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Mid Session

RIL, Lupin, DLF in focus
(08:40, 28 Dec 2020)

Shares of Reliance Industries (RIL) will be in focus. RIL has entered into definitive agreements to acquire the shares held by IMG Singapore Pte. Ltd in IMG-R, for a cash consideration not exceeding Rs 52.08 crore. Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company. IMG Reliance (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and RIL. IMG Singapore Pte. Ltd., a wholly owned subsidiary of IMG, holds 50% of the share capital of IMG-R. IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.

Lupin announced that it has received tentative approval for its Efinaconazole Topical Solution, 10%, from the United States Food and Drug Administration, to market a generic equivalent of Jublia Topical Solution, 10%, of Bausch Health Americas, Inc.

Shares of DLF will be watched. DLF Cyber City Developers (DCCDL), the rental arm of DLF Group, has entered into a Securities Purchase Agreement with funds managed by Hines (Hines) for acquisition of their stake in Fairleaf Real Estate “Fairleaf”, which owns and operates One Horizon Center. The purchase consideration for this acquisition is approximately Rs 780 crore.

Coal India's board has accorded approval to venture into aluminium value chain (mining-refining-smelting) and solar power value chain (Ingot-wafer-cell-Module-and-generation).

Zydus Cadila announced that its plasmid DNA vaccine to prevent COVID-19, ZyCoV-D was found to be safe, well tolerated and immunogenic in the Phase I/II clinical trials. The company is now planning to initiate Phase III clinical trial in around 30,000 volunteers upon receiving necessary approvals.

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