The Aurobindo Pharma company received the approval of capsules from US FDA after the pre- inspection of Site in Tirupathi site and Telangana Site.
The World Health Organization’s Prequalification Unit Inspection Team (PQT-INS) conducted an inspection of Unit IV, a formulation manufacturing facility owned by APL Healthcare, a wholly-owned subsidiary of Aurobindo Pharma. The facility, located in Menakuru Village, Naidupeta Mandal, Tirupati District, Andhra Pradesh, underwent scrutiny from September 11 to September 15, 2023.
Following the inspection findings and the company’s response, the PQT-INS recommends to the Prequalification Assessment Team that the mentioned facility be designated as a manufacturing site in the dossier for Dolutegravir, Lamivudine, Tenofovir Disoproxil Fumarate Tablets (50/300/300 mg).
AUROBINDO PHARMA Market Price is moving in Ascending channel and market has reached higher low area of the channel
In other developments, on March 1, the company obtained final approval from the US Food & Drug Administration (USFDA) to produce and market Fingolimod Capsules, 0.5 mg, bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Gilenya Capsules, 0.5 mg from Novartis Pharmaceuticals Corporation. The product is scheduled for launch in March 2024.
In February, Aurobindo Pharma received seven observations from the USFDA after inspecting the injectable facility of Eugia SEZ Pvt Ltd, a 100 percent step-down subsidiary, situated in Polepally Village, Mahaboobnagar district, Telangana, from February 19 to 29.
The Pitti Engineering company acquired Bagadia Chaitra Industries for 124.92 Cr and Initial payment 40Cr is going to given to this Company for repaying its debt. BCIPL doing Electrical laminations and Aluminium Die cast for AC-DC Motors, Electrical vehicles.
On March 12, Pitti Engineering Limited (PEL) shares remained stable as the company entered into an agreement with Bagadia Chaitra Industries Private Limited (BCIPL) and its shareholders to acquire 100% of BCIPL’s equity share capital at an enterprise valuation of Rs 124.92 crore.
The acquisition cost will be determined by adjusting the enterprise value for net debt and working capital changes on the closing date, along with other mutually agreed-upon adjustments, as stated by the company. As part of the overall consideration, PEL will inject up to Rs 40 crore as funding into BCIPL on the closing date to retire the existing debt.
The completion of the proposed acquisition is contingent on the fulfillment of agreed-upon condition precedents between the parties.
PITTI ENGINEERING Market Price is moving in Ascending channel and market has fallen from the higher high area of the channel
Bagadia Chaitra Industries Private Limited (BCIPL) specializes in manufacturing electrical laminations and aluminum die-cast rotors for various applications, including AC/DC motors, alternators, pumps, home appliances, and electric vehicles, with a significant market presence in South India. BCIPL operates in Tumkur district, Karnataka, with manufacturing facilities boasting an installed capacity of 18,000 tonnes per annum.
This strategic acquisition aims to enhance PEL’s footprint in South India, augment its asset base and production capacity, facilitate entry into new end-use sectors, and contribute to new customer acquisitions.
PravegLimited: Praveg Rises 3% on Goldman Sachs’ 2.18% Stake Acquisition
The Gold Man Sachs acquired 2.18% stake in Praveg limited and the shares gained over 4% today, The Praveg company is doing Event management, now expanding to Hospitality and Operation management area.
PRAVEG LIMITED Market Price is moving in Uptrend line and market has reached higher low area of the pattern
On March 12, the shares of Praveg Limited experienced a gain of over 4 percent at the market open, spurred by the recent development of Goldman Sachs India Equity Portfolio acquiring a 2.18 percent stake in the company.
Promoter Patel Ashaben Vishnukumar took a divergent move by offloading a 2.85 percent stake in Praveg Limited.
As of 9:40 am, the stock was trading at Rs 949, demonstrating a notable increase of more than 111 percent over the past year.
Notably, Vishnukumar, part of the promoter group, decided to sell 7 lakh equity shares in Praveg at an average price of Rs 850.51 per share, as per exchange data.
Goldman Sachs Funds, through the Goldman Sachs India Equity Portfolio, successfully acquired 5,34,171 equity shares, constituting a 2.18 percent stake in Praveg Limited. The acquisition took place at an average price of Rs 850 per share.
Praveg Limited, primarily known as an event management company, has recently diversified its business into the realms of hospitality and operation management.
In the financial quarter ending Q3FY24, Praveg reported net sales of Rs 33.07 crore, marking an increase from Rs 28.38 crore recorded in December 2022. However, the net profit witnessed a decline of nearly 30 percent, settling at Rs 8.10 crore. The EBITDA for the same reporting period stood at Rs. 13.27 crore in December 2023, reflecting a decrease of 22.76 percent compared to Rs 17.18 crore in December 2022.
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