<ul><li>All the four brands have a combined market size of ₹1800 crore and accounted for as much as ₹33 crore in revenues in FY22.</li><li>The pharma company will take over the manufacturing, marketing and distribution of these brands in India.</li><li>The integration and transition of the brands are expected to be completed in the next two weeks.</li></ul>KKR-backed <keyword id="505502" type="General" weightage="80" keywordseo="jb-chemicals-and-pharmaceuticals" source="Orion">JB Chemicals and Pharmaceuticals</keyword> said that it acquired four pediatric brands — Z&amp;D, Pedicloryl, Pecef and Ezinapi from <keyword id="177825" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="Orion">Dr Reddy’s Laboratories</keyword>. The acquisition has been done for a cash consideration of ₹98.3 crore, excluding working capital and taxes. All the four brands have a combined market size of ₹1800 crore and accounted for as much as ₹33 crore in revenues in FY22. “Overall, the brands acquired have significant growth potential to strengthen our already established presence in the pediatric category, which is synergistic to our current portfolio, speciality depth and geographical presence,” said <keyword id="1217" type="General" weightage="80" keywordseo="nikhil-chopra" source="Orion">Nikhil Chopra</keyword>, CEO at <keyword id="5340080" type="General" weightage="20" keywordseo="JB-Pharma" source="Orion">JB Pharma</keyword>. Z&amp;D produces zinc supplements used for boosting immunity. Pedicloryl oral solution is used in children in hospitals for idiopathic pain management. Pecef caters to the bacterial infections as well as respiratory tract infections in children. Ezinapi cream is used as an emollient for diaper rashes in infants. JB Pharma will take over the manufacturing, marketing and distribution of these brands in India. “It will also help us significantly leverage our on-the-ground field force strength and widen our offerings in the pediatric basket - comprising gut health and respiratory infection products for healthcare professionals across the country,” said Chopra. The integration and transition of the brands are expected to be completed in the next two weeks. “All the four brands have a lion’s share in their respective spaces. We will continue to focus on evaluating opportunities for strengthening our India domestic business,” Chopra added. According to media <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/jb-pharma-acquires-paediatric-brands-from-dr-reddys-for-rs-98-3-crore/articleshow/92590368.cms">reports</a>, the pharma company has been looking out for companies to acquire in the domestic market. It had also acquired brands from Sanzyme — which deals in probiotics and reproductive health for ₹628 crore in January. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-valuations-surge-while-tatas-birlas-see-major-declines-in-the-first-half-of-2022/articleshow/92593235.cms">Ambani and Adani valuations surge while Tatas, Birlas see major declines in the first half of 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/telecom-gear-firm-parallel-wireless-lays-off-500-employees-including-in-india/articleshow/92592940.cms">Telecom gear firm Parallel Wireless lays off 500 employees including in India</a>

JB Pharma acquires four pediatric brands of Dr Reddy’s Labs for ₹98.3 crore

<ul><li>Private equity giants like <keyword id="6354544" type="UNKNOWN" weightage="20" keywordseo="kkr">KKR</keyword>, the <keyword id="44803" type="CITY" weightage="20" keywordseo="Carlyle-group">Carlyle group</keyword> and others are interested in acquiring a controlling stake in <keyword id="148835" type="COMPANY" weightage="20" keywordseo="JB-Chemicals">JB Chemicals</keyword>, a little-known pharma company in India.</li><li>Although JB Chemicals is a small player in the Indian pharma industry, it has built four strong brands and has market leadership in three of them, which has resulted in industry-beating growth.</li><li>Some of the popular brands that JB Chemicals owns include Metrogyl, Rantac, Cilacar and Nicardia – driving 80-85% of the company’s India formulations revenue.</li></ul>JB Chemicals, a little-known pharma company in India with a market capitalization of ₹4,600 crore is reportedly on the radar of private equity giants around the world. This has sent the stock to an all-time high of ₹621 in intra-day trade. JB Chemicals is a relatively small player when it comes to the Indian pharmaceutical industry, behind giants like Sun Pharma, Dr Reddy’s and others. However, its inexpensive valuation, strong growth and a healthy balance sheet have private equity giants interested in it. <div type="Article" hostid="261" msid="75425845" title="IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales" mstype="2" mssubtype="0"></div> According to a <a href="https://economictimes.indiatimes.com/markets/stocks/news/jb-chemicals-jumps-5-as-four-pe-firms-in-race-to-acquire-promoter-stake/articleshow/75569688.cms">report</a> by Economic Times, global private equity players KKR, the Carlyle group, Apax Partners and PAG are interested in acquiring a controlling stake in JB Chemicals. Its promoters, Jyotindra Bhagawanlal Mody and family are said to be in talks to sell their 56% stake in the company. The acquisition is valued at ₹5,000 crore ($650 million), which is 9% higher than JB Chemicals’ current market cap of ₹4,600 crore ($600 million). The news has sent the company’s stock rallying, hitting an all-time high of ₹621 before closing at ₹603 on Wednesday, May 6. <div type="image" title="JB Chemicals stock" msid="75574593" hostid="261"></div> Here’s what makes JB Chemicals an attractive acquisition Inexpensive valuation and healthy free cash flows The company’s valuation at ₹5,000 crore is inexpensive, according to a report by market research firm IIFL Securities dated January 17, 2020. Apart from this, it also has healthy free cash flows, which make up 22% of the company’s balance sheet. Since then, the valuation has only gone down as the share price cracked in the coronavirus carnage. Four strong brands with market leadership in three of them <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 4 brands </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other products </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY16 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85% </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr></tbody></table> Instead of spreading itself thin with several products, JB Chemicals has focused on building a few large brands like Cilacar, Rantac, Metrogyl and Nicardia. Out of these, it has market leadership in three, which together account for 80-85% of the company’s revenue. Focusing on these core brands has also helped JB clock in growth of 17-22% over the last two years. Out of these, Cilacar and Nicardia, the two cardiovascular brands, have grown by more than 20% in the past four years. Outperforming industry growth in the past seven years JB Chemicals’ focus on building strong brands in the cardiovascular and gastrointestinal segments has helped it outperform industry growth for seven years straight. “This outperformance vs. the industry has been driven by increasing exposure to chronic therapies, as contribution of chronic products in the company’s India revenue mix has expanded from 29% in 2016 to 42% in 2019,” says a report by IIFL Securities. See also: <a href="https://www.businessinsider.in/stock-market/news/airtel-shares-set-for-a-catch-up-rally-after-reliance-jio-takes-a-huge-valuation-lead/articleshow/75533860.cms">Airtel shares set for a catch up rally after Reliance Jio takes a huge valuation lead</a> <a href="https://www.businessinsider.in/business/news/the-way-bhel-is-trying-to-turn-the-tide-is-a-sign-of-how-india-wants-to-capitalise-on-us-china-tensions/articleshow/75548309.cms">The way BHEL is trying to turn the tide is a sign of how India wants to capitalise on US-China tensions</a> <a href="https://www.businessinsider.in/finance/news/irctc-share-price-has-jumped-30-in-april-so-far-despite-the-lockdown-thats-halted-trains-ticketing-and-even-rail-neer-sales/articleshow/75425845.cms">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a>

