<ul><li>A day after its parent <keyword id="3521910" type="General" weightage="50" keywordseo="fosun-pharma" source="Orion">Fosun Pharma</keyword> said it was looking to sell its controlling stake in <keyword id="6444828" type="General" weightage="80" keywordseo="gland-pharma" source="Orion">Gland Pharma</keyword>, the company has announced its plan to acquire Europe’s Cenexi. </li><li>Acquisition to make Gland Pharma among the largest contract development and manufacturing companies. </li><li>Deal to be funded by internal accruals. Cenexi has presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium. </li></ul>Gland Pharma Limited, a generic injectable focused contract development and manufacturing company, on Wednesday announced that it would acquire Cenexi Group through its wholly owned subsidiary Gland Pharma International PTE, Singapore. Gland’s subsidiary has entered into a put option agreement to acquire 100% of Cenexi Group for an equity value not exceeding €120 mn. The enterprise value of the same stands at €230 mn. The acquisition will be funded through internal accruals. Commenting on the deal, Srinivas Sadu, Managing Director and CEO of Gland Pharma, said during an analyst call earlier in the day: “Thanks to this deal, Gland would become one of the largest players in the CDMO space. This acquisition will not only help expand footprint but also accelerate product portfolio in the European market. The company (Cenexi) has a good manufacturing presence in Europe where Gland Pharma can release some of our own products. All manufacturing sites approved by FDA.” Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organization (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fully finished drugs, including capabilities on oncology and complex products. It has presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium. It has experience in processing specific substances like hormones, suspensions and controlled substances. It has an employee strength of 1,372 including 1,252 employees across 4 manufacturing sites and 120 employees for services. Its revenue for CY21 stood at €184.1 million. Gland Pharma has a strategic focus on expanding its CDMO offerings in the European market and has been looking to build a manufacturing presence in the market. The acquisition provides Gland Pharma access to leading know-how and development capabilities in sterile forms including for ophthalmic gel, needleless injectors and hormones. Gland Pharma’s ability to support future investments in expanding manufacturing footprint will help build Cenexi as a major CDMO player in the European market. Gland and Cenexi can leverage their long- standing customer relationships to generate synergistic benefits for both entities along with helping Gland enter the branded CDMO space. According to Sadu, the proposed acquisition would be Gland Pharma’s first international acquisition, and it would support the company’s goal of deepening access into the European markets. This acquisition would help expand our global presence and further solidify Gland’s identity as an injectable focused CDMO company. He said: “Together, we see exciting synergy opportunities from leveraging our combined sterile expertise and development capabilities to expand our customer base and increase share of wallet. The acquisition will not only act as a sustainable lever for long term growth but would also establish a leading European platform to enrich our offering and increase value add to customers.” Cenexi is currently owned by a private equity investor, after the promoters sold out. Commenting on the proposed acquisition, Christophe Durand, CEO, Cenexi said: “We view the combination of Cenexi with Gland Pharma, as a natural partnership which would both, support our long-term strategy of becoming a top European sterile player and help us drive the next phase of growth and international expansion for Cenexi.” The proposed acquisition is subject to receipt of necessary regulatory approvals and satisfaction of certain conditions. The stock of Gland Pharma was also in the news as Fosun Pharma, the listed arm of the Chinese conglomerate <keyword id="1687700" type="General" weightage="50" keywordseo="fosun-international" source="Orion">Fosun International</keyword>, was looking to sell its controlling stake in Gland Pharma for an estimated $3.6 bn. At the time of publishing, shares of Gland Pharma were down 4.37% in morning trade after rallying on Tuesday. SEE ALSO <a href="https://www.businessinsider.in/india/news/government-listed-private-companies-capex-to-touch-21-lakh-crore-in-fy23-icici-securities/articleshow/95858117.cms">Capex cycle to touch ₹21 lakh crore in FY23, but there's a catch</a> <a href="https://www.businessinsider.in/finance/news/no-end-to-downgrades-in-gdp-estimates-as-economists-remain-divided-on-severity-of-slowdown/articleshow/95847763.cms">No end to downgrades in GDP estimates as economists remain divided on severity of slowdown</a>

Gland Pharma announces acquisition of Europe’s Cenexi Group for €120 mn, shares fall 4.37%

