Market Update for 12 April 2021 – Coforge to acquire stake in SLK Global

Coforge to acquire stake in SLK Global

  • The IT services company has acquired a 60% stake in SLK Global for ₹918 crore. The latter offers digital solutions in the banking and insurance sectors.
  • SLK’s founder exited the company with the acquisition. However, key management personnel will remain in the company after the acquisition. Coforge’s stock was down 1.5% today but has risen about 15% since the beginning of 2021.

Kalpataru Power arm bags large orders

  • JMC Projects, a subsidiary of Kalpataru Power Transmission, has won orders totalling up to ₹1,262 crore. The order comprises building projects in India worth ₹1,059 crore and water projects in the Maldives worth ₹203 crore.
  • Today, Kalpataru Power’s stock fell 4.3%. However, it has risen about 18% in 2021 so far. On the other hand, shares of JMC Projects were down 7.7%, but are up about 13% this year.

Man Industries wins big-ticket project

  • The Mumbai-based pipe manufacturer has received an order worth ₹766 crore from the domestic hydrocarbon sector.
  • The company states that, with the new order, it has a total order book of ₹1,900 crore which will be executed in FY22. This figure is higher than FY20 and 9MFY21 revenues. The stock was down 2.7% today and has remained flat so far this year.

Sputnik V vaccine to get nod soon

  • Amid the rising number of Covid cases and shortage of existing vaccines, the Russian Sputnik V vaccine is likely to get the emergency use authorisation (EUA) soon.
  • The Russian Direct Investment Fund has partnered with several Indian pharma companies to manufacture the vaccine in India. These include Dr Reddy’s (+7.0%), Gland Pharma (+3.5%) and Panacea Biotec (+19.9%). Shares of all these companies were upbeat today despite a weak market.