🔆Good Morning All🔆
💥 Morning Market News & Update💥
🌟Dr Reddy's Laboratories: Announces settlement of litigation with Celgene, relating to Revlimid capsules. Celgene has agreed to provide DRL with the license to sel volume-limited amount of the capsule in the U.S. starting March 2022. The company is also allowed to sell the capsule without volume limitation, starting January 31, 2026.
🌟TVS Motor: Announced their new distribution partnership with Autotecnica Colombiana SAS - a motorcycle assembler in Colombia. This entity will operate 50 dealerships exclusive to TVS Motor and create dedicated space for the brand in over 600 retail outlets.
🌟EIH: Sets rights issue price at Rs 65 per share - a 24.8% discount to Thursday's closing. Rights entitlement ratio at 8 shares for every 85 shares held. Record date set as September 23. The company proposes to issue 5.38 crore rights shares at a face value of Rs 2 per share.
🌟Vedanta: Bloomberg news reports that the company has approached SEBI for necessary approvals to start the reverse book building process for delisting. The company’s founder Anil Agrawal is also working with Centricus Asset Management to approach potential investors for the proposed turnaround fund which will buy stakes in government companies being sold of as India’s divestment program. The fund will also target companies undergoing restructuring under the bankruptcy laws.
🌟Essel Propack: Bloomberg News reports that the company's promoter Blackstone Group's entity - Epsilon Bico is planning to sell up to 7.26 crore shares or 23% of the total outstanding capital. Floor price for the proposed sale is set at Rs 255 per share, a 6.5% discount to Thursday's closing price. The total stake is valued at Rs 1,850.8 crore. Post the sale, Epsilon Bico's stake to fall to 51.99%
🌟Sterling and Wilson Solar: Signed a 106.71 MW solar power project worth Rs 462 crore in Chile. The order has been received from a global independent power producer and the work is expected to begin by Q4FY21.
🌟Kilpest India: Board has approved amalgamation of company’s arm 3B Blackbio Tech with itself. The target company develops molecular diagnostic products. The management’s prime focus is to run and grow the diagnostic business. Pursuant to the scheme of amalgamation 10,74,570 new fully paid up equity shares of Kilpest will be issued to the remaining shareholders of 3B BlackBio, at a swap ratio of 8.
🌟IRCTC: News reports that the government will levy user fee at some railways stations. S
🌟Elantas Beck: Signs a Memorandum of Understanding with Talegaon Industrial Parks for acquisition of land situated at Pune for setting up a new greenfield manufacturing facility. The said facility will provide additional capacity to cater to the market demand.
🌟Happiest Minds Technologies: Plutus Wealth Management acquired 10 lakh shares at Rs 350 per share. #NIFTY50