Aurobindo Pharma gets 10 observations from USFDA

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Fears of tighter monetary policy in the US and rising COVID-19 cases in China weighed on sentiment. PSU banks, media and consumer durables stocks were in demand. On the other hand, IT, realty and metal shares declined.

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News you could use

? Aarti Industries and Deepak Fertilizers & Petrochemicals Corporation stock price rallies
Aarti Industries and DFPCL on 19 November 2022 announced that they have signed a binding term sheet for a 20-year period for offtake and supply of Nitric Acid. The parties plan to execute the formal agreement before the close of this calendar year. The supply arrangement comes into effect from 1st April 2023.

? Aurobindo Pharma gets 10 observations from USFDA
US drug regulator has issued a Form 483 with 10 observations, post the inspection of the company’s Telangana-based unit. The United States Food and Drug Administration (US FDA) inspected the company’s unit – IX, an intermediate facility situated at Gundlamachnoor Village, Sangareddy District, Telangana, from 10 November to 18 November 2022.

? Kabra Extrusion Technik hits upper circuit of 20%
The company said its battery division has partnered with Hero Electric to develop Lithium-ion batteries in India. These battery packs will power Hero Electric Scooters. The target is to supply 300,000 battery packs and chargers in the next financial year based on Hero Electrics projections.

News from the IPO world?

• Archean Chemical Industries lists at 11 percent premium over IPO price
• Five Star Business Finance shares gains 3 percent on debut 
• Licious expects Rs. 1500 crore revenue in 12 months IPO not before 2025-26

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