Buzzing Stocks: Adani Wilmar, Lupin, Sun Pharma, BHEL, Som Distilleries & others in news

Adani Wilmar: The company announced that it delivered “strong” volume growth in “double-digits”, on the back of large opportunities in packaged staple foods and strong execution. Rural sales have been growing at a faster rate due to a higher focus on increasing the rural distribution network, it said. The Food & FMCG business continued to grow rapidly, with segment revenue growth of around 25 percent YoY and an underlying volume growth of 18 percent for the quarter on a standalone basis, the company said.

Sun Pharma: The company said that it has decided to acquire a 37.76 percent stake in Ezerx Health Tech Private Limited, which is engaged in the production, marketing, and distribution of non-invasive diagnostic and ancillary medical devices. The acquisition will cost about Rs. 29 crore.

Lupin: The company said that it has received tentative approval from the United States Food and Drug Administration (US FDA) for Tolvaptan Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg, to market a generic equivalent of Jynarque Tablets, 15 mg, 30 mg, 45 mg, 60 mg, and 90 mg, of Otsuka Pharmaceutical Co., Ltd. This product will be manufactured at Lupin’s Nagpur facility in India. Tolvaptan Tablets (RLD Jynarque®) had estimated annual sales of USD 287 million in the US.

Valiant Laboratories: The pharma company is set to debut on the bourses on October 6. The issue price is Rs. 140 per share. The date of allotment is October 4.

JLR: Wholesale volumes were at 96,817 cars (excluding the Chery Jaguar Land Rover China JV), up 29 percent from the year-ago quarter and 4 percent higher from the April-June period, notwithstanding the annual two-week summer plant shutdown. Wholesale volumes for the first half of the financial year were 190,070, up 29 percent from the year-ago period.

KPI Green: The company has received new orders aggregating to 12.10 MW for executing solar power projects, out of which 3.10 MW capacity is undertaken by KPI Green Energy Limited and 9 MW capacity by M/s. Sun Drops Energia Private Limited, a wholly owned subsidiary of the company under ‘Captive Power Producer(CPP)’s Segment of the Company It did not specify the monetary value of the order.

Bharat Heavy Electricals Ltd. (BHEL): The company announced that it has received two awards in arbitration proceedings against Jaiprakash Power Ventures Limited in two separate cases.

Som Distilleries: The company said its board has authorised the opening of the issue as of October 5, 2023, and approved the floor price of Rs 349.24 for the issue.

JCT Limited: Kapil Raj Luthra, Chief Financial Officer of JCT Limited, has tendered his resignation “with immediate effect” as of October 3, 2023, due to personal reasons.

Morarjee Textiles: Amresh Narayan resigned from the post of Whole-Time Director and Chief Executive Officer (CEO) of the company w.e.f. October 4, 2023 “with immediate effect”.

Organic Recycling Systems: The waste management solutions company will list its equity shares on the BSE SME on October 6. The issue price is Rs 200 per share. The shares will be available for trading in the trade-for-trade segment for the next 10 days.

Vinyas Innovative Technologies: The engineering, and electronics manufacturing services company will make its debut on the NSE Emerge on October 6. The offer price is Rs 165 per share. Its equity shares will be available for trading in the trade-for-trade segment.

Cantabil Retail: The company said that the Board of Directors of the company is scheduled to meet on Saturday, October 21, through video conferencing to, inter alia, consider and approve the record date for the purpose of Stock split or sub-division.