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Dr. Reddy's enters into settlement agreement with Indivior Inc, Indivior UK and Aquestive Therapeutics.
Dr. Reddy's will receive payments totaling $72 million by March 31, 2024.
The agreement resolves all claims between the parties related to Dr. Reddy's generic buprenorphine and naloxone sublingual film. As part of the settlement, the underlying litigation will be dismissed.
Source: Exchange filing
Transport Minister Nitin Gadkari has approved the draft GSR notification to introduce Bharat NCAP.
Automobiles in India will now be accorded star ratings based upon their performance in crash tests.
Gadkari said Bharat NCAP will be aligned with global crash test protocols factoring in existing Indian regulations, allowing OEMs to get vehicles tested at India’s in-house testing facilities.
Source: PIB
Shares of water pumps and electric motors maker Shakti Pumps rose nearly 8% following a 4.7% rise on Thursday.
Trading volume is 7.5 times the 30-daya verage. Share price crossed above 100-day moving average, indicating potential upward price momentum.
In an interview to ET NOW on Thursday, Managing Director of Shakti Pumps, Dinesh Patidar said that the dealy in the monsoon will increase the demand for solar pumps.
The company's MD also added that strong demand is being seen in central and northern India.
Source: ET NOW, Bloomberg
ICICI Bank Offers Among The Best Risk-Reward Globally, Says Jefferies
The broader indices outperformed their larger peers with MidCap and SmallCap gauges gaining 1%. Barring Information Technology and Teck indices, all the other 17 sectoral indices compiled by BSE advanced with Telecom index rising over 2%.
The market breadth is skewed in the favour of bulls. About 2,256 stocks rose, 901 fell and 141 remained unchanged.
Inflation Accountability Under RBI Act Lends Credibility To Monetary Policy: Michael Patra
Shares of Spandana Sphoorty Financial rose over 9.5% in intraday trade. The stock gained nearly 20% on Thursday.
The uptick comes after the company informed exchanges after market hours on Wednesday that it resolved all differences with promoter and former MD Padmaja Gangireddy.
The two parties have signed a settlement agreement. Trading volume is more than 27 times the 30-day average. All five analysts tracking the company maintain 'buy'.
Source: Exchange filing, Bloomberg
Shares of Tata Power Co rose over 2.25%, the most in three days.
Tata Power has announced a nation-wide plan to set up EV charging stations from North to South and from East to West over next three to five years, reported Economic Times citing Tata Power CEO Praveer Sinha on Friday.
Tata Power has already announced partnerships with Tata Motors to develop charging ecosystem and home chargers to individual vehicle owners.
Of the 24 analysts tracking the company, eight suggest 'buy', five recommend 'hold' and 11 maintain 'sell'. The return potential of the stock is 14.3%.
Source: The Economic Times, Bloomberg
Shares of Max Healthcare rose over 2% at the open before erasing gains.
Kotak Institutional Equities has initiated coverage of the stock with an 'add' rating. The target price is set at Rs 410, an implied return of 12%.
Kotak notes that Max Healthcare stand out among its peers due to best-in class operating metrics, focus on cost control and capital efficiency. The brokerage also expect Max Healthcare to delilver 14.9% Ebitda CAGR over FY2022-26E.
Kotak Institutional Equities estimate the company to generate health Rs 18,300 crore free cash flow over FY2023-26E.
All the nine analysts tracking the company maintain 'buy'. The return potential of the stock is 18.4%.
On Monday, Jefferies retained 'buy' on the stock and kept price target unchanged at Rs 425 (implied upside of 17.27%).
Source: Kotak Institutional Equities note, Bloomberg
Toyota Motor Corp and Suzuki Moto Corp will start production of new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt Ltd. from August.
Maruti Suzuki India and Toyota Kirloskar Motor will market the new model in India as Suzuki and Toyota models, respectively.
Source: Toyota Motor statement
The broader indices almost mirrored their larger peers. All 19 sectoral indices compiled by BSE Ltd. advanced with Energy, FMCG, Finance, Telecom, Utilities, Bankex, Capital Goods, Consumer Durables and Power indices climbing over 1%.
The market breadth is skewed in the favour of bulls. About 1,739 stocks rose, 358 fell and 76 remained unchanged.
Yield on the 10-year bond rose 2bps to 7.43%, at the open.
Source: Bloomberg
Rupee rose 0.13% (10 paise) to 78.21 at the open.
Source: Bloomberg
Accenture’s Q3 Beat Bodes Well For Indian IT, High Attrition A Concern: Analysts
Hero MotoCorp: India's largest two-wheeler maker has increased ex-showroom prices of its scooters and motorcycles by up to Rs 3,000, effective from July 1.
Tata Steel: Tata Steel Mining Ltd., a wholly owned subsidiary, has completed acquisition of 10% stake in Rohit Ferro-Tech for Rs 20.6 crore.
ONGC: ONGC Videsh, a wholly owned subsidiary, has made an oil discovery in a recently drilled well in Llanos Basin, Colombia.
HCL Technologies: The company has announced the opening of its new delivery centre in Vancouver, Canada.
DCM Shriram: The company has approved equity investment of Rs 65 crore for a 26% stake in a special purpose vehicle to be created for setting up a wind-solar hybrid renewable power project.
Jammu & Kashmir Bank: To consider capital raising on June 28.
Thermax: First Energy, a wholly owned subsidiary, has acquired Jalansar Wind Energy and Kanakal Wind Energy for Rs 1 lakh each.
Systematix Corporate Services: Promoter Chandra Prakash Khandelwal was arrested under Section 3 and 4 of the Prevention of Money Laundering Act, 2002. It would have no impact on the company as the matter does not pertain to it.
Unitech Ltd.: The Enforcement Directorate has attached the company's real estate properties worth Rs 257 crore.
Delhivery: Morgan Stanley initiated coverage with 'equal-weight/in-line', price target set at Rs 540, an implied upside ot 7.85%.
Stocks rose in Asia Friday amid a global bond rally, as investors reassessed expectations for inflation and interest-rate hikes on escalating fears of an economic downturn.
Equities gained in Japan and South Korea but fell in Australia after US shares closed near session highs, adding more than 3% over three days.
As of 7:30 am, the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--rose 0.54% to 15,649.
Oil rebounded to about $105 a barrel. Elsewhere, Bitcoin scaled $21,000.
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