The market corrected for the second consecutive session amid rangebound and volatile trade, weighed by weakness in global counterparts, in the previous session. The BSE Sensex fell 168 points to 59,029, while the Nifty50 declined 31 points to 17,624.
Stocks in News
Rakesh Gangwal, co-founder of IndiGo, and his family are looking to sell a 2.8 per cent stake in InterGlobe Aviation, the holding company which runs IndiGo airlines, through a block deal. As part of the block deal, as many as 10.8 million shares belonging to the Gangwal family have been listed for sale for Rs 1,996 crore.
The company said its board of directors has given approval for the acquisition of up to 100 percent stake in Proton Remedies Private Limited at Rs 283 per share on cash basis, and issue of up to 12,56,250 convertible warrants to the promoters on preferential basis at an issue price of Rs 33 per warrant.
The company has received a contract from the Institute of Company Secretaries of India. The order cost of the said tender is Rs 3.17 crore, and the period of contract will be initially for a period of two years which will be renewed after the expiry of the same. The company has previously participated in a tender for providing various types of manpower services on outsource basis at various offices of the Institute of Company Secretaries of India (ICSI) at different places in India.
Schneider Electric Infrastructure
The company has received approval from its Board of Directors for enhancing the production capacity of vacuum interrupters and vacuum circuit breakers by setting up a manufacturing unit in Kolkata.
NewQuest Asia Investments II Ltd has sold a 2.36 per cent stake or 16 lakh equity shares in the company via open market transactions during August 16-September 2. With this, its stake in the company reduced to 7.39 per cent, down from 9.75 per cent earlier.
Ace investors Porinju Veliyath and Litty Thomas picked an additional 2.12 per cent stake or 1.58 lakh shares in the company via preferential allotment. With this, their shareholding in the company increased to 7.01 per cent, up from 4.89 percent earlier.
Safari Industries (India)
Investcorp Private Equity Fund II held a 5.55 per cent stake in the company after the conversion of 13.15 lakh compulsory convertible debentures into a similar number of equity shares. The conversion of debentures into equity took place on August 30.
Zydus has achieved positive proof-of-concept in its Phase 2 clinical study of NLRP3 inhibitor, ZYIL1 in patients with cryopyrin-associated periodic syndrome (CAPS). CAPS is a rare, life-long, auto-inflammatory condition, caused by NLRP3 activating mutations and is classified as an orphan disease. The Phase 2 trial was conducted in Australia.
According to a release issued by the company to the BSE, the Adani Group has made an open offer to acquire additional 26 per cent stake (16.76 million shares) at Rs 294 per share. The open offer to begin on October 17 and end on November 01.
Dr. Reddy’s Laboratories
The pharma major has launched Lenalidomide Capsules, a therapeutic equivalent generic version of REVLIMID (lenalidomide) Capsules approved by USFDA in the US market. With this volume-limited launch, Dr. Reddy’s is eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide Capsules in 2.5 mg and 20 mg strengths.
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday directed Zee Entertainment to convene a shareholders’ meet on October 14 for approving the merger with Culver Max Entertainment (formerly Sony Pictures Network).
India’s largest private sector lender increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps), with effect from September 7. This is the second rate hike in two months by the private sector lender after the six-member rate setting committee of the RBI increased the benchmark repo rate by 50 bps to 5.40 per cent.
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