Stocks to Watch: Suven Pharma, Vedanta, Radico Khaitan, IHCL, Titan
Suven Pharmaceuticals: Global private equity firm Advent International has merged two of its pharmaceutical portfolio firms, Cohance Lifesciences and Suven Pharmaceuticals, according to a joint announcement. The merged entity will have three distinct business units – Pharma CDMO, Spec Chem CDMO, and API+ (inclusive of formulations), the release said. For every 11 shares of Suven, 295 shares of Cohance will be allotted, as per the terms of the merger.
“The new shares of Suven so issued will be traded on the NSE and BSE. Advent entities shall own around 66.7% stake and the public shareholders will hold around 33% stake in the merged entity. This ratio is pre-ESOP dilution," the firms clarified in the release.
Vedanta: In a major blow to mining conglomerate Vedanta, the Supreme Court rejected the firm’s appeal to restart its Sterlite Copper smelting plant in Thoothukudi, Tamil Nadu. The apex court affirmed the Tamil Nadu Pollution Control Board (TNPCB) and the 2020 verdict of the Madras High Court to cease operations at the plant due to environmental regulation breaches. The facility was closed after violent demonstrations in 2018 resulted in 13 fatalities.
Radico Khaitan: The makers of Rampur single malt whiskey is witnessing significant growth, driven by a strategic shift towards premium and luxury segments. The focus on high-margin products has resulted in a nearly six-fold increase in shareholder value, from ₹4,500 crore to ₹24,000 crore, managing director, Abhishek Khaitan told Mint in an exclusive interaction. To cater to this significant demand for Indian single malts, the company has tripled its plant capacity over the years, and has expanded its permium product portfolio.
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