CarTrade Tech | Highdell Investment and Macritichie Investments likely to sell 7% and 3.4% stake respectively on Monday via block deals. The floor price of ₹820 per share is a 4.3% discount to Friday’s closing price. Deal size of the block is said to be ₹400 crore with an upsize option of another ₹100 crore. There will be a 75-day lock-in period for the sellers. At the end of the March quarter, Highdell Investments held a 17.36% stake, while Macritchie Investments held a 16.3% stake.
Vedanta | Parent company Vedanta Resources ‘strongly denies’ any news report of promoters planning a stake sale in Vedanta Ltd.
Cipla | USFDA issues form 483 with six observations for its Goa facility. The plant was inspected between June 10 to June 21, 2024. The Goa plant has been under a warning letter since February 2020. The company’s Indore plant has been under a warning letter since November 2023.
Fertiliser Stocks | GST Council sends request to reduce GST on fertilisers to Group of Ministers GoM on rate rationalisation.
Sun Pharma | Announces outcome of Phase-1 obesity trial of GL0034 (Utreglutide) which is a GLP-1 inhibitor drug. It belongs to the same class as Ozempic, Wegovy from Novo Nordisk and Mounjaro from Eli Lilly. The drug is still in the very early stages of development and adds to prospects of the company’s specialty business. GLP-1 drugs hit nearly $50 billion in sales in 2023 and likely to grow to $100 billion by 2029.
Lupin | Gets Establishment Inspection Report (EIR) from the USFDA for its Somerset manufacturing facility with a Voluntary Action Indicated (VAI) status. The facility was inspected between May 7 to May 17, 2024.
MCX | Board shortlists names of candidates for the post of its next MD & CEO. The company will initiate seeking regulatory approvals for the appointment.
Prestige Estates | Board approves raising up to ₹5,000 crore via QIP and other methods.
