Cipla, Eicher Motors, Elin Electronics, Lotus, RIL, and Others

The SGX Nifty 50 January futures contract is pointing to a positive start to domestic equities on the last trading day of the year. The futures contract was trading 90 points higher at 18,370, up 0.49% from the previous close.

Lotus Chocolate Co: Reliance Industries arm Reliance Retail Ventures has signed an agreement to acquire 51% stake of promoter and promoter group entities in BSE-listed Lotus Chocolate Co for Rs 74 crore. The company will further make an open offer to the public shareholders to acquire an additional 26% stake in the confectionery maker.

Cipla: The company’s wholly-owned UK subsidiary Cipla (EU) Limited has signed definitive agreements to invest 15 million euros in Ethris GmbH. Ethris GmbH is a global leader in delivering ribonucleic acid or RNA therapeutics directly to the respiratory system, including administration by inhalation. The investment will facilitate a long-term strategic partnership between Cipla and Ethris for development of messenger RNA (mRNA)-based therapies, the former said in a release.

Elin Electronics: The stock is likely to make a quiet debut on the bourses, as indicated by the Grey Market Premium. The company fixed the issue price at Rs 247, and the IPO was subscribed 3.1 times.

Eicher Motors: The parent company of Royal Enfield announced a strategic collaboration in the space of electric motorcycles with Spain-based Stark Future SL. The former will be investing €50 million for close to 10.35 per cent equity stake in Stark Future.

Banks: The rise in profitability that aided banks to improve their provisions has resulted in net non-performing assets (NPAs) to net advances ratio falling to 1.3 per cent in September 2022 – the lowest in 10 years – the Reserve Bank of India’s (RBI’s) Financial Stability Report said.

Dish TV: The company appointed former bureaucrat Lalit Behari Singhal as an independent director to its board. Meanwhile, shareholders for the second time voted against the two ordinary resolutions, to adopt the FY21 and FY22 financial statements of the company.

Tata Power: The Tata Group company informed BSE, that it raised Rs 1,000 crore through the issuance of non-convertible debentures on a private placement basis.

Bharat Dynamics: The share price of the public sector defence firm has gained more than 14 per cent in past five trading sessions as brokerages reiterate buy ratings on expectations of government procurement, strong order book, growth in exports and stable operating profit margins.

Pharma: The Indian pharmaceutical industry’s recent tryst with the US drug regulator may impact future pipelines, observe analysts. Data shows that there were about 60 official action indicated (OAI) citations by the USFDA at Indian sites between November 2019 and November 2022. For the most part, in the past 12 months, five OAI classifications have been issued, of which two have been escalated to ‘import alert’.

Godrej Properties: The real-estate player has acquired around 9 acres of land in Haryana’s Gurugram, predicting a revenue potential of some Rs 2,500 crore in the residential project.

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest Business News here