JB Chemicals, a little-known pharma company in India is now on the radar of private equity giants around the world – here’s why

Mumbai, Jul 2 () Buyout major KKR on Thursday said it will purchase majority stake in J B Chemicals and Pharmaceuticals from its promoters and then make an open offer to acquire 26 per cent more in the branded formulations company. The private equity major has signed a definitive agreement to acquire stake from the Mody family at Rs 745 a share, which is over 4 per cent higher than Thursday's close of Rs 715.40, it said in a statement. KKR has entered into a definitive agreement to purchase a "controlling stake" in the company, it said. If one attaches the premium promised by KKR, 50 per cent equity in the company is valued at over Rs 2,860 crore, which will be the minimum amount it will be investing, excluding the open offer. According to filings, the promoter family owns 55 per cent of the company while the rest is with the public. "We believe J B Chemicals has an opportunity to accelerate its growth and leverage its strengths to enter into new therapeutic areas. We look forward to working with the management team to build on the company's strong foundation," KKR India Partner and CEO Sanjay Nayar said. The deal, which comes amid a heavy hit to the Indian economy due to the COVID-19 pandemic, underscores KKR's commitment to "India's long-term economic prospects and the potential of its companies", Nayar added. This is the third deal sealed by KKR in India in 2020, following its investments in five solar assets of Shapoorji Pallonji Infra and in Reliance Jio. The KKR statement further said J B Chemicals is one of the leading pharmaceutical companies in India, supplying affordable, high-quality products in the cardiac, gastrointestinal and anti-infective therapeutic areas across the branded formulations market. The company's portfolio includes four flagship brands in India -- Cilacar, Metrogyl, Nicardia and Rantac, the statement said, adding it exports to over 40 countries. KKR will be funding the investment from its Asian Fund III, it said. "We are thrilled that KKR - with its deep knowledge of the pharmaceutical industry and experience in investing in the sector, as well as its extensive investments in India - will take our mission forward and build on the foundation of core values that our family has instilled in this company," J B Mody, the founder, chairman and managing director of the company, said. Avendus Capital served as the financial advisor to the company promoters, while ICICI Securities will be acting as the manager to the public offer. In a late evening communication, ICICI Securities said that Tau Investment Holding is making an open offer to acquire 20.09 million shares of the company together with Tau Holdco Pte and KKR Asia III Fund Investments Pte. The JB Chemicals scrip gained 1.41 per cent to close at Rs 715.40 apiece on the BSE on Thursday as against gains of 1.21 per cent on the benchmark. AA AKT ABM ABM

KKR to acquire controlling stake in JB Chemicals & Pharmaceuticals

New Delhi, Feb 10 () JB Chemicals and Pharmaceuticals on Monday said its Gujarat unit has passed the US health regulator's periodical inspection with one minor procedural observation. The company's solid oral dosage forms formulations manufacturing facility at Panoli, Gujarat, has successfully passed periodical inspection by USFDA with one minor procedural observation, JB Chemicals and Pharmaceuticals said in a filing to BSE. This observation does not impact continuity of the business and the company would continue its manufacturing activities in current good manufacturing practice (cGMP) compliant manner, it said. The company proposes to address this observation in the next 15 days. "The said inspection was carried-out from February 3, 2020 to February 7, 2020," as per the filing. Shares of the company were trading at Rs 556.00 apiece on BSE, down 0.91 per cent from the previous close. SID ANSANS

