Market at 11 AMBenchmark indics extended the losses and trading at day’s low with Nifty around 17550.The Sensex was down 646.06 points or 1.08% at 59000.09, and the Nifty was down 197.40 points or 1.11% at 17561.10. About 1069 shares have advanced, 2042 shares declined, and 140 shares are unchanged.
TCS bags order from Absa Corporate & Investment Bank
Tata Consultancy Services (TCS) announced that Absa Corporate and Investment Bank has selected the TCS BaNCS Global Securities Platform to transform and modernize its investor services offerings and enrich customer experience across the trade and corporate actions lifecycle in South Africa.
Tata Consultancy Services was quoting at Rs 3,372.00, down Rs 13.25, or 0.39 percent.
Operations at Goa Carbon’s Bilaspur Unit temporarily shut down
The operations at Goa Carbon’s Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has been temporarily shut down for maintenance work from 19th August 2022.
Goa Carbon was quoting at Rs 426.35, down Rs 9.50, or 2.18 percent.
Gold prices today: Yellow metal to stay range-bound, trade with negative bias ahead of Fed Powell’s speech
Tapan Patel, Senior Analyst (Commodities), HDFC Securities expects gold prices to trade sideways to down for the day with COMEX spot gold support at $1730 and resistance at $1760 per ounce. MCX Gold…
JUST IN | All states except J&K & Mizoram are allowed to trade on power exchanges: Sources
Nifty Pharma index shed 1 percent dragged by the Divis Laboratories, Glenmark Pharma, Gland Pharma
Buzzing:The Adani Group is likely to launch next week an open offer worth Rs 31,000 crore to acquire 26 per cent stake each in Swiss firm Holcim’s two Indian listed entities Ambuja Cements and ACC, from public shareholders. In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for $10.5 billion.
BSE Auto index slipped 1 percent dragged by the Tube Investments of India, Ashok Leyland, Hero MotoCorp
L&T bags order
The Hydrocarbon-Onshore division of L&T’s Energy Business has secured a large contract from Indian Oil Corporation (IOCL).
IOCL is implementing the Panipat Refinery Expansion (P-25) Project to enhance refining capacity from 15 MMTPA to 25 MMTPA to meet the growth in demand of petroleum products and to increase their profitability and competitiveness in the long run.
Larsen & Toubro was quoting at Rs 1,926.20, down Rs 9.65, or 0.50 percent.
Greenlam Industries starts commercial production at Gujarat manufacturing facility: Greenlam Industries’ laminate manufacturing facility situated at Village Oran, TaIuka Prantij, District Sabarkantha, Gujarat (currently having installed capacity of 3.4 million laminate sheet per annum) has commenced commercial production w.e.f. August 20, 2022, which has a potential to generate revenue of Rs 150 crore per annum on full capacity utilization. With this the present installed capacity of the company for laminates has become 19.02 million laminate sheets per annum.
Market at 10 AMBenchmark indices were trading at day’s low with Nifty below 17600.The Sensex was down 537.70 points or 0.90% at 59108.45, and the Nifty was down 172.60 points or 0.97% at 17585.90. About 1015 shares have advanced, 1953 shares declined, and 143 shares are unchanged.
Wockhardt closes manufacturing facility at Illinois in US
As already disclosed by Company in its earlier communications, and in view of the changed pharmaceutical market situation in the United States, the management had initiated various cost optimisation measures, including restructuring its USA business model, inter alia, by closing down its manufacturing facility in Illinois, USA and undertaking its business in USA through Contract manufacturing the products sold by it in US/North America by engaging USFDA approved manufacturing partners meeting the superior quality standards acceptable to the company.
In line with the above, the Company has now engaged multiple USFDA approved manufacturing partners, after thorough due diligence and inspection of their facilities, to manufacture various products of the Company for sale in US/ North America under the same brand and Wockhardt name.
Further, the Company is relieving all its staff who were directly engaged by our US subsidiary in its plant in connection with the manufacturing process in a phased manner and in full compliance with the applicable local laws.
The Company believes, that this new arrangement is in the best interest of the Company as this will help the Company to avoid the manufacturing and quality management cost completely resulting in significant savings in operating and overhead cost while allowing the management to completely focus on penetrating and expansion of the market share of its products in US/ North America.
In view of the above and since the concerned site was under 483 observations and warning letters from US FDA, the Company has entered into a Consent Decree with DoJ which resolves and settles all matters with the US FDA, whereby the Company shall stop all manufacturing activities at the plant for the present. There is no financial compensation in the Consent Decree.
Wockhardt was quoting at Rs 267.10, up Rs 3.90, or 1.48 percent on the BSE.
