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EquityPandit

EquityPandit
MARKETS

India Pesticides Shares Rally 4% on Acquiring Land Parcel

The acquisition will help the company in the expansion of the Sandila unit.

Shares of India Pesticides were trading 4% above its previous close and reached an intra-day high of Rs 289.30 on 1 September after the company announced receiving an allotment letter for a land parcel in Uttar Pradesh.

The company has sought out an 11,461 square meters parcel adjacent to its plant in Sandila in Hardoi to set up a pesticide manufacturing unit.

On 31 August, the company received a letter of allotment from Uttar Pradesh Industrial Development Authority for the land.

The cost of the said land parcel is Rs 9.61 crore.

The acquisition will help the company in the expansion of the Sandila unit.

The share touched a 52-week high of Rs 329.90 and a 52-week low of Rs 197.50 on 23 September 2022 and 16 March 2023, respectively.

In its quarterly report for the April-June quarter, the company reported a steep decrease in net profit by 62.3% YoY at Rs 15.5 crore and a 7.8% YoY decrease in revenue from operations at Rs 201.40 crore.

At 12:42 pm, the shares of India Pesticides were trading at Rs 282.90 or 1.69% above its previous close on NSE.

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MARKETS

Lupin and Zydus Lifesciences Shares Slump on Losing Patent Case in US Court

Ali Waghbakriwala

Shares of Lupin Ltd and Zydus Lifesciences Ltd shares fell 4% and 7%, respectively, on Wednesday, 16 April, after losing a patent case in the US Federal Court involving Myrbetriq, a prescription medicine used to treat overactive bladder, to Astellas Pharma, which could mean the Indian pharma players have to withdraw their drug from the market.

Myrbetriq would have contributed approximately $30 million to both pharma companies’ quarterly sales. 

“The Court concludes the Generics Manufactures did not prove their asserted invalidity defenses by clear and convincing evidence,” the Delaware District Court’s ruling dated 15 April said. In this case, the ‘Generics Manufactures’ are Zydus and Lupin.

The order goes on to state that any damages will be litigated in the subsequent jury trial. “Having rejected the invalidity theories posited by the Generics Manufactures in this litigation, the Court finds in Astellas’s favor on the validity issue. Infringement, damages, and any additional invalidity theories will be litigated at the consolidated jury trial in 2026.”

Astellas filed an appeal with the Delaware District Court, seeking a ruling that pharmaceutical companies’ generic versions of Myrbetriq violated the ‘780 Patent.

When a product covered by the Patent’s claims is manufactured, sold, or imported without the patent holder’s permission, it is deemed an infringement of the ‘780 Patent.

“The Court concludes that the Generics Manufacturers did not meet their burden of showing, by clear and convincing evidence, that the ‘780 Patent is invalid for lack of enablement, lack of written description, or indefiniteness,” Delaware District Court said.

Both Zydus and Lupin have filed a ‘Motion to Clarify’, attempting to assert additional validity theories that will be heard next year at trial.

At 3:30 pm, the shares of Lupin closed 3.87% lower at Rs 1,935 whereas shares of Zydus Lifesciences closed 6.47% lower at Rs 826 on NSE.

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MARKETS

Lemon Tree Hotels Shares Gain 1% on Inking License Agreement 

Ali Waghbakriwala

Shares of Lemon Tree Hotels Ltd were trading in the green and 1% higher on 16 April after the company announced signing a license agreement for a Keys Select by Lemon Tree Hotels, Mori Bera, Rajasthan.

Lemon Tree Hotels, Mori Bera, Rajasthan, is set to be operational by fiscal year 2027 and and will be managed by its wholly-owned subsidiary, Carnations Hotel. 

Lemon Tree Resort in Mori Bera, Rajasthan, will have 17 luxurious rooms, a restaurant, a bar, a swimming pool, a spa, Jacuzzis, and other public amenities. The Udaipur Airport is roughly 150 kilometres from the property, whereas Mori Bera train station is around 2.7 kilometres. The resort is also well connected by road, with easy access to public and private transportation.

We are excited to expand our presence in Rajasthan and contribute to our portfolio of ten current and seven planned hotels, said Vilas Pawar, CEO of Lemon Tree Hotels’ Managed & Franchise Business. Furthermore, this transaction broadens our portfolio in the wildlife industry, which has been significantly developing over the years.

Lemon Tree Hotels (LTHL) is a major hotel chain in India that owns, rents, operates, and franchises hotels in the upscale, upper-midscale, midscale, and economy segments. To suit the demands of customers at various levels, the firm provides seven brands: Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels by Lemon Tree Hotels, Keys Prima by Lemon Tree Hotels, Keys Select by Lemon Tree Hotels, and Keys Lite by Lemon Tree Hotels.

However, at 1:52 pm, the shares of Lemon Tree were trading 1.65% lower at Rs 139.90 on NSE.

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MARKETS

ONGC Shares Gain on Acquiring Blocks Under OALP-IX

Ali Waghbakriwala

Shares of Oil and Natural Gas Corporation Limited (ONGC) were trading in the green and almost 2% higher on Wednesday, 16 April, after the company was awarded 11 blocks under the ninth bidding round of the Open Acreage Licencing Policy (OALP).