JB Chemicals Gujarat unit passes USFDA inspection with one observation

<ul><li>Kotak Institutional Equities says that stocks are likely to trade at rich valuations in the near term. The reduced election ‘risk’ and growing expectations of an imminent rate-cut cycle in the US may sustain the Indian market’s rich valuations.</li><li>Japanese investment bank Nomura said that the results of the state elections in India have calmed fears of fiscal populism, but competitive populism is expected to remain a dominant theme for the 2024 general elections.</li><li>Nifty to outperform other major indices over the next year as mega caps have underperformed the broader markets. </li></ul>After sounding caution on the market’s irrational exuberance several times in the last one year, Kotak Institutional Equities has decided not to be a wet blanket. Now Kotak Institutional Securities writes a whole report saying ‘There’s No Stopping This Party’. The market now has clarity that there is no political risk and continuity of policy is also a given. According to Nomura, BJP’s state election wins should allay market concerns over political risks. In its Market Outlook report for 2024, Morgan Stanley had predicted some volatility due to political risks, but the BJP’s decisive win in Madhya Pradesh, Chhattisgarh and Rajasthan now indicates that the BJP is set to return to power at the Centre too in 2024. According to Kotak Institutional Equities, the market is likely to trade at rich valuations in the near term. The reduced election ‘risk’ and growing expectations of an imminent rate-cut cycle in the US may sustain the Indian market’s rich valuations. The domestic research house says that mega-caps have underperformed other large-caps, mid-caps and small-caps but this may change now. KIE expects the net profits of the Nifty-50 Index to grow 18% in FY2024 and 11% in FY2025. IIFL Securities too says that the results are a positive surprise for markets. Strategists at IIFL say that the outcome of Assembly elections will be a positive surprise for the markets, with most surveys earlier predicting a tougher battle between the BJP and the Congress. “We consider these results positive for GDP growth too. Our Nifty EPS CAGR for FY24-26 is 12%. We expect Nifty to outperform other major indices over the next year. Our top large-cap picks include IndusInd Bank, SBI Life, Sun Pharma, Info Edge and BEL. Our top mid-cap and small-cap picks include Cummins, JB Chemicals, CMS Info and Ashoka Buildcon. Our top sells include Kotak Bank, TechM, Divis, Delhivery, Page and Dr Reddy’s.” The exuberant mood might stay on, expect analysts, who foresee an across-the-board rally. However, a few believe that the market has already partly discounted a BJP victory with a 500-point rally during the last four sessions. “But the mood is so exuberant that the rally will continue. A restraining factor will be the valuations which are high and will get stretched further with the rally gaining momentum. In the near-term the market will ignore fundamentals and move up but soon high valuations will trigger some selling," said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. A few analysts also believe that the mood might stay on until the run-up to the general elections of 2024. “Nifty can see the level of 22,000 in the next four to five months. However, since Nifty has already rallied about 1,700 in the past one-and-a-half months, occasional <keyword id="47904" type="General" weightage="20" keywordseo="profit-booking" source="Orion">profit booking</keyword> cannot be ruled out,” said Sheersham Gupta, director and senior technical analyst at Rupeezy. ‘Calmed the fears of fiscal populism’ Japanese investment bank Nomura said that the results of the state elections in India have calmed fears of fiscal populism, but competitive populism is expected to remain a dominant theme for the 2024 general elections. The report states that while state election results are not always indicative of general election outcomes, investors are likely to view these developments positively, anticipating reduced policy and political risks leading up to 2024. The report also highlights the BJP's strategy of campaigning under the brand of Prime Minister Narendra Modi, without naming any Chief Ministerial candidate. This approach, which did not yield results in the Karnataka elections, proved successful in the Hindi heartland states. The popularity of state-level leaders, particularly Madhya Pradesh's incumbent Chief Minister Shivraj Singh Chouhan, also played a significant role in the BJP's wins. Competitive populism has been a dominant theme in state elections, not only for the INC but also for the BJP. Both parties have made populist promises, particularly focusing on schemes supporting women and girls. While investors were initially concerned that a poor showing by the BJP in state elections would increase the risk of more fiscal populism, the actual results have alleviated such fears. However, Nomura suggests that a BJP victory across most states does not necessarily reduce the likelihood of competitive populism recurring as a dominant theme in the 2024 general elections.

No stopping the election party with occasional profit-booking say analysts

<ul><li><keyword id="4764339" type="General" weightage="20" keywordseo="drug-shortages" source="Orion">Drug shortages</keyword>, channel realignment and woes of competitors to aid US business of <keyword id="58106" type="General" weightage="20" keywordseo="indian-pharma" source="Orion">Indian pharma</keyword> cos.</li><li>Dr Reddy’s, Cipla, Zydus and Sun Pharmaceuticals gained from sales of generic cancer drugs in the US.</li><li>US FDA inspections are in full swing and the accelerating pace of new launches will improve outlook for US business in FY24, say analysts. </li></ul>The Indian pharma sector has gone through many ups and downs in the last few years – like falling from a Covid-high last year, adding to pricing pressures in its most important market. In the first quarter of FY24 however some of the US market pricing pressures are easing, making up for the slump in domestic sales. “Q1 FY24 turned out to be a tale of two divergent performances as US delivered across the board beat while domestic business, specifically acute, saw weakness in June. Price erosion came in at high single digit in US versus mid-teens last year reflecting in better US revenue growth and profitability,” said a report by YES Securities. Drug shortages, channel realignment and financial as well as regulatory woes of competitors seems to have helped curb US market price erosion in Q1 on a quarter-on-quarter, say analysts. The US market has been dented in the last few years for many reasons including pricing pressures — like supply chain disruptions, and a massive delay in approval of Abbreviated New Drug Applications (ANDAs) leading to fewer generic launches in the US. However, the ability to launch the generic version of a cancer drug gRevlimid in the US abated some of the concerns. Dr Reddy’s generated sales to the tune of $125 million from this generic in Q1 while Cipla, Zydus and Sun Pharmaceuticals reported gRevlimid sales between 40-60 million. “We believe the earnings support from gRevlimid is expected to drive the US base business and abate pricing pressure for the coming two years. Moreover, US FDA inspections are in full swing and the accelerating pace of new launches will improve outlook for US business in FY24,” J M Financial. Lupin and Zydus Life benefitted from exclusive launches of gSuprep and gTrokendi. Darunavir and gSpiriva are other drugs in the pipeline that can boost North America sales of Indian pharma companies. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth levers ahead </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specialty performance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revlimid contribution to sustain in 2Q </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zydus Lifesciences </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Near-term US outlook promising </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">US base biz at $210- 215 mn hereon: mgmt </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lupin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Attractive launch pipeline </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: J M Financial Sun shines in the <keyword id="6382118" type="General" weightage="20" keywordseo="domestic-market" source="Orion">domestic market</keyword> The domestic <keyword id="101756" type="General" weightage="20" keywordseo="pharma-market" source="Orion">pharma market</keyword> seems to see the after-effects of a delayed monsoon, which led to weakness in acute therapies like gastroenteritis which aids seasonal sales in Q1. This trend impacted key players like Dr Reddy’s, JB Chemicals and Alkem. Alkem however said that there has been no change in domestic sales even in July, August is expected to provide some quality on the same. Sun Pharma, however, is an outlier with a good performance in the domestic business as it boosted its sales strength along with new launches. It launched 105 new products in FY23 as compared to 77 new launches the year before. “Sun’s India business has grown at 11% compounded annual growth rate (CAGR) over FY20-23, driven by volume, price and new launches. We expect Sun’s India business to grow at around 10% CAGR over FY23-26,” said a report by IIFL Securities. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[<blockquote class="stocktwits-embedded-post" data-origin="https://stocktwits.com" data-id="542437467"> $NIFTYPHARMA.NSE Index gave a breakout at at 14900 and retested the same, now ready for a upmove to 15800. Stock to watch for with bullish structures are $CIPLA.NSE $LUPIN.NSE &mdash; (@DhwaniTA) <a href="https://stocktwits.com/DhwaniTA/message/542437467"> August 28, 2023</a></blockquote><script async src="https://stocktwits.com/min/widgets.js" charset="utf-8"></script>]]></cdata></div>