<ul><li>The 30-share BSE index was trading 0.34% higher, and the broader NSE Nifty was trading points 39 higher on Friday at 10:40 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indices surged in early trade on Friday, tracking gains in index-heavyweights HDFC twins, Kotak Bank and Bajaj Finance amid largely positive cues from global markets and sustained foreign fund inflow. The 30-share BSE index was trading 0.34% higher, and the broader NSE Nifty was trading points 39 higher on Friday at 10:40 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr></tbody></table>*as of November 20, 10:35 am These are the top stocks in news today. <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> extends gain for the second day SpiceJet shares gained over 5% — extending gains for the second day in a row after the US FAA cleared Boeing’s 737 Max aircraft to resume flying. 737 Max aircraft were banned nearly two years ago after two fatal crashes. SpiceJet has a fleet of 13 such planes that were grounded in March 2019. <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword> gains nearly 5% The shares of Vodafone Idea soared 5% after receiving cash consideration of ₹3,760.1 crore for its 11.15% shareholding in Indus, post the completion of the much-delayed merger of Bharti Infratel and Indus Towers on Thursday. Mphasis up nearly 3% The shares of IT firm Mphasis gained over nearly 3% after its subsidiary, Mphasis Consulting, acquired UK-based Datalytyx for up to £13.3 million (about ₹130.4 crore). The acquisition is expected to provide access to strengthen Mphasis next-generation Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services, a regulatory filing said. <keyword id="6444828" type="ORGANIZATION" weightage="20" keywordseo="gland-pharma">Gland Pharma</keyword> stellar debut The shares of Gland Pharma listed at a premium of 12% over the issue price band on the Indian stock exchanges. The shares gained nearly 7% post listing, in minutes after debut. <keyword id="6425802" type="COMPANY" weightage="20" keywordseo="bharat-electronics">Bharat Electronics</keyword> surges 5% The shares of Bharat Electronics surged 5% post strong management guidance and brokerages remain bullish on the stock. Jefferies has maintained its “buy” rating with a target of ₹130 per share. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms" data-type="tilCustomLink">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-shares-list-at-premium-of-12-records-stellar-debut-despite-the-slow-subscription-numbers/articleshow/79315924.cms" data-type="tilCustomLink">FOMO helps Gland Pharma swell on debut</a>

Top stock movers — RIL, SpiceJet, Titan, Tech Mahindra, Vodafone Idea, Gland Pharma, Bharat Electronics, and others

Indian agrifood startups received a record $4.6 billion in investment in FY 2021-22, up 119 per cent year-over-year, as the country overtook China as Asia-Pacific's biggest funder of agrifood-tech innovation, a report showed on Wednesday. Farmtech startups raised $1.5 billion across 140 deals, a 185 per cent year-over-year increase, according to the report by VC firms <keyword id="3925717" type="General" weightage="80" keywordseo="agfunder" source="Orion">AgFunder</keyword> and Omnivore. Restaurant marketplaces and e-grocery startups secured close to $3 billion, around 66 per cent, of the total investment. The deal activity also increased to 234 in FY2022 compared to 189 deals in FY2021. Downstream startups raised $3.8 billion, a 115 per cent increase from $1.77 billion in FY2021. This significant growth is due to <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword>, which raised $1.2 billion accounting for 38 per cent of total investment in Indian agrifood startups. eGrocery startups raised $934 million across 42 deals, a 4x jump from $244 million across 25 deals in FY2021. "To see investment levels surpass all other countries in the Asia-Pacific region and compete on the global stage is indicative of the impressive range and depth of innovations coming from the country and potential to impact the agrifood industry as a whole," said <keyword id="15658296" type="General" weightage="80" keywordseo="michael-dean" source="Orion">Michael Dean</keyword>, founding partner, AgFunder. Investment in online restaurants and meal kits saw a remarkable recovery at $301 million in FY2022, almost 4x more than $64 million in FY2021, said the report. Upstream investment leapt 300 per cent to $1.2 billion up from $312 million. The participation of generalist VCs, bigger deal sizes, and higher deal count contributed to this increase. "It has caught the attention of generalist VCs the world over who understand that agrifood tech is key to the transformation of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s massive agricultural sector and rural economy," said <keyword id="326959" type="General" weightage="80" keywordseo="mark-kahn" source="Orion">Mark Kahn</keyword>, Managing Partner, Omnivore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gland-pharma-announces-acquisition-of-europes-cenexi-group-for-120-mn-shares-fall-4-37/articleshow/95875718.cms">Gland Pharma announces acquisition of Europe’s Cenexi Group for €120 mn, shares fall 4.37%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vikram-kirloskar-the-mit-engineer-who-loved-to-build-factories/articleshow/95875911.cms">Vikram Kirloskar: The MIT engineer who loved to build factories</a>

