Gland Pharma to acquire 100% stake in CenexiGroup

Opening Bell:

SGX Nifty is down by 16.5 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian indices were mixed ahead of Chinese November factory numbers wherein there is an expectation of contraction for the second time in a row The Japanese Nikkei is down by 0.62 percent. South Korea’s Kospi is up by 0.56 percent. Hong Kong’s Hang Seng is down by 0.16 percent in the early morning trades.

US indices declined with heavy losses in stock like Amazon and Apple ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. S&P 500 lost 0.16 percent whereas Nasdaq composite dropped 0.59 percent on Tuesday.

Stocks News:

?Alibaba, which owns about 13 percent stake in restaurant aggregator and food delivery unicorn Zomato through two of its subsidiaries, will sell shares worth $200 million through a block deal on November 30, CNBC Awaaz said on November 29.

?Engineered systems manufacturer Uniparts India will be the last initial public offering (IPO) to open for subscription in November. The public issue will open on November 30 and the bidding will continue till December 2, 2022. The anchor book opened for a day on November 29.

?Gland Pharma to acquire 100% stake in CenexiGroup. The pharma company through its wholly owned subsidiary Gland Pharma International PTE. Ltd, Singapore, has entered into a Put Option Agreement to acquire 100% of Cenexi Group. Cenexi Group will be acquired for an equity value up to 120 million euros.

?Inox Green Energy Services initiates strategic action to deleverage its balance sheet. Inox Wind and its subsidiary Inox Green Energy Services, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid Rs 250 crore and Rs 161 crore (aggregating to Rs 411 crore) towards reducing their debt.

?Foreign institutional investors (FIIs) have net-bought shares worth Rs 1,241.57 crore, while domestic institutional investors (DIIs) net-sold shares worth Rs 744.42 crore on November 29, as per provisional data available on the NSE.

Domestic and International Events

• Oil prices rose on Tuesday on expectations for a loosening of China’s strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains.
• Asia’s third-largest economy India is expected to post annual growth of 6.2% in the three months to Sept. 31, according to a Reuters poll, down from explosive growth of 13.5% in the previous quarter, which was inflated by comparison with weak activity during COVID-19 lockdowns.
• South Korea’s factory output dropped in October by more than expected and at the fastest pace in nearly 2-1/2 years, government data showed on Wednesday, amid weakening demand due to a global economic slowdown, and aggressive rate hikes
• The country’s industrial output fell by a seasonally adjusted 3.5% in October from a month earlier, accelerating from a revised 1.9% decline in September, according to Statistics Korea. It missed economists’ expectations of a 1.0% fall tipped in a Reuters survey and marked the fastest decline since May 2020.

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