US outlook improves for Indian pharma but domestic market under the cloud

<ul><li>The two businesses will now operate under <keyword id="4328684" type="General" weightage="20" keywordseo="incred-finance" source="Orion">InCred Finance</keyword>’s brand names.</li><li>The duo believes that the merger would create a “leading” NBFC.</li><li>KKR India Financial Services is a subsidiary of Reliance Jio’s investor KKR.</li></ul><keyword id="4331504" type="General" weightage="20" keywordseo="incred" source="Orion">InCred</keyword> Financial Services and KKR India Financial Services (KIFS), on Tuesday, announced that they have completed the merger of their lending businesses. A deal to merge the non-bank lending business of these two entities was announced in August last year. The two businesses have been engaged in extended talks for over a year before sealing the deal. The merged business will now operate under the name of InCred Finance, with a balance sheet of $600 million and an equity base of $300 million. “The strategic partnership with KKR significantly accelerates our ability to deliver our class leading offerings at a large scale and to capitalize on the enormous credit opportunity in India,” said Bhupinder Singh, founder and CEO of InCred Group. Singh, who founded InCred in 2016 to provide tech-enabled loans to MSMEs, consumers and even education loans – will also lead the new merged entity. The duo believe that the merger would create a leading Indian non-banking finance company (NBFC). “This merger combines the strengths of InCred Finance and KIFS to create a market-leading lending platform with the enhanced resources and expertise to meet the diverse funding needs of Indian customers. KKR is pleased to remain involved with the business as a strategic partner,” Gaurav Trehan, partner and CEO of KKR India, added. KKR India Financial Services is a subsidiary of global investment firm KKR, which is an investor in Reliance’s Jio Platforms, Reliance Retail, Max Healthcare, LivSpace, JB Chemicals &amp; Pharmaceuticals and more. The lending subsidiary is focused on wholesale or corporate loans. InCred Finance was founded by Singh in 2016. It offers loans to customers, businesses and students through both online and offline mediums. The company claims that its loan book is already touching $500 million in a span of seven years. InCred has raised close to $300 million to date. It counts INVESTCORP, OAKS, Moore Capital, Elevar Equity, Paragon Partners, Cantor Fitzgerald’s Anshu Jain, Manipal Education and Medical Group’s Ranjan Pai, and Dalmia Group Holdings’ Gaurav Dalmia as investors. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/rbi-governors-recipe-for-banks-of-the-future-oodles-of-social-media-new-tech-a-dash-of-human-touch/articleshow/93138812.cms">RBI governor’s recipe for banks of the future: Oodles of social media, new tech &amp; a dash of human touch</a> <a href="https://www.businessinsider.in/business/ecommerce/news/e-commerce-platform-shopify-lays-off-1000-employees/articleshow/93151446.cms">E-commerce platform Shopify lays off 1,000 employees</a> <a href="https://www.businessinsider.in/business/news/indias-newly-digitized-msmes-need-offline-marketing-as-much-as-online/articleshow/93138395.cms">India’s newly digitized MSMEs need offline marketing as much as online</a>

InCred, KKR India Financial Services complete merger, hope to become a ‘leading’ NBFC

<ul><li><keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword>’s new house – bought for ₹1,001 crore – is located in the Malabar Hill area of Mumbai.</li><li>Aakash Educational Services' founder JC Chaudhry spent ₹150 crore to buy a house in Delhi.</li><li>Reliance Jio and Reliance Retail director Manoj Modi, along with his family, spent ₹192 crore in purchasing houses this year.</li></ul>Avenue Supermarts’ (<keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword>) founder and CEO, Radhakishan Damani, bought the most expensive home in India last year. The house, located in the Malabar Hill area of Mumbai, was bought for a whopping ₹1,001 crore in April last year. The 90-year-old house is said to be spread over 5,752 square meters. The property was previously owned by Saurabh Mehta, Varsha Mehta, and Jayesh Shah, who are the trustee and business partners at Premchand Roychand &amp; Sons LLC Partner Phoenix Family Trust. Notably, Damani is the <a href="https://www.bloomberg.com/billionaires/">72nd richest man</a> in the world with a networth of $19.7 billion as per Bloomberg Billionaires Index. <div type="Article" hostid="261" msid="93024348" title="The best Amazon Prime Day 2022 deals and offers" mstype="2" mssubtype="0"></div>The second most expensive property was bought by Ravi and Neel Raheja — who are the promoters of real estate development company K Raheja Corp Promoters. The family bought three duplex apartments spanning across 66,811 square feet in the high-end Worli area for ₹427 crore. JC Chaudhry, the managing director and founder of Aakash Educational Service, spent ₹150 crore to buy a house in Delhi. This was the fifth most expensive house sold in India last year. Infosys co-founder Kris Gopalakrishnan who bought a house worth ₹76 crore in Bengaluru last year. <cmsannotation type="cmsannotation" annotationid="Here is the list of top 10 most expensive houses sold in India since 2021." comment="subhead" text="Here is the list of top 10 most expensive houses sold in India since 2021.">Here is the list of top 10 <keyword id="2575769" type="General" weightage="20" keywordseo="most-expensive-houses" source="Orion">most expensive houses</keyword> sold in India since 2021.</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Person </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Designation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">House Location </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">House Cost </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Founder and CEO of DMart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar Hill, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,001 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ravi and Neel Raheja </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">K Raheja Corp Promoters </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raheja Artesia, Worli, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹427 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JK Papers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Packaging solutions company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prithviraj Road, Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹253 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ghanshyambhai Dholakia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hari Krishna Exports </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Panhar bungalow, Worli, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹185 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JC Chaudhry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MD of Aakash Education </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vasant Vihar, Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹150 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Anil Gupta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chairperson and MD of KEI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shanti Niketan, Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹140 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pranab Mody, Purbi Asher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Promoters of pharmaceutical company JB Chemical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morena House, Carmichael Road, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹138 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shailesh &amp; Natasha Dalmia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Honable secretary of NL Dalmia Institute, and his wife </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Raheja Artesia, Worli, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹125 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abeeys Realcon LLP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A subsidiary of builder ABIL Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Satellite Sesen, Malabar Hill, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SM Dyechem </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meal &amp; Oil, Snack Foods and Speciality Chemicals manufacturer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Satellite Sesen, Malabar Hill, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.6 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The data was shared by home sellers solutions company ZapKey, which claims to offer access to 20 lakh property transactions. <cmsannotation type="cmsannotation" annotationid="Chetan Bhagat, Manoj Modi and family bought some of the most expensive houses last year" comment="subhead" text="Chetan Bhagat, Manoj Modi and family bought some of the most expensive houses last year"><keyword id="6390428" type="General" weightage="20" keywordseo="chetan-bhagat" source="Orion">Chetan Bhagat</keyword>, Manoj Modi and family bought some of the most expensive houses last year</cmsannotation> The ‘Most expensive homes sold’ list included 61 listings — mostly coming from 2021 and few from 2022. While most of the home owners who made it to the list are business owners, it also had some others too. The most popular name on the list is the investment banker-turned-author Chetan Bhagat who bought a house worth ₹11.6 crore in Delhi last month. Dr Amita Nene of Bombay Hospital also made it to the list after buying a property worth ₹55 crore in the Malabar Hill area of Mumbai. Chandrasekaran Natarajan, the chairperson of Tata Sons, also bought a home worth ₹98 crore in May two months ago in Malabar Hill. The director at Reliance Jio and Reliance Retail Manoj Modi, along with his family, also bought several properties in the last one year, cumulatively worth ₹192 crore. His wife Smita Manoj Modi bought a house worth ₹54.5 crore and Manoj Modi bought a property worth ₹48.75 crore in Malabar Hill in January this year. Smita Modi and her daughter Bhakti Modi jointly bought another house in the same area for ₹89 crore in March this year. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a href="https://www.businessinsider.in/business/startups/news/if-musk-goes-to-mars-well-deliver-diesel-there-too-says-this-ratan-tata-backed-startup-founder/articleshow/92973971.cms">If Musk goes to Mars, we’ll deliver diesel there too says this Ratan Tata-backed startup founder</a> <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-seeks-a-crypto-ban-but-it-needs-global-collaboration-says-nirmala-sitharaman/articleshow/92954958.cms">RBI seeks a crypto ban but it needs global collaboration, says Nirmala Sitharaman</a>