Indian agrifood startups get record $4.6 bn investment in FY22

<keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword> has warned the United States not to interfere in its relationship with neighbouring <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, a <keyword id="6362444" type="General" weightage="80" keywordseo="pentagon" source="Orion">Pentagon</keyword> report said on Tuesday while adding that Beijing doesn't want both democracies to closely partner together. In its latest report, the US Department of Defence (DOD) states that Chinese officials sought to downplay the severity of the Galwan clash in 2020, emphasizing Beijing's intent to preserve border stability and prevent the standoff from harming other areas of its bilateral relationship with India. On China Military Report, which details Chinese strategy, aims, and capabilities, Pentagon said this congressionally mandated report serves as an authoritative assessment of challenges DOD is facing and the current course of the country's military. "The PRC seeks to prevent border tensions from causing India to partner more closely with the United States. PRC officials have warned U.S. officials to not interfere with the PRC's relationship with India," Pentagon said in a report titled "Military and Security Developments Involving the People's Republic of China (PRC)." Since April 2020, India and China have had several rounds of diplomatic and military level meetings on the situation along the <keyword id="49399" type="General" weightage="50" keywordseo="line-of-actual-control" source="Orion">Line of Actual Control</keyword> (LAC), in the India-China border areas. India has repeatedly said that bilateral relations cannot be normal unless the border situation is and added that if China disturbs the peace and tranquillity in border areas, it will impact the relations further. "Since the 2020 clash, the <keyword id="43746" type="General" weightage="50" keywordseo="pla" source="Orion">PLA</keyword> has maintained continuous force presence and continued infrastructure build-up along the LAC," the Pentagon report said. On the "Operational structure and activities on China's periphery," the US report said the PRC continues to refine military reforms associated with the establishment of theatre commands, based on its perception of peripheral threats. The Western Theater Command, oriented toward India and counterterrorism missions along China's Central Asia borders, is geographically the largest theatre command within the PRC and is responsible for responding to conflict with India and terrorist threats in western China, the report said. According to Pentagon, PLA units located within the Western Theater Command include 76th and 77th Group Armies and ground forces subordinate to Xinjiang and Xizang Military Districts; three PLAAF bases, one transportation division, and one flying academy; and one PLARF base. "PAP units responsible for internal security operations are also likely under the control of the Western Theater Command. "Within China, the Western Theater Command focuses on Xinjiang and Tibet Autonomous Regions, where the CCP perceives a high threat of separatism and terrorism, particularly among Uyghur populations in Xinjiang," it adds. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gland-pharma-announces-acquisition-of-europes-cenexi-group-for-120-mn-shares-fall-4-37/articleshow/95875718.cms">Gland Pharma announces acquisition of Europe’s Cenexi Group for €120 mn, shares fall 4.37%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-tad-higher-ahead-of-gdp-data-zomato-sbi-ndtv-britannia-industries-among-stocks-to-watch/articleshow/95872706.cms">Indian markets open tad higher ahead of GDP data -- Zomato, SBI, NDTV, Britannia Industries among stocks to watch</a>

