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EquityPandit

EquityPandit
BUSINESSINDIA

Government Renews Licences of MoC, PHFI

The government said that the licences of Missionaries of Charity (MoC) and Public Health Foundation of India (PHFI) were renewed under section 32 of the Foreign Contribution Regulation Act (FCRA), 2010. The law presents a revision of any order issued by the government against any person registered under the Act.


“Since November 2021, the FCRA certificate of PHFI, New Delhi, and MoC was renewed by way of revision,” Minister of State for Home Nityanand Rai said in the Lok Sabha. He noted that FCRA registrations were not cancelled, but “about 5,800 FCRA registered organisations had not submitted their applications for renewal within the given time in agreement with the provisions of the FCRA 2010.”


“FCRA registration of these organisations has been terminated as per section 12 of FCRA. The Central Government has given relaxations for the validity of registration certificate of NGOs expiring between September 29, 2020, to December 31, 2021, had been extended up to March 31, 2022,” the order said.

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MARKETS

Aurobindo Pharma Shares Surge 4% as Arm Secures Final USFDA Approval 

Ali Waghbakriwala

Share of Aurobindo Pharma Ltd surged 4% on 23 April after the company’s wholly-owned subsidiary announced securing final approval from the US Food and Drug Administration (USFDA). 

In its regulatory filing, the company said that its wholly-owned subsidiary, Eugia Pharma Specialities Ltd, received final approval from the USFDA to manufacture and market Dasatinib tablets that are used to treat leukaemia in adults and kids. 

In its exchange filing, the company stated that Dasatinib Tablets may also be prescribed for: 

  • Newly diagnosed adults with Philadelphia chromosome-positive (Ph+) chronic myeloid leukaemia (CML) in the chronic phase. 
  • Adults with chronic, accelerated, or blast phase (myeloid or lymphoid) Ph+ CML who are resistant or intolerant to previous treatments including imatinib.
  • Adults with Ph+ acute lymphoblastic leukaemia (ALL) who are facing resistance or intolerance to prior therapies.

The approved medication targets an estimated market valued at $1.8 billion for the 12-month period ending February 2025.

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The company aims to roll out Dasatinib in the first quarter of FY26.

Additionally, earlier this month, the Hyderabad-based pharmaceutical firm received final approval from the USFDA to manufacture and market Rivaroxaban Tablets USP, 2.5 mg, which is the generic version of Janssen Pharmaceuticals’ blockbuster drug Xarelto 2.5 mg.

The company plans to introduce this product in the first quarter of FY 25-26.

At 1:52 pm, the shares of Aurobindo Pharma were trading 4.58% higher at Rs 1,242.10 on NSE. 

Ask the analyst & get instant answer about Aurobindo Pharma Ltd.

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MARKETS

PNC Infratech Shares Soar 3% on Securing Order for Flyover 

Ali Waghbakriwala

Shares of PNC Infratech Ltd soared 3% higher on 23 April after the company was declared the L1 (Lowest Bidder) for the building of a flyover in Rajasthan at a quoted price of Rs. 239.94 crore.

According to an exchange filing, the project calls for the construction of a flyover from Heeradas Chouraha to Kumher Gate Chouraha in Bharatpur City, Bharatpur, on an EPC (engineering, procurement and construction) basis.

The project, scheduled to be completed in 24 months, aims to increase connectivity in the Bharatpur region.

The company is engaged in India’s infrastructure development by constructing highways, including BOT (built, operated, and transferred) and HAM (Hybrid Annuity Model) projects, airport runways, bridges, flyovers, and power transmission facilities.

At 1:02 pm, the shares of PNC Infratech were trading 0.21% higher at Rs 279.20 on NSE.

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MARKETS

Suzlon Shares Turn Green on Securing 378 MW Order from NTPC Green 

Ali Waghbakriwala

Shares of Suzlon Energy Ltd turned green and were trading 1% higher on Wednesday, 23 April, after the company announced that it has secured an additional 378 megawatt (MW) order from state-run NTPC Green Energy Ltd.(NGEL), expanding its largest cooperation with them.

Suzlon Energy has now received its second order from NTPC Green Energy in the previous eight months. Suzlon’s overall order with NTPC Green Energy now stands at 1,544 megawatts.

Suzlon will supply 120 S144 Wind Turbine Generators (WTG) with Hybrid Lattice Towers (HLT), each with a rated capacity of 3.15 MW under the new deal. This project will be carried out in Karnataka’s Gadag region.

The company will also be responsible for the project’s foundation, installation, and commissioning, as well as maintenance and services.

Suzlon Group Vice Chairman Girish Tanti said, “As NGEL aims to expand its renewable energy portfolio to 60 GW by 2032, this partnership lays a crucial foundation for showcasing the key role of wind in powering India’s largest PSU’s renewable journey by providing high‐quality, affordable power.”