India’s most expensive homes: DMart’s Radhakishan Damani’s dream home cost him ₹1,001 crore

Mumbai, Jul 16 () Despite the massive disruptions due to the pandemic, deal street was vibrant in the first half of 2020 with M&amp;A value rising 14.5 per cent to USD 43.54 billion, thanks to Reliance contributing nearly half of the deal value, according to a report. However, as per the data collated by Mergermarket, the deal count dipped 24.7 per cent to 183 transactions during the period under review. Between late April and June, Reliance Industries sold nearly 25 per cent in its telecom arm Jio Platforms to 10 investors, including Facebook, which snapped up 9.99 per cent for over Rs 43,000 crore. Together, Reliance raised around Rs 1.2 lakh crore, including through the largest QIP sale for over Rs 53,100 crore. Beginning April 22, Reliance sold 24.71 per cent stake in Jio to Facebook, Silver Lake Partners, General Atlantic, KKR and other investors scooping up USD 15.27 billion. The selling spree continued into July with the latest being Google picking up 7.7 per cent for over Rs 33,700 crore on Wednesday. "H1 M&amp;As increased 14.55 per cent to USD 43.54 billion in value despite the pandemic, largely thanks to a series of stake sale by Jio Platforms to 10 investors since April, despite a 24.69 per cent year-on-year drop in volume to 183 transactions from 243 deals in H1 of 2019 generating USD 38 billion," Mergermarket said. Though the in-bound deals came down 28.8 per cent to 89, the deal value increased to USD 26.9 billion compared to USD 21.38 billion from 125 deals in H1 of 2019. This was in spite of the deal value plunging from USD 20.22 billion to USD 6.68 billion, while in volume the same dipped to 42 from 47 deals. According to the data, the first half deal value of USD 26.9 billion through 89 transactions represents 71.66 per cent of the USD 37.53 billion from 242 deals reported in FY19. The out-bound deals dipped 37.6 per cent to USD 881 million across 21 deals from USD 1.42 billion from 34 transactions in H1 of 2019. This makes the first half to be the worst in terms of outbound deal value and deal count since the first half of 2014 at USD 650 million from 33 deals. Domestic M&amp;As generated USD 16.64 billion, on par with the last year levels, but the deal count shrank 20.3 per cent to 94. The largest domestic deals were the acquisition of Aircel by a group of investors including UVARC for USD 2.6 billion and the 75 per cent stake sale in Krishnapatnam Port Company to Adani Ports &amp; Special Economic Zone for USD 1.63 billion. Other high-profile deals included divestment of NTPC's hydroelectric power unit THDC for USD 1.5 billion and power utility Neepco for USD 1.44 billion. Private equity buyouts jumped by 48 per cent to USD 9.07 billion across 53 deals from USD 6.1 billion across 66 deals. The telecom sector accounted for almost 67 per cent of total such deals in value worth USD 6.1 billion across seven deals. Mergermarkets expects deal-making volume to further fall as the economy remains crippled and the uncertainties over the potential re-emergence of the pandemic. Infrastructure, renewables and pharma and healthcare may attract investments in the second half as deals that are at advance stage could get closed. JB Chemicals sold its majority stake to KKR for USD 617 million earlier this month and a few other deals in the pharma segment include Adar Poonawala's Serum Institute looking to raise up to USD 1 billion for its pandemic division to develop vaccines. In the renewables sector, Sembcorp Energy, IL&amp;FS and Mytrah Energy are in active discussions planning to sell stakes to PEs. BEN BAL BAL

Deal street jumps 14.5% in H1 to $43.5 bn on Jio stake sales

From Wockhardt to Deepak Fertilizers — promoters of these seven companies have pledged more shares last quarter

A SpaceX fan who visited Texas to see Elon Musk's Starship event spent the night in jail after taking photos of a rocket prototype built by the company

