IPOs make strong listing
- Shares of Dodla Dairy today listed at a premium of 28.5% to their issue price of ₹428. Similarly, Krishna Institute of Medical Sciences (KIMS Hospital) also made a strong debut, listing on the exchanges at 22% higher than its issue price of ₹825.
- The IPO action is expected to continue in the coming week. India Pesticides, which was oversubscribed 29 times on Friday, is set to hit the exchanges on July 5.
Power Mech bags big project
- The infrastructure and construction company today announced that it has bagged a ₹9,294 crore project for mine development and operations from a subsidiary of state-owned Coal India. The contract is almost 4x the Power Mech’s FY21 revenue.
- The project, which has been awarded to a consortium headed by Power Mech Projects, will be for 25 years. The shares of the company have risen by around 6% today.
Thyrocare slips on acquisition by PharmEasy
- Shares of diagnostic chain Thyrocare Technologies fell by around 9% after online pharmacy PharmEasy’s parent said on Friday that it will acquire 66% stake in the diagnostics firm. The acquisition price is ₹1300 per share, about 10% lower than the previous closing price.
- The online pharmacy platform is buying a majority stake in Thyrocare for ₹4,546 crore. The deal will trigger an open offer for the purchase of an additional 26% stake in the company.
Dr Reddy’s launches Covid drug
- The pharma major today announced that it has launched 2-deoxy-D-glucose (2-DG), which is a drug it developed along with the Defence Research and Development Organisation for the treatment of Covid patients.
- The company will supply 2-DG to government and private hospitals across India. Shares of Dr Reddy’s were up around 1.8% today.