NTPC Green Energy awarded Suzlon Energy its highest wind energy order of 1,166 MW in September of last year.

At 12:13 pm, the shares of Suzlon Energy were trading 0.79% higher at Rs 59.74 on NSE.

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MARKETS

Ashoka Buildcon Shares Rally 4% on Securing Order from Central Railway 

Ali Waghbakriwala

Shares of Ashoka Buildcon Ltd rallied 4% in early trading on 23 April after the company obtained a Letter of Acceptance (LoA) from Central Railway for a Rs 568.86 crore project.

In its regulatory filing, the company said, “We have received LOA for the project including construction of earth work, major bridges, minor bridges, rubs, P. way work and miscellaneous civil works in connection with gauge conversion work from Pachora- Jamner (Approx. 53.3 Km) excluding Pachora Yard and Road Over Bridges.”

The Engineering, Procurement, and Construction (EPC) contract will be completed in 30 months.

Earlier this month, the company sold 51% of its shareholding (2,550 equity shares) in Prakashmaan Renewable Energy to Sunbreeze Renewables for a total consideration of Rs 1,98,00,000.

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On 10 March, the company received a letter of authorization (LOA) from Maharashtra State Electricity Transmission Co. (MSETCL) for a Rs 311.92 crore project.

Ashoka Buildcon is a prominent highway developer in India, known for its expertise in Engineering Procurement and Construction (EPC), Build Operate and Transfer (BOT), and Hybrid Annuity Model (HAM) projects. The company has successfully completed several high-profile road and highway projects across the country.

At 11:26 am, the shares of Ashoka Buildcon were trading 1.60% higher at Rs 201.20 on NSE. 

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MARKETS

Stocks in Focus: Waaree Renewables, Ambuja Cements, PNC Infratech, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.91% lower by 221 points at 24,390, indicating that the domestic benchmark indices are likely to make a negative start on Wednesday.

On Tuesday, 22 April, Domestic benchmark indices S&P BSE Sensex gained by 187 points or 0.24% and settled at 79,595, while the Nifty50 traded 0.17% higher by 41 points, settling at 24,167.

Here are some stocks that are likely to remain in focus on 23 April.

Quarterly Results Today: Tata Consumer Products, Astec Lifesciences, Can Fin Homes, 360 ONE WAM, Dalmia Bharat, LTIMindtree, Bajaj Housing Finance, Gravity India, Den Networks, Rallis India, Syngene International, Maharashtra Scooters, Supreme Petrochem, Tamilnad Mercantile Bank, Thyrocare Technologies, Wendt (India), and Tata Teleservices (Maharashtra) are some of the prominent companies set to announce their quarterly earnings for January-March. 

Waaree Renewables: The company has announced its plans to enter hybrid renewable energy projects to capitalise on the increasing power demand in data centres. The company is also looking for Firm and Dispatchable Renewable Energy (FDRE) and round-the-clock (RTC) energy solutions. 

Ambuja Cements: The company has announced acquiring a 37.8% promoter stake of CK Birla group firm Orient Cement, making it a promoter of the company. 

PNC Infratech: The company has announced emerging as the Lowest Bidder (L1) for a project for constructing a flyover from Heeradas Chouraha to Kumher Gate Chouraha in Bharatpur city for a total consideration of Rs 239.94 crore. 

360 ONE WAM: The company has announced securing approval from the Competition Commission of India (CCI) for acquiring certain equity shares of Bharti Axa Life Insurance Company by 360 ONE Private Equity Fund and subscribing to certain equity shares of Bharti Life Ventures and Bharti Axa Life by 360 ONE.

Bharat Forge: The company has announced that it has received approval from CCI to acquire a 100% stake in AAM India Manufacturing Corporation, with voluntary modifications. 

Ashoka Buildcon: The company has announced securing a Letter of Acceptance (LoA) from Central Railway for the construction of earthwork, minor bridges, RUBs, P. Way work, major bridges, and miscellaneous civil works in connection with gauge conversion work from Pachora to Jamner for Rs 568.86 crore. 

Varun Beverages: The company has announced commencing commercial production of carbonated soft drinks, packaged drinking water, and juice-based drinks at its production facility in Prayagraj, Uttar Pradesh.

Bharti Airtel: The subsidiary of the company, Bharti Hexacom has announced inking a definitive agreement with a subsidiary of Adani Enterprises, Adani Data Networks for acquiring rights to use the 400 MHz of spectrum in the 26 GHz band across Mumbai, Gujarat, Rajasthan, Andhra Pradesh, Tamil Nadu, Karnataka.

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