Cadila arm Alidac Pharma gets EIR for Ahmedabad unit
Cadila Healthcare, in its press note to the exchanges, informed that the manufacturing facility of Alidac Pharmaceuticals Ltd (Alidac), located at Pharmez, Ahmedabad has received an Establishment Inspection Report (EIR).
The USFDA had conducted a Pre-Approval Inspection (PAI) for Doxorubicin Liposomal, a complex oncological injectable at Alidac, the injectable onco manufacturing facility, from March 18 to March 26, 2019. There was also a separate in-vitro BE inspection conducted by the Office of Study Integrity and Surveillance branch of the USFDA for the same product, the company said in a press note to the exchanges on Saturday.
M&M buys 11.25% stake in Swiss agri-tech firm Gamaya
Automobile manufacturer Mahindra & Mahindra has signed a share subscription agreement to buy 11.25% stake in Gamaya SA, Switzerland, in the series B funding round for Rs30cr ($4.3mn), the company announced on Friday.
The farm equipment sector (FES) of the automaker has subscribed up to 300 common shares and 30,469 series B preferred shares of Gamaya. Gamaya operates in the precision farming industry. The move is expected to support M&M's farm division by developing technology solutions.
Berger Paints independent director resigns
Shares of Berger Paints were trading 1% down after its independent director Dhirendra Swarup has resigned as a nonexecutive, Independent Director of the Board on June 13, 2019, with immediate effect.
The detailed reason for the resignation of the independent director as given by Swarup is that he is not able to devote time to the Company due to other commitments. Swarup has confirmed that there is no other material reason for his resignation other than that provided by him, the company said in a press note on Monday.
Apollo Tyres stock jumps 8% after block deal
Shares of Apollo Tyres jumped 8% in the afternoon session on Monday in an otherwise weak market. The stock is among top gainers in the BSE Auto index.
About 1.9cr shares or 3.25% equity of the company changed hands in a block deal, as per media reports.
The BSE Auto index was down 1% at 17,932 levels. Maruti, M&M, Tata Motors, Bajaj Auto and Ashok Leyland were among top losers in the auto index.
Varun Beverages approves bonus issue
Varun Beverages, in its filing to the exchanges, informed that the company Board of Directors at their meeting held on Monday approved recommended Bonus Issue of Equity Shares.
Accordingly, the board approved Bonus Issue of Equity Shares in the proportion of 1 Equity Share of Rs10/each for every 2 (Two) Equity Shares of Rs10 each held by the shareholders of the company as on the record date. This will be subject to the approval of shareholders through Postal Ballot.
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