Lupin, PNB, Rail Vikas Nigam, Hero MotoCorp, and Others

The market continued its southward journey for the seventh consecutive session and closed at a two-month low on September 29, the expiry day for September futures & options contracts, tracking a negative trend in global peers. The BSE Sensex declined 188 points to 56,410, while the Nifty50 fell 40 points to 16,818.

Stocks in News

Lupin

The pharma company has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA), Mirabegron extended-release tablets, to market in the US. Mirabegron is a generic equivalent of Myrbetriq extended-release tablets of Astellas Pharma Global Development, Inc. The product will be manufactured at Lupin’s facility in Nagpur, India. The drug had estimated annual sales of $2403 million in the US as per IQVIA MAT data by June 2022. The drug is used for treatment of certain bladder problem.

Arvind SmartSpaces

The company said the board of directors have approved the consolidation of the partnership interest of the company in Ahmedabad East Infrastructure LLP (AEI LLP) from 51.43 per cent to 55.24 per cent and profit sharing in AEI LLP from 94.25 per cent to 98.00 per cent upon acquisition of entire partnership interest of Arvind Infrabuild LLP (AILLP) in AILLP.

Ircon International

The public sector enterprise has completed commissioning of doubling work of Hajipur- Bachhwara of 72 route Km including electrification. IRCON was appointed by East Central Railways for this work.

Bhageria Industries

The company said it has entered in a Share Purchase Agreement for sale of 100 per cent equity shares held in subsidiary Bhageria Exim Private Limited, for Rs 1 lakh. After the stake sale, Bhageria Exim will cease to be the wholly owned subsidiary of the company.

Punjab National Bank

The public sector bank has decided to sell its entire stake in Asset Reconstruction Company (ARCIL) at an agreed price. Its shareholding in ARCIL is 10.01 per cent as of now.

Rail Vikas Nigam

The company has received contract for construction of 4 lane highway from Samarlakota to Achampeta Junction, from National Highways Authority of India (NHAI). The contract is a part of Kakinada port to NH – 16 connectivity in Andhra Pradesh under Bharatmala Pariyojana on EPC mode at a cost of Rs 408 crore.

Hero MotoCorp

The company is finalising a collaboration agreement with Zero Motorcycles, the California (USA)-based manufacturer of premium electric motorcycles and powertrains. The collaboration will focus on co-developing electric motorcycles. The company’s board also approved an equity investment up to $60 million in Zero Motorcycles.

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