The Indian benchmark indices ended higher for the second consecutive day on March 9, with the Sensex closing 1,223.24 points, or 2.29%, higher at 54,647.33, and the Nifty gaining 331.90 points, or 2.07%, at 16,345.40.
TCS | CMP: Rs 3,640.70 | The share ended in the green on March 9, the day the IT major launched its Rs 18,000-crore share buyback offer that will close on March 23. The move by the TCS comes after Tata Sons bought Air India from the government for an equal amount. The company will pay Rs 2,700 crore to the government and the rest will go to paying debt. Tata Sons holds a 72 percent stake in TCS. This will be the fourth buyback for the software services major and, in the earlier three instances, Tata Sons was the biggest beneficiary. The last date of settlement of bids on the stock exchanges is April 1, 2022, TCS said. The company said it will buy back 3,40,00,000 shares from the general category and 60,00,000 shares from the reserved category. This offer is open to all types of shareholders.
TVS Motor | CMP: Rs 557.25 | The stock price rose over 4 percent on March 9. A meeting of the board of directors of TVS Motor Company is being convened on March 18, 2022 to consider and declare interim dividend, if any, to the shareholders of the company for the year ending March 31, 2022, the company said in its release.
Sun Pharmaceutical Industries | CMP: Rs 866 | The scrip ended in the green on March 9. The firm said a step-down US subsidiary has acquired companies of Galderma in the US, Japan and Canada. “Taro Pharmaceuticals USA, one of the wholly owned subsidiaries of our Taro Pharmaceutical Industries, has agreed to acquire all of the outstanding capital stock of Galderma Holdings Inc (incorporated in Delaware); Proactiv YK (incorporated in Japan); The Proactiv Company Corporation (incorporated in Canada); and other assets of The Proactiv Company Sari, used in the business of developing, manufacturing, marketing, selling and distributing products sold under the Proactiv, Restorative Elements and In Defense of Skin brands (the “Alchemee Business”),” Sun Pharmaceutical said in an exchange filing.
Zydus Lifesciences | CMP: Rs 358.95 | The share added over 4 percent after its US subsidiary Sentynl Therapeutics Inc acquired global rights for development and commercialisation of BridgeBio Pharma’s Nulibry drug. “Sentynl Therapeutics Inc, a US-based biopharmaceutical company, announced the execution of an asset-purchase agreement for the sale of BridgeBio’s Nulibry (Fosdenopterin) for injection,” the company said in a BSE filing.
J Kumar Infraprojects | CMP: Rs 167.30 | The share price jumped over 5 percent after the firm received work order from M/s. Pune Municipal Corporation for Development of Mula Mutha River from Bund Garden Bridge to Mundhwa (Stretch 10 and 11) under Pune River Rejuvenation Project and Construction & Development of Riverside Road from Bund Garden Bridge to Mundhwa (Right Hand Side) on Public Private Partnership Module against Development Credit Note awarded amounting to Rs 604,75,33,736.
