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“The company learnt that P Sarath Chandra Reddy, whole-time director/ promoter group of the company, has been arrested by the Enforcement Directorate. The company is in the process of ascertaining further details and will do further disclosures as appropriate,” Aurobindo Pharma said in a stock exchange filing on Thursday.

“We maintain our Nifty Mar’23 target to 18,400 by valuing it at 20x on FY24 earnings vs. 22x earlier. We recommend investors maintain good liquidity (10%) to use dips in the market in a phased manner to build a position in quality companies (where the earnings visibility is very high) with an investment horizon of 12-18 months,” the brokerage said.

“One has to be very selective when it comes to pharma and focus on only a few players which have got the strategy right. One needs to find specialty niche products across the board in the global pharmaceutical market to survive and these companies have done so which is why I think investors are rewarding them. Going forward, that will also be the trend.”

The quota for the retail bidders was subscribed 1.6 times, whereas the allocation for the HNI investors fetched 64% bids. The portion for the institutional investors was booked only 4% as of the given time

The preferential issuance of 27,408,164 equity shares is equivalent to 7.89 per cent equity stake in LT Foods, at Rs 142.23 per share to SALIC, a Saudi Joint Stock Company that is owned by the Public Investment Fund of the Kingdom of Saudi Arabia.

As the U.S. midterm elections continued with no final results, investors looked towards U.S. consumer prices data later in the day, which will likely show a slowing in both the monthly and yearly core numbers for October, according to a Reuters poll.

JLR expects a sales volume of 1,60,000 units (excluding China JV) in the second half of the current fiscal year. In the first half of the year, JLR had a sales volume of 147,000 units, implying an expected full-year volume of 310,000 units. This is 40,000-50,000 units lower than the consensus volume forecast reflecting a foregone revenue of around 3 billion pound based on the average selling price of JLR cars.

The shadow lender in the unlisted market, also known as the pre-IPO market, has delivered multibagger returns to investors. Its shares jumped to Rs 720-750 from Rs 180 on an adjusted basis after the sub-division of equity shares.

Going by the Draft Red Herring Prospectus (DRHP), the Rs 2,400-crore IPO is entirely an Offer-For-Sale (OFS) by promoter General Atlantic Singapore Fund Pte. Ltd.

“My tenure won’t change the way business is run at Dabur; focus will be on newer categories. The business has not really grown in the last 10 years but we are going to be at least doing double digit growth from next year onwards. Dabur will continue innovating, launching new products and focussing on growing our distribution but not owning it.”