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d8e595c2e22af210230452c-1280/evy udell 3.jpeg" border="0" alt="Evelyn Udell" data-mce-source="Courtesy of the Udell family" />Courtesy of the Udell familyEvelyn Udell, right, was killed during an appliance delivery, according to police.</div></div></div><ul class="summary-list"><li>A 75-year-old woman died in August after police said she was violently attacked by a man contracted by <a href="https://businessinsider.com/category/best-buy">Best Buy</a> to deliver a new washer and dryer to her home.</li><li>The woman's family on Thursday filed a wrongful death lawsuit against Best Buy and two delivery contractors. The family also plans to fight for legislation that would require extensive and ongoing background checks for in-home service workers. </li><li>In a statement to Business Insider, Best Buy said it supports the family's call for new legislation on background checks.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Best Buy is facing a wrongful death lawsuit from the family of a 75-year-old woman who police said was violently attacked during the delivery of a washing machine and dryer.Evelyn "Evy" Udell of Boca Raton, Florida sustained multiple skull fractures and serious burns over the majority of her body after the attack on August 19, according to the complaint. She died the following day in a hospital. Police have charged 21-year-old Jorge Luis Dupre Lachazo, one of two workers who delivered the appliances to Udell's home. Lachazo worked for a third-party company contracted by Best Buy. He was supposed to be helping Udell with the new appliances when he hit her in the head with a mallet, doused her in a chemical, and then set her on fire, according to a police affidavit.The Udell family said Friday during a press conference that the attack could have been prevented through a background check. Lachazo had a suspended license, according to court records. The Palm Beach Public Defender's office, which is representing Lachazo, did not immediately return a request for comment."We have filed a lawsuit against Best Buy, JB Hunt and XM Delivery Service to hold them accountable for failing to conduct adequate background checks on the workers they're sending to customers' homes," Nick Panagakis, an attorney for the Udell family, said in a statement on Friday. "The attack on Evy - and others across the country by employees of major, national <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> chains - should never have happened."<h2>Family of slain woman calls for new background checks for in-home service workers</h2>The Udell family said it plans to support legislation at the state and local levels that require extensive and ongoing background checks for in-home service workers. "This type of violence, perpetrated by a home-delivery man, is not an isolated or even uncommon act," said Udell's daughter-in-law, Sloane Udell. "Instead, across our country, the vulnerable have been targeted by those we trust and allow into our homes. We do business with well-known companies under the assumption that we will be safe. Tragically, that is not the case."In a statement to Business Insider, a Best Buy spokesperson said the company supports the Udell family's call for legislation requiring background checks, and offered to donate to a charity established by the family. "We join with the Udell family in calling for legislation regarding mandatory background checks across the retail industry and any other reasonable steps that can be taken to ensure this kind of tragedy does not occur again," the spokesperson said. "Specific to our own practices, background checks have long been required by Best Buy and we are working with those we contract out to ensure that these checks are up-to-date and are done on a re-occurring basis. Additionally, we continue to work with an independent security firm to review the practices of all third parties that we hire to do work on our behalf in customers' homes. " <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/pollo-tropical-florida-chicken-sandwich-chick-fil-a-fast-food-2019-9">Pollo Tropical's crispy chipotle chicken slider is better than anything I've ever tasted from Chick-Fil-A</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/Oo7N5IKp-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

Family sues Best Buy after the death of a 75-year-old woman who police say was bludgeoned and set on fire by a man delivering her washing machine

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cc7709eb14bf404f7477916-2004/nicholas vita cc.jpg" border="0" alt="Nicholas Vita" data-mce-source="Courtesy of Columbia Care" data-mce-caption="Nicholas Vita, the CEO of Columbia Care." />Courtesy of Columbia CareNicholas Vita, the CEO of Columbia Care.</div></div></div><ul class="summary-list"><li>Medical cannabis company Columbia Care started trading on the NEO Exchange on Monday after it was acquired by Canaccord Genuity Growth Corp, a SPAC. The deal values Columbia Care at $1.4 billion.</li><li>Business Insider sat down to talk about future plans with Columbia Care's CEO, Nicholas Vita, at the company's new dispensary in Brooklyn. </li></ul>In 2018, it was seemingly every week that cannabis companies with US operations went public on the Canadian Securities Exchange went public via a reverse merger on the Canadian Securities Exchange. Columbia Care, a medical cannabis company that recently opened a slick new dispensary in <keyword id="46801" type="COMPANY" weightage="60" keywordseo="prime">prime</keyword> downtown Brooklyn, is taking a different path: on Monday, it started trading on Canada's NEO Exchange, a newer exchange based in Toronto that's more commonly thought of as a home for exchange-traded funds.Business Insider sat down with Columbia Care CEO Nicholas Vita at the company's new dispensary in downtown Brooklyn last week.Vita, a former Goldman Sachs investment banker, said that the new public listing would provide fuel to pursue acquisitions to enter new states and the European market. Read more:<a href="https://www.businessinsider.com/canaccord-genuity-pursuing-finra-approval-to-custody-us-stocks-2019-3"> A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry</a>The deal, in which Columbia Care will be acquired by Canaccord Genuity Growth Corp, a special purpose acquisition company or SPAC owned by the investment bank Canaccord Genuity, values the company at $1.4 billion. "The next six months are going to be incredibly busy," said Vita. The company has plans to expand into seven new markets, and build out their footprint in the markets they're already in, said Vita.To be more specific, Vita said Ohio, Pennsylvania, and Illinois all have exciting potential as medical cannabis markets. And, despite California's crowded recreational marijuana industry, Vita said "no one is focusing on the medical patient" there.