Prabhat Diary board approves scheme of amalgamation between Cheese Land Agro and itself
The Prabhat Diary board at its meeting held on 13th February has approved the scheme of amalgamation and arrangement under section 230-233 of the Companies Act, 2013 for the merger of Cheese Land Agro (India) Private subsidiary of the Company, with itself, subject to such approvals as may be required.
Prabhat diary made the announcement in an exchange filing on Friday morning. Reacting to the news, shares of the company spurted ~3% intraday.
Dr. Reddy's Lab gains 2% after USFDA completes audit at Shrevepmi Plant
Shares of Dr. Reddys Lab gained in the afternoon session after the pharma company received zero observations for its plant. The US drug regulator (USFDA) completed the audit of the drugmaker�s Louisiana plant with zero observations, as per an NSE filing.
Dr. Reddy�s Laboratories Ltd is currently trading at Rs2,636 up by Rs50.5 or 1.95% from its previous closing of Rs2,585.50 on the BSE. The scrip opened at Rs2,614.80 and has touched a high and low of Rs2,642.35 and Rs2,558 respectively.
Kaveri Seed Company stock down on license suspension
Kaveri Seed Company shares were trading in the red on Friday erasing gains made earlier in the day. Shares of the company were trading down ~1% after the company mentioned in an exchange filing that the government of Andhra Pradesh has suspended the licenses of 14 seed companies including that of Kaveri Seed Company on 28th January, 2019.
The company, however, mentioned that the suspension will have no impact on the budgeted sales of the company.
Kaveri Seed Company Limited is an India-based seed company. The Company is engaged in the production, processing and marketing of hybrid seeds.
Kotak Mahindra Bank stock slips 4% after block deal
Kotak Mahindra Bank slipped in morning trade on the NSE. Around 5.87cr shares or 3% equity shares changed hands in a block deal, as per media reports. Meanwhile, the buyers and sellers were not immediately known.
Earlier today, media reports suggested that ING would be selling stake in the bank.
KMB has presence across all financial verticals including banking, securities, investment banking, asset management, consumer finance and life insurance.
Piramal extends gain; climbs ~2% on getting exemption for Saridon
Piramal Enterprises extended gains from Thursday after it announced in an exchange filing that the Supreme Court of India has ruled in favor of Saridon, a heritage brand from the healthcare product portfolio of Piramal Enterprises Limited (PEL), exempting its formulation from the list of banned FDCs. Shares of the company gained ~1.5% in early morning trade on Friday.
After selling its domestic pharma business in 2010, Piramal Enterprises (PEL) has successfully diversified and grown its business. PEL�s loan book in the financial services business is expected to grow at 47% CAGR over FY18-20E with a healthy ROE. PEL is targeting entry in the housing finance market in Pune, Surat, and Nashik in the coming years.
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