Stocks to Watch: Sun Pharma, Adani Green, Emami, Uno Minda, NLC India
Sun Pharmaceutical: The drug major will buy out local partner Indi Pharma from its Mexican arm for over ₹75 crore. The company has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75%. Adani Green & Adani Energy: Abu Dhabi conglomerate International Holding Company on Thursday said it will sell its stake in two of India's Adani Group companies, a move that comes as billionaire Gautam Adani's business continues its battle against fraud allegations, Reuters reported.
The IHC held over 1% stakes in two Adani group companies. The value of its holdings in these two firms stood at ₹3,327 crore. Emami: The homegrown FMCG major announced entering the health juice category, with the acquisition of a 26% stake in Axiom Ayurveda Pvt Ltd., which markets a range of beverages under the brand name AloFrut.
The deal size was not disclosed. Saregama: The RP-Sanjiv Goenka Group-owned music label has acquired a majority stake in digital entertainment company Pocket Aces Pictures Pvt Ltd. Saregama will acquire 51.8% shares for ₹174 crore with a clear path to further acquire another 41% stake in the next 15 months at pre-agreed multiples.
The transaction is an all-cash deal. SBI Life: The life insurance firm has got board approval for the appointment of Amit Jhingran as the managing director and CEO, effective from 1 October. The incumbent Mahesh Kumar Sharma will assume the role of deputy managing director at SBI, Corporate Centre.
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