UltraTech gains after SC upholds sale of Binani Cement
Shares of UltraTech Cement were trading ~2% higher on Monday after media reports said that the Supreme Court has upheld UltraTech Cement's bid for Binani Cement and quashed Dalmia Bharat's plea.
The bench of Justices Rohinton Nariman and Navin Sinha rejected Dalmia’s plea challenging an order of the National Company Law Appellate Tribunal’s (NCLAT) verdict, saying that there is no infirmity in NCLAT’s decision with respect to Binani Cement deal.
Jet Airways' euphoria on Tata deal ends
The shares of Jet Airways fell by 6% after clarification from the company that the Tata-Jet deal is just speculative. The company has not made any disclosures regarding the same.
The company was in the headlines in the previous week amidst Tatas and Jet's top officials having a meeting to discuss and arrive at a conclusion for the deal.
As per media sources, Tata Sons Chairman N Chandrasekaran was in favor of the Jet Airways' acquisition; however, some say that group Chairman Emeritus Ratan Tata had reservations about it.
Dr.Reddy’s gains 2% as Srikakulum Plant receives zero observation
Shares of Dr.Reddy's Laboratories were trading 2% higher in Monday’s noon session as the US Food and Drug Administration (USFDA) concluded audit of its Formulations Srikakulum Plant (SEZ) Unit II, Andhra Pradesh with zero observations.
"The audit of our Formulations Srikakulum Plant (SEZ) Unit II, Andhra Pradesh by the US FDA, has been completed today with zero observations," the company said in a press note to exchanges on Friday after market hours.
Tata Investment’s buyback proposal gets board approval; stock gains 6%
Shares of Tata Investment Corporation gained ~6% in late morning trade on Monday after its board approved a proposal to buy back up to 45 lakh shares, or 8.17% of the total paid-up equity share capital of the company, for an amount not exceeding Rs450cr at Rs1,000 per equity share.
"The proposal is to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism," the company said in a press note to exchanges on Friday after market hours.
M&M to hike price of Marazzo from January 1, 2019
Mahindra & Mahindra Ltd. (M&M), part of the $20.7 bn Mahindra Group, announced that effective January 1, 2019, it will increase the price of the Marazzo by Rs30,000-40,000.
According to Veejay Ram Nakra, Chief of Sales and Marketing – Automotive Division, Mahindra & Mahindra, “As mentioned at the launch, the price of Marazzo was an introductory one. Effective January 1, 2019, we will be taking a price hike on the Marazzo, after a reasonable period of 4 months from its launch.”
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