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cc770dfb14bf405c748fe03-2000/cc bk 3.jpg" border="0" alt="Columbia Care Brooklyn" data-mce-source="Courtesy of Columbia Care" data-mce-caption="Columbia Care's new medical marijuana dispensary in Brooklyn, New York." />Courtesy of Columbia CareColumbia Care's new medical marijuana dispensary in Brooklyn, New York.</div></div></div>Vita said Columbia Care is working on bringing pharmaceutical-grade medical marijuana products to California, both in their own dispensaries and with partnerships. And Illinois' new governor, JB Pritzker, made legalizing marijuana a focal point of his campaign last year. Also on Vita's radar: Europe. "Internationally, Western Europe is a focus of ours - we've been clear about telegraphing that to the market."Vita said Columbia Care holds valuable licenses in the European Union, and that the company will see "meaningful" revenue from the EU this year."We believe the lessons we learned in the US on the medical side are transferrable," said Vita, including intellectual property, know-how in terms of manufacturing standards, as well as data. "All of that is stuff that's unique to us, that we can bring to the European theater and hopefully have a receptive audience," said Vita.Read more:<a href="https://www.businessinsider.com/marijuana-industry-investment-custodial-issues-2018-11"> Big asset managers like BlackRock are sitting on the sidelines of the $75 billion US marijuana industry because of one big pain point</a>Columbia Care isn't the first cannabis company to look eastward, however. As more European countries weigh legislation to legalize medical marijuana, both Canadian and US cannabis companies have started to build out their presence across the Atlantic Ocean. Tilray recently opened an EU campus in Portugal, including outdoor and greenhouse marijuana cultivation sites, as well as research labs, packaging equipment, and offices. And not to be outdone, Canadian cannabis behemoth Canopy Growth recently acquired a Spanish marijuana cultivator, Cafina, and owns licensed grow facilities in Denmark and Germany.On the homefront, Vita said he's cautiously optimistic that New York Governor Andrew Cuomo will legalize recreational marijuana soon."You know - I don't know - I do believe it will happen," said Vita. "What I'd also like to believe is that it will happen in a way that's very methodical, is thought out, and allows decision makers to expand further downstream if they so choose. But I don't know if you need to have a one-stop shop. I don't think you can solve everything at the same time.""It's almost better to push back against the tide, of conventional wisdom, and sort of take each problem and work through it in a staged way," added Vita. "We're prepared in any eventuality, that being said."In terms of specific deals, Vita said they look at everything. "Every transaction that you've heard about or written about, we've probably looked at," said Vita.And to Vita, though cannabis is often lumped in with 'sin' stocks - tobacco, liquor, and firearms, generally speaking - he believes medical cannabis actually fits in with the trend of ESG (environmental, social, and governance) investing that's become more prominent among some of the biggest money managers."I have a hard time to ESG statements because no one's really showing me anything tangible," said Vita, pointing to research showing that medical cannabis can reduce opioid dependency among affected adults. "This is one where we actually have a tangible outcome."<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/citigroup-reevaluating-its-policy-on-testing-applicants-for-marijuana-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Citigroup is reevaluating its policy on testing job applicants for marijuana use as Wall Street banks weigh whether to work with the $75 billion cannabis industry</a></li><li><a href="https://www.businessinsider.com/study-cbd-products-are-mislabeled-and-contain-dangerous-chemicals-2019-4" data-read-more-link="" data-e2e-name="read-more-link">A California company tested 20 popular CBD products and found 'insanely high levels' of dangerous chemicals and misleading labels</a></li><li><a href="https://www.businessinsider.com/canopy-growth-acreage-holdings-deal-could-spur-cannabis-ma-boom-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Top cannabis CEOs say Canopy Growth's $3.4 billion purchase of pot cultivator Acreage 'shakes the foundation of what has been true' and will spur a cannabis M&amp;A boom</a></li><li><a href="https://www.businessinsider.com/citigroup-execs-consider-role-in-banking-cannabis-deals-2019-3" data-read-more-link="" data-e2e-name="read-more-link">Citigroup is considering working with pot companies as banks figure out ways to chase a $75 billion market</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/fall-into-black-hole-2016-11">Astronomers just captured the first image of a black hole. Here are the horrifying things that would happen if you fell into one.</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/pK5Q5Xku-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

