Jhunjhunwala family-backed Concord Biotech gains 27% on market debut
.webp)
Shares of Jhunjhunwala family-backed Concord Biotech gained as much as 33 per cent during their stock market debut on Friday. The stock hit a high of 987 and a low of Rs 900 on the BSE. Concord finally settled at Rs 942, up Rs 201, or 27 per cent, over its issue price of Rs 741.
The strong listing follows healthy demand for the shares of Gujarat-based bulk drug maker in its Rs 1,551-crore initial public offering (IPO). The maiden share sale saw nearly 25 times more demand than shares on offer.
Concord Biotech’s IPO is entirely an offer for sale by Helix Investment. Late Rakesh Jhunjhunwala’s investment arm Rare Enterprises owns a 24.1 per cent in the company. At the last close, the company was valued at Rs 9,853 crore.
Based on the IPO price and FY23 financials, Concord was valued at 32.3x P/E, 22.5x EV/EBITDA and 9.1x EV/Sales. Analysts said the company’s key strengths includes global leadership in immunosuppressant active pharmaceutical ingredients (APIs), strong presence across the complex fermentation value chain, scaled manufacturing facilities and strong R&D capabilities.
Other Latest News
.webp)
After Haryana, the BJP would also sweep the upcoming assembly elections in Maharashtra and Jharkhand, BJP president J P Nadda asserted on Friday.
Nadda, who paid obeisance at the Shri Naina Devi temple here, said the people were happy with the performance of the BJP government at the Centre led by Prime Minister Narendra Modi.
.webp)
Noel Tata, half-brother of the late Ratan Tata, has been unanimously elected as the chairman of Tata Trusts following the passing of the legendary industrialist Ratan Tata, CNBC-TV18 reported on Friday. Noel Tata is already a key trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. He will now lead the trusts that hold a controlling stake in Tata Sons, the primary holding company of the Tata Group.
The move has long been anticipated, given Noel Tata’s close involvement with Tata Trusts and his extensive experience within the conglomerate.
.webp)
After the Haryana poll debacle, Congress MP and LoP Rahul Gandhi attended the review meeting called by party president Mallikarjun Kharge at his residence in Delhi. Among those present were the party's Haryana observers Ashok Gehlot, Ajay Maken, Deepak Babaria and KC Venugopal.
Sources said that the Congress MP remained largely quite, but when his turn came, he observed two things; one being that Electronic Voting Machines (EVM) and the Election Commission of India (EC) "have much to answer" and another was that "the local leaders were more interested in their own progress than that of the party", leaving a loud silence in the room.
.webp)
Former US President Donald Trump, who is campaigning for another term in the White House, promised to introduce a system of "reciprocal tariffs" if re-elected. In an economic policy speech in Detroit on Thursday, the Republican candidate singled out India, claiming it imposes some of the highest tariffs on foreign goods among major global economies.
This is not the first time Trump has criticised India for its tariffs. Just last month, he called the nation a "big abuser" of US trade relations.
.webp)
Tamil Nadu Chief Minister M K Stalin has announced a bonus and ex-gratia for 2.75 lakh employees of state public sector undertakings and statutory boards for the 2023-24 fiscal.
Accordingly, all eligible workers of profit making PSUs under group C and D will be paid a minimum bonus of Rs 8,400 and a maximum of Rs 16,800, amounting to 8.33 per cent bonus and an ex-gratia of 11.67 per cent, an official release here said.
.webp)
.webp)
.webp)
.webp)
.webp)
