The market corrected for the second straight session amid rangebound and volatile trading, weighted by weakness in global counterparts, in the previous session. The BSE Sensex fell 168 points to 59,029, while the Nifty50 fell 31 points to 17,624.
Stocks in News
InterGlobe Aviation
Rakesh Gangwal, co-founder of IndiGo, and his family want to sell a 2.8 percent stake in InterGlobe Aviation, the holding company that runs IndiGo airlines, through a block deal. As part of the block deal, a staggering 10.8 million shares of the Gangwal family have been put up for sale for Rs 1,996 crore.
Concord drugs
The company said the board of directors has approved the acquisition of up to 100 percent interest in Proton Remedies Private Limited at Rs 283 per share in cash, and the issuance of up to 12,56,250 convertible warrants to the promoters on a preferential basis. at an issue price of Rs 33 per warrant.
SBC export
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 contract period will initially be for a period of two years, which will be extended after its expiration. The company has previously participated in a tender for the outsourcing of various types of workforce at various offices of the Institute of Company Secretaries of India (ICSI) in various places in India.
Schneider Electric Infrastructure
The company has received board approval for increasing the production capacity of vacuum circuit breakers and vacuum circuit breakers by setting up a production unit in Kolkata.
Capacity Infrastructure projects
NewQuest Asia Investments II Ltd sold 2.36 percent or 16 lakh shares in the company through open market operations between August 16 and September 2. This reduced the stake in the company to 7.39 percent, down from 9.75 percent earlier.
Duroply Industries
Ace investors Porinju Veliyath and Litty Thomas chose an additional 2.12 percent or 1.58 lakh stake in the company through preferential allotment. This increased their stake in the company to 7.01 percent, from 4.89 percent earlier.
Safari industries (India)
Investcorp Private Equity Fund II held a 5.55 percent stake in the company after converting 13.15 lakh mandatory convertible bonds into a similar number of shares. The conversion of bonds into shares took place on 30 August.
Zydus Life Sciences
Zydus has achieved positive proof-of-concept in its Phase 2 clinical trial of NLRP3 inhibitor, ZYIL1 in patients with cryopyrin-associated periodic syndrome (CAPS). CAPS is a rare, lifelong, autoinflammatory disease caused by NLRP3 activating mutations and is classified as an orphan disease. The Phase 2 study was conducted in Australia.
DailyExpertNews
According to a company press release to the BSE, the Adani Group has made an open offer to acquire an additional 26 percent stake (16.76 million shares) at Rs 294 per share. The open offer starts on October 17 and ends on November 1.
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 eligible for first-to-market, 180 days of generic drug exclusivity for Lenalidomide capsules in 2.5 mg and 20 mg strengths.
Sea
The Mumbai Bank of the National Company Law Tribunal (NCLT) on Wednesday instructed Zee Entertainment to convene a shareholders’ meeting on October 14 to approve the merger with Culver Max Entertainment (formerly Sony Pictures Network).
HDFC Bank
India’s largest private sector lender raised its marginal cost of fund-based lending rate (MCLR) by 10 basis points (bps), effective Sept. This is the second rate hike in two months by the private sector lender after the RBI’s six-month rate-setting committee member raised the benchmark repo rate by 50 basis points to 5.40 percent.
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