Chemical producer UPL’s shares fall over 3%
Stocks of Mumbai-based UPL dipped over 3% during Wednesday’s closing.
This was on the back of a Bloomberg report that a grouping led by
UPL is in exclusive talks to acquire the Bill Ackman-backed Platform Specialty
Products Corp.’s agricultural pesticides business. Though the talks were in the
advanced stage, there was no certainty that the negotiations will lead to an
agreement, the report added.
UPL is engaged in the production of crop protection products,
intermediates, specialty chemicals and other industrial chemicals.
Bank of Maharashtra drops 3% after CMD Ravindra Marathe is
arrested
In a shocking development, Bank of Maharashtra’s CMD Ravindra
Marathe was arrested reportedly in relation to the alleged cheating case
involving developer DS Kulkarni. Kulkarni was earlier arrested for cheating
several depositors of Rs2,043cr through fraudulent investment schemes.
Following this development, the bank’s stock dropped 3%.
Marathe and some other officials were first called in for
questioning. The Pune Crime Branch suspects that they sanctioned loans to
Kulkarni’s firm based on fake documents.
Tree House rallies 20% after arm sells land parcel in Thane
Tree House Tree House Education stock rallied 20% after the
company's associate company JT infrastructure Pvt. Ltd. sold part of its fixed
assets including a land and building situated at Kalyan district in Thane near
Mumbai, the company said in the filing.
The stock is currently trading at Rs8.37 up by Rs1.39 or 19.91%
from its previous closing of Rs6.98 on the BSE.
The scrip opened at Rs7.50 and has touched a high and low of
Rs8.37 and Rs7.22 respectively. Tree House is one of the leading providers of
educational and consultancy services with 636+ centres across 96 cities. Its
90% revenue comes from pre-school centres and 10% from consultancy services.
Cipla stock rises after getting approval for Sustiva
Cipla Ltd's stock rose after the company received FDA approval for
generic version of Sustiva. The stock is currently trading at Rs605.25, up Rs3,
or 0.5%, from its previous close of Rs602.25 on the BSE.
The company has received final USFDA approval for Efavirenz
tablets 600mg. This is a generic therapeutic equivalent version of
Bristol-Myers Squibb’s Sustiva.
According to IQVIA (IMS Health), Sustiva and its generic
equivalents had US sales of approximately $105mn for the 12-month period ending
April 2018. Other companies who have approval for gSustiva are Aurobindo,
Hetero, Mylan, and Strides Shasun.
Kansai Nerolac to acquire 55% stake in RAK Paints Ltd
Kansai Nerolac Paints Ltd (Kansai), the third largest listed paint
company in India, in a statement to the stock exchanges today, said that, it
has entered into Share Purchase Agreement (SPA) to acquire 55% stake in RAK
Paints Ltd, Bangladesh.
In a statement to the stock exchanges post market hours today,
Kansai said that it will acquire 55% stake in RAK Paints, Bangladesh, in an all
cash deal for a total consideration of Bangladeshi Taka (BDT) 57.26cr
(approximately Rs45.81cr). The transaction is expected to be completed by
July 31, 2018, subject to certain conditions.
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