The market broke an eight-day winning streak, closing more than one percent lower on general sales except in IT names in the previous session and strength in the US dollar index. The Sensex dropped 652 points to 59,646, while the Nifty dropped 198 points to 17,758.
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The insurance giant saw a nearly 20 percent drop in death claims in the first quarter of this fiscal year, with the COVID impact easing, although the amount is still above pre-2020 levels.
Larsen & Toubro
The engineering major is committed to working across the entire green energy value chain and plans to invest up to $2.5 billion over the next 3-4 years. The investment of such a large scale in the green energy sector depends on how the market evolves.
Shareholders of the financial services company, which operates under the Paytm brand, have approved the reappointment of Vijay Shekhar Sharma as the company’s general manager and chief executive officer.
The company will take center stage as it has approved the acquisition of a majority stake in Gensol Electric Vehicles, which will further acquire technical and business know-how, patents, trademarks and brand names related to electric vehicles from the US-based company.
The company will also raise Rs 140 crore from promoters and non-promoters by allocating 13,51,030 shares on a preferential basis at an issue price of Rs 1,036.25 per share.
AstraZeneca Pharma India
The pharmaceutical company has received import and marketing authorization in Form CT-20 following new drug approval from the Drugs Controller General of India for Olaparib film-coated tablets. In addition, Olaparib 100 mg and 150 mg film-coated tablets are indicated as monotherapy for the adjuvant treatment of adult patients with high-risk BRCA-mutated HER2-negative early breast cancer who have previously been treated with neoadjuvant or adjuvant chemotherapy.
The company has entered into a 50-50 joint venture agreement with National Steel Holding (NSHL) to set up scrap metal destruction facilities in India. NSHL recycles, collects and processes metal in Auckland, New Zealand. This is in line with the company’s goal of reducing its carbon footprint through a 42 percent reduction in carbon emissions intensity by FY30 from base year 2005.
The company has acquired the remaining 93,571 shares in Saankhya Labs at a price of Rs 454.19 per share by paying Rs 4.25 crore through secondary purchase. With the said transaction, it has acquired 62,51,496 shares, or a 64.4 percent stake in Saankhya, for Rs 283.94 crore, on a fully diluted basis.
Its subsidiary Shilpa Biologicals (SBPL) has successfully completed Phase 3 human clinical trials of its first biosimilar, the 100 mg/ml high concentration (HC) Adalimumab biosimilar. The company has filed with the CDSCO for assessment and granting of a marketing or manufacturing license – a first in India. The drug is expected to address several diseases, including rheumatoid arthritis, plaque psoriasis, and ulcerative colitis.
Nippon Life India Trustee sold 1.95 lakh shares, or a 0.1 percent stake, in the company through open market operations. This reduced the stake in the company to 3.1687 percent, from 3.2783 percent.
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