of WMEPL held by Welspun Corp through its overseas subsidiary. The total consideration will be
$30 million along with proportionate shares to be divested by local partners. Post the proposed listing, the company's share in WEMPL will fall below 35% from the existing 50%.
🔹Wipro: Collaborates with Intel to enable Wipro’s digital workspace solution with the Intel platform. This joint collaboration will help customers drive business continuity by enabling remote I.T. support and solutions.
🔹NIIT: SBI Mutual Fund decreased stake to 3.81% from 5.94% in the company on August 5.
🔹Shriram Transport Finance: Board approved allotment of 2.62 crore shares at an issue price of Rs 570 per share, which is at a discount of 14% to Thursday’s closing.
🔹Deepak Nitrite: Arm Deepak Phenolics is expanding its capacity of production of lsopropyl Alcohol at its Dahej unit from 30,000 to to 60,000 tons per annum. Investment cost will be Rs 50 crore and the new capacity is expected to be commissioned in the first quarter of FY22.
🔹PNB Housing Finance: Appoints Hardayal Prasad as MD and CEO till August 2023. Prasad was earlier MD & CEO of SBI Cards and Payments Services.
🔹Minda Industries: Board to meet on August 11 to discuss details about the rights issue. The board had approved raising Rs 250 crore by way of rights issue on June 20.
🔹MCX: Clarified that it has not entered into any discussion with 63 Moons Technologies for development of any direct market access system.
🔹Prince Pipes and Fittings: Has entered into a technical collaboration with Tooling Holland BV, a global player in the international plastic injection moulding industry based in The Netherlands.
🔹Alembic Pharma: Board closed the QIP issue at a price of Rs 932 per share, which was at a discount of 4.97% to the floor price and discount of 14% to the closing price on Thursday.
🔹Nifty Earnings Today: Cipla, Mahindra & Mahindra
🔹Non-Nifty Earnings Today: Abbott India, Amara Raja Batteries, Amber Enterprises, Balrampur Chini, Bata, BEML, CONCOR, Emami, ENIL, MGL, REC, Shipping Corporation, Siemens, Sobha, Ramco Cements #NIFTY50