- Dr Reddy’s Laboratories Ltd, Glenmark Pharma Ltd: Glenmark Pharmaceuticals Ltd has agreed to divest some of its anti-allergy medicine brands in Russia, Ukraine, Kazakhstan, and Uzbekistan to Dr Reddy’s Laboratories Ltd for an undisclosed amount, the two companies said in a statement to the stock exchanges on Saturday. The deal includes rights to the trademarks, dossiers and patents for the respective countries, and is "subject to completion of certain precedent actions and closing activities”, the companies said.
- Reliance Industries Ltd: The refiner and its joint venture partner BP Plc are investing about Rs40,000cr in the second wave of discoveries, which also include Satellite and MJ fields, media reports suggested citing unnamed sources.
- Dewan Housing Finance Ltd: Adani Group has indicated it can improve on its Rs33,000cr takeover offer for cash-strapped DHFL and has sought forfeiture of deposits of bidders seeking to vitiate auction by questioning maximum recovery of public money. In an email written to the administrator, who is running the DHFL auction under the insolvency process, the Adani Group said its "intent has always been to provide an unconditional offer and potential value maximization for all the stakeholders and at the same time ensuring an expeditious consummation of the process".
- Max Financial Services Ltd: The entity of Max Group said that Insurance Regulatory and Development Authority of India (IRDAI) has approved the proposal to swap Mitsui Sumitomo's stake in Max Life Insurance with shares of the company. Following the regulatory approval, MFSL will now proceed for the implementation of the share swap transaction, which entails swapping Mitsui Sumitomo's 20.6% stake in Max Life Insurance with 21.9% stake in MFSL. MFSL will issue and allot 7.54cr shares of Rs 2 each at a price of Rs565.11 per equity share on a preferential allotment basis to Mitsui Sumitomo, MFSL said in a statement to the stock exchanges.
- New Delhi Television Ltd: Regulator Sebi has barred NDTV promoters, Prannoy Roy and Radhika Roy, from the securities market for two years and also directed them to disgorge illegal gains of more than Rs16.97cr for indulging in insider trading more than 12 years ago. Besides, the watchdog has barred seven individuals and entities for insider trading in the shares of the company for a period varying from one to two years.
- Unichem Labs Ltd: The drugmaker said it received USFDA approval for Atenolol and Chlorthalidone tablets, generic version of TENORETIC. The tablets are used to treat hypertension, lower blood pressure. The product will be commercialized from Unichem's Ghaziabad Plant, the company said in a statement to the stock exchanges on Sunday.
- Indiabulls Housing Finance Ltd: The mortgage lender said it has raised approximately Rs93 cr by selling a portion of its stake in OakNorth Holdings Ltd. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company, IBHFL said in a statement to the stock exchanges. In September, IBHFL had sold a portion of its stake in OakNorth Holding Ltd to HighSage Ventures LLC for Rs440cr.
- DLF Ltd: The realtor has sold nearly 90 independent floors worth over Rs300cr in Gurugram and plans to launch more such projects as demand for premium residential properties has revived in last few months. The company plans to launch independent floors in DLF Phase I-IV at Gurugram, New Gurugram and Panchkula among others.
- Lakshmi Vilas Bank: LVB has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd. The moratorium imposed on LVB was lifted from 27th November 2020 and banking services were restored immediately with all branches, digital channels and ATMs functioning as usual.
- Burger King IPO: The Quick service restaurant chain set a price band of Rs59-60 per share for its Rs810 crore initial public offering (IPO) opening on 2nd December. Net proceeds from the fresh issue are proposed to be utilized for funding the rollout of new company-owned Burger King Restaurants by way of - repayment or prepayment of outstanding borrowings of the company and for general corporate purposes.
Let us look at the developments which took place on the global front: U.S. indices traded lower on Monday as investors booked profits after the blistering rally in the past week. The Dow Jones Industrial Average fell 332.49 points, or 1.11%, to 29,577.88 while the S&P 500 lost 24.84 points, or 0.68%, to 3,613.51. The Nasdaq Composite slipped 42.82 points, or 0.37%, to 12,161.49.
Wall Street stocks retreated Monday, ahead of key economic data releases later in the week. This week's economic calendar includes the November jobs report, as well as reports on activity in the manufacturing and services sectors.