BackStocks to Watch: Sun Pharma, Adani Green, Emami, Uno Minda, NLC India
The India Vix on Thursday surged by 10.68% to 12.82 on fears of crude oil hitting $100 a barrel
PremiumFollowing are the top 10 stocks that will be in news on Friday:
Sun Pharmaceutical: The drug major will buy out local partner Indi Pharma from its Mexican arm for over ₹75 crore. The company has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75%.
Adani Green & Adani Energy: Abu Dhabi conglomerate International Holding Company on Thursday said it will sell its stake in two of India's Adani Group companies, a move that comes as billionaire Gautam Adani's business continues its battle against fraud allegations, Reuters reported. The IHC held over 1% stakes in two Adani group companies. The value of its holdings in these two firms stood at ₹3,327 crore.
Emami: The homegrown FMCG major announced entering the health juice category, with the acquisition of a 26% stake in Axiom Ayurveda Pvt Ltd., which markets a range of beverages under the brand name AloFrut. The deal size was not disclosed.
Saregama: The RP-Sanjiv Goenka Group-owned music label has acquired a majority stake in digital entertainment company Pocket Aces Pictures Pvt Ltd. Saregama will acquire 51.8% shares for ₹174 crore with a clear path to further acquire another 41% stake in the next 15 months at pre-agreed multiples. The transaction is an all-cash deal.
SBI Life: The life insurance firm has got board approval for the appointment of Amit Jhingran as the managing director and CEO, effective from 1 October. The incumbent Mahesh Kumar Sharma will assume the role of deputy managing director at SBI, Corporate Centre.
Happiest Minds Technologies: Executive chairman Ashok Soota has sold 1.11% stake in the company. Soota has offloaded about 17 lakh equity shares of the technology company through the NSE/BSE, which brings down his holding in the company from 51.24% to 50.13%.
Uno Minda: The manufacturer and provider of automotive solutions and systems to OEMs said its board has approved an increase in its ownership stake in Minda Westport Technologies from 50% to 76%. The agreed purchase price for this 26% stake amounts to approximately ₹14.81 crores.
Dr. Reddy's Lab: The company, along with its subsidiaries, collectively referred to as "Dr. Reddy's," has officially announced the launch of saxagliptin and metformin hydrochloride Extended-release tablets. These tablets represent a therapeutic equivalent generic version of Kombiglyze which has received approval from the US Food and Drug Administration (USFDA).
NLC India: The company and Gridco Limited signed a power purchase agreement for 400MW in Stage-1 and 400 MW in Stage-2 of NLCIL's proposed Neyveli Talabira Super Critical Thermal Power Station (NTTPP) in Odisha. With this agreement, NLCIL has tied up its full capacity of 2400 MW of Neyveli Talabira Super Critical Thermal Power Station Stage-1.
Piramal Pharma: The US FDA conducted a good manufacturing practices inspection of the company's Bethlehem facility from 18 September to 27 September 2023. A Form-483 was issued with two observations that relate to system improvement only, and none are related to data integrity.
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