The CEO of cannabis company with a slick new dispensary in Brooklyn talks about expansion plans following the company's $1.4 billion public debut

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/546fcceeecad047a565fd47a-1198-898/gigafactory-2.jpg" border="0" alt="gigafactory"><a href="http://www.teslamotors.com/about/press/releases/nevada-selected-official-site-tesla-battery-gigafactory">Tesla</a></img></div></div></div>PUT your foot down in a Tesla Model S and the experience is rather different to other cars. The usual exhaust roar is replaced by a hushed whooshing sound as the car accelerates rapidly--and relentlessly--thanks to the high torque of an electric motor making gear changes unnecessary because there is no gearbox. And inside, instead of multiple dials and switches, a large touchscreen dominates the centre console. Established carmakers have tended to make modest electric vehicles, usually small ones to eke out the range available from their pricey batteries. But it was Tesla, a Silicon Valley startup, which realised that many early adopters of new technologies are likely to be well heeled and would prefer a large high-performance saloon that is both luxurious and extremely high-tech.
Why did Tesla act differently? For a start, it does not think of itself as a carmaker. "I see us more as an energy-innovation company," says Jeffrey "JB" Straubel, the firm's chief technology officer, and one of the co-founders of Tesla, along with Elon Musk, the chief executive. "If we can reduce energy-storage prices, it's the most important thing we can do to make electric vehicles more prevalent," says Mr Straubel. "Add in renewable power and I have a direct line of sight towards an entire economy that doesn't need fossil fuels and doesn't need to pay more to do it."
Mr Straubel's captivation with energy storage is understandable. He is cagey about the exact cost of the lithium-ion (Li-ion) battery pack powering the Model S, but it is believed to represent around a quarter of the $70,000 starting price of the basic version. A smaller car, the Model 3, is due in 2017. Although the new car will have some self-driving features like the Model S, it is aimed more at the mass-market. But to hit the Model 3's expected price of around $35,000, Mr Straubel now needs to reduce the cost of his battery packs by at least a third.
The best way to do that and to meet expected demand, Mr Straubel believes, is for Tesla to make its own batteries. And to make them big time. This is why he and Mr Musk are gambling on building a $5 billion "gigafactory" in Nevada in a joint venture with Panasonic, a Japanese battery supplier. By 2020 the gigafactory is set to produce as many Li-ion batteries as the entire world used this year.
The determination to act boldly and independently has worked for Mr Straubel in the past. When researching a charging system for the Model S he rejected existing industry standards because they delivered too little power. And instead of waiting for an agreement with other carmakers for a universal recharging plug, he designed his own proprietary connector. The company's Superchargers, which provide free recharging in public locations to Tesla owners, can top up a battery to about 80% of capacity in 40 minutes. These now comprise the largest fast-charging network in the world.
Mr Straubel also takes a different view on the batteries themselves. Whereas most manufacturers of electric vehicles have opted for large-format batteries, both the Model S and its predecessor, the Tesla Roadster, are powered by around 7,000 individual Li-ion cells. The Roadster's were originally the standard Li-ion cells widely used in industry and found in devices such as laptop computers. For the Model S, however, the cells have been significantly redesigned. Mounted inside a battery pack, the cells are interconnected and interwoven with liquid cooling systems to prevent fires in the event of an accident (damage resulting in short circuits and faulty charging can cause Li-ion batteries to burst into flame).
<h3>The electric Porsche</h3>
Teslas were always going to be unique. Mr Straubel, who is 38, made his first full-sized electric vehicle 14 years ago (a golf cart which he resurrected at the age of 14 doesn't count). This was a 1984 Porsche 944 fitted with twin electric motors and 380kg of old-fashioned lead-acid batteries: a weighty proposition, but one that went on to become the fastest electric car in the world at a drag-racing event in California.
"I love immersive experiences where you're engaged with the thing that you're engineering. If you are driving, riding or flying it, it's even more exciting and fun," says Mr Straubel, who holds a private pilot's licence. After graduating with a master's degree in energy engineering from Stanford University, he worked with Harold Rosen (the designer of the first geosynchronous satellite) on a novel hybrid-drive system for cars. This used a turbine to generate electricity and a fast-moving flywheel to store and release kinetic energy when needed. Although the innovative combination worked, it was a leap too far for conservative carmakers, which declined to invest in it. Nevertheless, the pair licensed the technology to a company that makes flywheels for commercial vehicles. Mr Straubel and Mr Rosen went on to build a hydrogen-powered electric engine for aircraft, which was subsequently licensed to Boeing.
It was then that Mr Straubel met Mr Musk, a freshly minted multimillionaire from the sale of his PayPal digital-payments company to eBay. "One lunch was the beginning of what eventually became Tesla," says Mr Straubel. "We spent most of the meal talking about electric aeroplanes. But as we were wrapping up, I said I was working on a fun crazy project with cars, trying to build a lithium-ion battery pack that could last 1,000 miles."
That dream is still some way off. The Model 3 is likely to have a range of 322km (200 miles) compared with the 440km claimed for a top-of-the-line Model S. But with Tesla intending to sell ten times as many Model 3s, the need for a reliable battery supplier is paramount. Hence the gigafactory. Tesla will have to innovate in battery chemistry and manufacturing techniques even as it ramps up production. Although the new cells are likely to remain small, their exact specifications are still undecided.
Mr Straubel insists that this strategy is less risky than it might seem. He notes that Model S cells today are produced on equipment very similar to that used for the Roadster cells almost ten years ago, even though the energy from the cells has increased by half and their chemistry has changed substantially. The Roadster cells used cobalt oxide as a cathode whereas the Model S uses a nickel-cobalt-aluminium oxide. The difference, says Mr Straubel, is a much improved energy density, a longer lifetime and a higher operating temperature (which means less cooling is required). Besides the chemistry, Tesla is also developing other new features for the batteries.
The idea is that, benefiting from economies of scale, the gigafactory's cells will be significantly cheaper than those from more established manufacturers. "Over the next ten years, it's going to change to the point where we're focused on production to meet the world's energy-storage needs rather than waiting for a cost reduction from a radical change in battery technology," says Mr Straubel.
Not everyone agrees. A report by Lux Research, a firm of technology analysts, has predicted that the gigafactory will bring about only a modest cut in battery costs and suffer more than 50% overcapacity. "Most other companies do not believe that battery volume will grow as fast as it's going to," Mr Straubel counters. "They don't understand the tight linkage between cost and volume. We're at this crossing-point where a small reduction in cost is going to result in a ridiculously big increase in volume, because the auto industry is so big."
Not all the cells made by the gigafactory are destined for vehicles. Some will end up in the company's Superchargers, allowing Tesla to cope with sudden bursts of demand should multiple vehicles need to recharge at once. Others will be used at Tesla's assembly plants to store energy when it is cheap, typically at night, and release it when the price rises.
<h3>Keeping the lights on</h3>
The use of batteries to store renewable power (see "Printing electronics: Chips off the old block") may provide Tesla with its biggest opportunity in the years ahead. The potential is huge, says Mr Straubel. "The economics in many cases have already crossed a threshold where battery packs can effectively store renewables on a very big scale." The main problem with renewable-power sources, such as wind or solar, is that the wind does not always blow or the sun shine when demand for electricity is high. This requires utility companies to maintain additional power stations, usually running on fossil fuels, to meet the shortfall. Batteries, however, could store the power from renewables when it is generated and release it when needed.
Around 1,000 households in California already have a Tesla battery pack installed alongside photovoltaic panels leased from Solar City, another company owned by Mr Musk. The battery packs allow householders to run appliances if the power goes out or switch when electricity prices are high. But they are also designed to maximise the return from "net metering" rules that allow residential customers to sell excess energy to utilities.
Tesla's residential batteries have been plagued by interconnection problems with utilities and are not being adopted as swiftly as Mr Straubel had hoped. "Utilities tend to be very conservative by nature," he says. Nevertheless, Mr Straubel thinks that favourable economics will persuade utilities of the benefits.
As batteries improve in terms of safety and the amount of energy they can store, this will allow new electrically powered products to be produced, reckons Mr Straubel, returning to another of his interests: "In the foreseeable future, electric aeroplanes become an interesting and pretty compelling proposition." A variety of small electric aircraft have been built in America, China and Europe. Airbus recently set up a subsidiary in France to build a two-seater pilot-training aircraft called the E-Fan. It is powered by electric motors driving a pair of ducted fans on either side of the rear fuselage. The European aerospace giant is also looking at the potential of building an electric helicopter and a 90-seat electrically powered passenger plane for short journeys.
A number of developments are under way which have the potential to boost the amount of energy a battery can store. For instance, a team at Stanford University is investigating enclosing the lithium-based anodes used by Li-ion batteries in a thin film of carbon "nanospheres". This would allow more lithium to be used safely in the anode (it is lithium's high chemical reactivity that puts the batteries at risk of catching fire). The coating, researchers think, would allow a Li-ion battery to hold about five times as much energy as those used today, weight-for-weight.
Such innovations are still at the laboratory stage and remain some way from commercial reality. In time, perhaps, even lithium may be replaced by more exotic new materials in batteries. "No one wishes we could come up with a technology that makes today's chemistry obsolete more than me," says Mr Straubel. "We could sell more cars at a lower price. But we're not waiting."
"One lunch was the beginning of what eventually became Tesla"
 
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