Morgan Stanley View on Sun Pharma:
Morgan Stanley has maintained overweight rating on Sun Pharma with a target at Rs 1,002 per share.
Research firm expect momentum in earnings and scale-up in global specialty business. However, delay in Halol remediation is a damper.
Halol observations will delay approval of key filings from this site¸ reported CNBC-TV18.
Sun Pharmaceutical Industries was quoting at Rs 856.40, down Rs 5.20, or 0.60 percent on the BSE.
Jubilant FoodWorks completes acquisition of 49% stake in Jubilant Golden HarvestJubilant FoodWorks has completed the acquisition of 49% stake from Golden Harvest QSR in Jubilant Golden Harvest on May 10, 2022 at an aggregate consideration amounting to BDT 389,015,160 (Bangladeshi Taka Three Hundred and Eighty Nine Million Fifteen Thousand One Hundred and Sixty Only)(equivalent to Rs 34.02 crore) and certain post-closing intimations and registrations with the regulatory authorities are being undertaken. Post-acquisition, company’s stake in JGHL increased from 51% to 100% (with 1 share of JGHL being held by a nominee of the in order to comply with local law requirements in Bangladesh).
BSE Realty index plunged 2 percent dragged by Indiabulls Real Estate, Sunteck Realty, Brigade Enterprises:
Credit Suisse keeps outperform rating on Cipla
The brokerage house Credit Suisse has kept an outperform rating on Cipla and cut the target price to Rs 1,100 from Rs 1,150 per share.
The FY23 margin guidance is a tad lower as Advair approval is still expected.
The FY22-24 EPS compound annual rate is strong at 17%, CNBC-TV18 reported.
Nearly 200 stocks hit 52-week low on BSE including Ajanta Pharma, Aarti Industries, Sanofi India. Click to get Complete List
MTAR Technologies approves acquisition of Gee Pee Aerospace & Defence
MTAR Technologies share price shed nearly 2 percent after company approved the acquisition of shares of Gee Pee Aerospace & Defence, an MSME company, for Rs 8.82 crore.
This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content.
MTAR Technologies was quoting at Rs 1,384.15, down Rs 21.10, or 1.50 percent on the BSE.
Nifty Smallcap 100 index fell 4 percent dragged by Indiabulls Housing Finance, Welspun India, Gujarat Narmada Valley Fertilizers And Chemicals
Market at 1 PMBenchmark indices extended the losses with Sensex and Nifty trading at day’s low.The Sensex was down 678.65 points or 1.25% at 53686.20, and the Nifty was down 197.20 points or 1.21% at 16042.80. About 448 shares have advanced, 2679 shares declined, and 86 shares are unchanged.
Adani Ports board meeting rescheduled on May 24Adani Ports and Special Economic Zone has informed that the board meeting is rescheduled to 24th May, 2022 to consider and approve the Audited Financial Results for the quarter and year ended 31st March, 2022 and to recommend divided on Equity Shares, if any.Adani Ports and Special Economic Zone was quoting at Rs 752.20, down Rs 19.10, or 2.48 percent on the BSE.
Jefferies view on Cipla
The broking firm Jefferies has maintained a buy rating on Cipla but cut the target price to Rs 1,165 from Rs 1,205 per share.
The revenue/adjusted EBITDA was 5/6% above estimates.
FY23 US outlook is healthy with Revlimid, Abraxane and Advair generics in pipeline, CNBC-TV18 reported.
Tata Motors unveils subcompact sport utility vehicle Nexon EV Max in India
Tata Motors has launched a long-range version of the Nexon EV in the Indian market on May 11 called the Nexon EV Max which is top of the line among subcompact sport utility vehicles (SUVs). Click To Read More
Tata Motors was quoting at Rs 380.70, down Rs 11.00, or 2.81 percent