Top gainer: M&M 2,931 ▲ 133 (+4.7%)
Top loser: Grasim 2,720 ▼ 18 (-0.6%)
RITES Limited gained 12% as stock trades ex-bonus, ex-dividend
Shares of railway public sector undertaking (PSU) RITES Ltd surged as much as 12.37% on Friday, September 20, after the stock started trading ex-dividend and ex-bonus. RITES shares hit the day’s high of ₹384 apiece on the National Stock Exchange (NSE) compared with its previous close of ₹683.45 apiece on Thursday (₹341.7 after adjusting to the 1:1 bonus issue). Notably, the company in July had announced a 1:1 bonus issue, wherein eligible shareholders would get one additional equity share of ₹10 each for every one existing equity share of ₹10 held by them. The company had earlier also announced a final dividend of ₹5 per share, or 50%, for the financial year 2023-24. Read more
Abbot India signs non-exclusive patent license agreement to market Vonoprazan under the brand name Vonefi
Abbott India announced that the company has signed a non-exclusive patent license agreement with Takeda Pharmaceuticals. The patent license agreement will allow Abbott India to commercialise Vonoprazan which is a novel molecule in the gastrointestinal therapy area. Following the announcement, shares of Abbott India were trading lower by 0.29% at ₹27,885 per share. The company stated that it will market and distribute Vonoprazan in India under the brand name ‘Vonefi’. Vonoprazan is a potassium competitive acid blocker (PCAB) that helps in addressing severe acid-related disorders including reflux esophagitis. The company stated that the dose for the drug is once daily. Read more
ITD Cementation shares surge 17% amid reports of stake acquisition by Adani Group for over ₹5,888 crore
The Adani Group is likely to acquire the 46.64% stake in ITD Cementation India through Adani Enterprises Ltd (AEL) for ₹5,888.57 crore, according to a media report. The company plans to enhance its civil engineering capabilities, the report said, citing sources privy to the matter. Shares of ITD Cementation surged 17% to ₹552 apiece on the NSE after reports of Adani Group’s plan to acquire the promoter’s stake in the company. The Adani Group is likely to acquire 46.64% stake in ITD Cementation India through Adani Enterprises Ltd (AEL) for ₹5,888.57 crore, according to a report by the Economic Times. Read more