Nestle India gains 6% on partnership with Flipkart
Shares of Nestle India were trading ~6% up in the afternoon session Thursday after its partnership with Flipkart to launch MAGGI Special Masala noodles.
The product will be available on Flipkart from August 25-30 exclusively, following which it will be available nationwide, the company said in a statement to the exchanges on Tuesday after market hours.
L&T's 4.3% share buyback: a first in company's history
L&T has approved a proposal to buy back up to 6cr equity shares (4.29% of the total paid up equity share capital), at a maximum price of Rs1,500 per equity share for an aggregate amount of Rs9,000cr, as per bse press release.
The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.
Mahanagar Gas plunges 6.5% following block deals
Shares of Mahanagar Gas fell 6.5% on the BSE in morning trade after the company witnessed two block deals.
~13.9 million shares changed hands in the block deals.
On August 22, BG Asia Pacific Holding, the promoter of Mahanagar Gas, was looking to sell 14% stake in the company through a block deal. The floor price for the sale was fixed at Rs851 per share, a 5.7% discount to Tuesday’s closing price.
Lupin stock gains on launch of two products in Brazil
Shares of Lupin were trading ~2% up in the late morning session on Thursday after launching Fillerina and Recrexina under Lupin's high-end Skin Science brand in Brazil.
With this launch, the company has entered the prescription dermatology segment in Brazil, Lupin said in a statement to the exchanges on Thursday. Fillerina is a high-end anti-aging technology, while Recrexina is a hair-growth formulation, the company added.
Dr Reddy’s receives EIR at Srikakulam SEZ API Plant
Dr. Reddy’s Lab has informed that its API Srikakulam Plant (SEZ) in Andhra Pradesh has received an Establishment Inspection Report (BIR) from the United States Food and Drug Administration (USFDA). This implies the closure of the audit at this facility.
This facility had completed the USFDA audition with zero observations in June 2018.
It should be noted that this is not the same plant that received an outstanding warning letter in November 2015.
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