In the latest OALP-IX (Open Acreage Licensing Policy) round, the government offered 28 exploration blocks spread across a vast 1.37 lakh sq km area. These included nine onland blocks, eight in shallow waters, and 11 in ultra-deep waters, demonstrating a diverse range of exploration opportunities.

Among the big winners, a consortium of ONGC and Oil India secured three blocks, while another powerful trio, including ONGC, Reliance Industries Limited (RIL), and BP, clinched one strategic block together.

A spokesperson from Bharat Petroleum said that they are excited to share that this collaboration between ONGC (holding 40%), RIL (30%), and BP (30%) has successfully signed a contract for the GS-OSHP-2022/2 block in the Saurashtra Basin under OALP-IX. This partnership unites the capabilities of India’s energy giant ONGC, the industrial powerhouse Reliance, and the global expertise of bp, coming together to support India’s vision of energy security and self-reliance.

India is on an ambitious path to build a resilient and future-ready energy ecosystem. Through swift clearances, science-led exploration, and a strong push for sustainability, we’re aligning ourselves with the broader vision of Viksit Bharat, as highlighted by Petroleum and Natural Gas Minister Hardeep Singh Puri.

“The Indian hydrocarbon sector is stepping into a new phase of accelerated exploration and development,” Puri remarked, emphasizing the urgency of strengthening domestic energy production. With 88% of crude oil and 50% of natural gas currently imported, there’s a clear need to intensify local efforts.

Looking ahead, India is expected to account for 25% of the world’s incremental energy demand growth over the next two decades—making our domestic exploration more critical than ever.

To continue this momentum, OALP Round-X has already been launched at the India Energy Week 2025. This new round offers 25 blocks across 13 sedimentary basins, covering a record 1.92 lakh sq km, more than half of which lies in previously restricted areas. It’s a bold step forward in India’s energy journey, and we invite all stakeholders to be part of this transformative phase.

At 1:09 pm, the shares of ONGC were trading 1.35% higher at Rs 235.82 on NSE.

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MARKETS

Gensol Engineering Shares Hit 5% Lower Circuit on Restriction from SEBI

Ali Waghbakriwala

Shares of Gensol Engineering Ltd hit a 5% lower circuit on 16 April after the market regulator, the Securities and Exchange Board of India (SEBI), put restrictions on the company’s promoters. 

In an interim order, the market regulator has barred the company’s promoters, Anmol Singh Jaggi and Punnet Singh Jaggi, from holding any key positions in the company or any other of its entities under further notice over alleged diversion of funds and fraudulent practices. 

This case adds to the growing list of Indian startups across various categories that have been found lacking in regulatory compliance. 

SEBI’s probe has revealed that the term loan funds sanctioned to the company were misused for purposes beyond their intended scope. These included financing the personal expenditures of the promoters, acquiring luxury real estate, and diverting funds to benefit privately held entities owned by the promoters or their close associates.

Around Rs 262 crore worth of loans taken by the company remains untraced despite the fact that more than a year has passed since the last instalment was disbursed.

The investigation was triggered following several complaints and credit rating downgrades of Gensol by CARE Ratings and ICRA, prompted by delays in debt servicing by BluSmart Mobility, which is a related party to Gensol.

In light of these findings, SEBI has put the company’s proposed stock split on hold and will appoint a forensic auditor to scrutinize the financial records of Gensol and its affiliated entities. The auditor is expected to submit the report within six months of their appointment.

At 12:20 pm, the shares of Gensol Engineering were locked 5% lower at Rs 122.68 on NSE.

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MARKETS

IREDA Shares Soar 7% on Strong Q4 Earnings 

Ali Waghbakriwala

Shares of Indian Renewable Energy Dev Agency Ltd (IREDA) soared 7% on 16 April after the company announced its quarterly earnings for January-March. 

The state-owned green energy financier reported a robust 49% year-on-year increase in net profit for the March quarter of FY25, with profits rising to Rs 501.55 crore from Rs 337.39 crore in the same period last year, driven by strong performance in its core lending business.

Operating revenue for the quarter grew nearly 37% YoY to Rs 1,905.06 crore, while interest income jumped over 40% to Rs 1,861.14 crore. However, total expenses also saw a 41% rise, reaching Rs 1,284.75 crore.

Although Q4 delivered solid topline and bottomline growth, the company’s margins for the full fiscal year saw a slight dip. IREDA’s net profit margin edged down to 25.14% in FY25 from 25.22% in FY24, while its operating margin softened to 31.01% from 33.92% the previous year.

For the full year, IREDA recorded its highest-ever annual profit after tax (PAT) at Rs 1,699 crore, which is a 36% increase year-over-year. Annual operational revenue also grew by 36%, reaching Rs 6,742 crore.

As of March-end, the company’s net worth rose to Rs 10,266 crore, marking a 20% increase from the previous year.

Pradip Kumar Das, chairman and managing director, IREDA, said, “Ireda’s sustained growth in revenue, profitability, and loan book underscores our strategic focus towards financing India’s renewable energy ambitions. We remain committed to being the enabler of India’s green energy transition through innovative financial solutions and strategic partnerships.”

IREDA, a non-banking financial institution under the Ministry of New and Renewable Energy, plays a pivotal role in financing renewable energy, energy efficiency, and conservation projects across India.

At 11:40 am, the shares of IREDA were trading 5.04% higher at Rs 175.40 on NSE. 

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