China doesn't want India to closely partner with US: Pentagon

<ul><li>Sluggish growth in deposits is a major concern for banks, as higher rates are likely to impact margins in the near term. </li><li>Kotak’s analysts have built in a negative thesis on the NIM outlook in the medium term. </li><li>Race to hike term-deposit rates by public sector banks likely to impact return on assets and delay any re-rating. </li></ul>Financialisation of household savings is expected to have a far-reaching impact on the banking sector. So far, banks have enjoyed the benefits of low-cost deposits as Indians kept their money with banks in the form of deposits. But with the equity cult going mainstream, banks are in for a choppy ride. Bank stocks have been rallying for the last several weeks, as credit growth is picking up pace and profitability has been robust. But there’s a problem: the pace of credit growth is way slower than deposit growth. This essentially means that Indians are either drawing money from banks to spend or are redeploying funds to other asset classes. What this essentially implies is that banks will have to increase deposit rates even further if they wish to convince depositors to park their monies with them. This is a risk that institutional investors are now worried about as higher deposit rates could impact the net interest margins of lenders. In a bid to attract stable longer-term deposits, many banks are offering interest rates of 7% even. Many analysts believe that this may trigger a competition between banks to attract more deposits. According to <keyword id="152996" type="General" weightage="50" keywordseo="kotak-institutional-equities" source="Orion">Kotak Institutional Equities</keyword>, “It is perhaps reasonable to conclude that depositors are drawing down on their excess savings or changing the nature of their savings.” And higher interest rates are unlikely to change this behaviour as the historical relationship between interest rates and growth is not strong, claim analysts. According to a report by Kotak Institutional Equities, banks have increased their interest rates on deposits and are currently comfortable, as their loans are re-pricing higher. But it has a more open ended approach to NIMs (net interest margins). Kotak’s analysts have built in a negative thesis on the NIM outlook in the medium term, but they say that several variables can change this. So what is making analysts nervous? Well it isn’t just <keyword id="6357420" type="General" weightage="100" keywordseo="mercedes" source="Orion">Mercedes</keyword> that is facing competition from systematic investment plans of retail investors through which retail investors are putting chunks of their savings into equity-oriented mutual funds. <keyword id="6409502" type="General" weightage="20" keywordseo="bank-deposits" source="Orion">Bank deposits</keyword> are no longer as popular with Indians as they used to be. After being flush with surplus savings that Indians could not spend during the pandemic, deposit growth is lagging loan growth. Recent data shows that while deposits are growing at roughly 10% year-on-year, there is deceleration in current and savings account deposit growth. In contrast credit growth stands at 17%. What is, however, growing fast are the term deposit growth, which are more expensive as banks have to pay a higher interest rate on these than the money that sits in savings accounts and current accounts. Worryingly, deposits are decelerating in the metro and urban markets. According to Kotak, deposit growth could recover from current levels, but the drivers are still not that clear. In the interim, expect a reasonably competitive environment where banks continuously re-price their deposits higher. The best source of term deposits for banks are the metro markets. According to Kotak, the metropolitan market accounts for 60% of the overall term deposit book, and growth has touched 12% annually, which is the best in recent years. The breadth of recovery is not uniform after the pandemic. While Western India (which accounts for 30% of term deposits) has grown at the fastest pace, the South is weak on term deposits as well as CASA. When loans are being deployed faster than deposits are coming in, the ratio of loans to deposits goes for a toss. Currently, the LDR (loan to deposit ratio) for public sector banks is at 68% while it is at 88% for private sector banks. Public sector banks are already in a race to lower lending rates and hike deposit rates to corner more market share from private banks. However, this will impact their spreads – the difference between the interest rates they get from borrowers and what they pay to depositors – over the near-term. According to Jefferies, “Despite having lower loan to deposit ratio, PSU banks have materially raised term deposit rates in the 2 year bucket. We believe this reflects their softer deposit growth (8% YoY vs. 9% for sector and 13% for private banks) and potentially their view that liquidity may stay tighter for some time.” While capitalisation and asset quality of public sector banks have improved, their return on assets continues to be between 0.6-0.8%, but intense competition to attract deposits could impact returns of public sector banks. Shares of most public sector banks have rallied since the September quarter numbers as their performance was solid. However, going forward higher costs could eat into their profitability, thereby, preventing a re-rating. Jefferies further says: “Select banks are offering 7% interest rates for 2yr deposit rates. We believe that PNB's strategy of offering higher term deposit rates and lower lending rates could be a drag on spreads.” SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/gland-pharma-announces-acquisition-of-europes-cenexi-group-for-120-mn-shares-fall-4-37/articleshow/95875718.cms">Gland Pharma announces acquisition of Europe’s Cenexi Group for €120 mn, shares fall 4.37%</a> <a href="https://www.businessinsider.in/finance/news/india-on-course-to-become-worlds-second-largest-economy-by-2050-says-gautam-adani/articleshow/95622223.cms">India on course to become world’s second largest economy by 2050, says Gautam Adani</a>

It’s not just Mercedes, even bank deposits are competing with equities

<ul><li>At 7:40 am, the SGX Nifty was down 0.19%, indicating a subdued start for Nifty50.</li><li>Here's a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open flat on Friday, led by mixed cues from the global peers. At 7:40 am, the SGX Nifty was down 0.19%, indicating a subdued start for Nifty50. However, on Thursday, the US stocks ended in positive territory as fresh stimulus hopes buoyed investor sentiment towards the end of a session. The Dow Jones Industrial Average closed 45 points higher, and the S&amp;P 500 was up 0.39%. These are the stocks to watch out for during the trading session today: Reliance Industries Billionaire Mukesh Ambani's Reliance Industries said it had completed the sale of about 10% stake in its retail unit to a clutch of foreign investors for ₹47,265 crore. Since September 25, the company has sold 10.09% stake in Reliance Retail Ventures (RRVL) to private equity firms Silver Lake Partners, KKR, GIC, TPG and General Atlantic, as well as sovereign wealth funds, Mubadala, ADIA and PIF. The shares of Reliance Industries ended 0.76% lower on Thursday. Vodafone-Idea Post the completion of the much-delayed merger of Bharti Infratel and Indus Towers on Thursday, Vodafone Idea (VIL) received cash consideration of ₹3,760.1 crore for its 11.15% shareholding in Indus. The shares of Vodafone-Idea ended flat on Thursday. Infosys The Infosys subsidiary, Simplus has collaborated with Salesforce for a vaccine management cloud solution. The solution has been built on the Salesforce Platform in support of Salesforce Work.com for Vaccines as the COVID-19 pandemic continues. The shares of Infosys ended 1.22% lower on Thursday. Mphasis IT firm Mphasis subsidiary, Mphasis Consulting, has acquired UK-based Datalytyx for up to £13.3 million (about ₹130.4 crore). The acquisition is expected to provide access to strengthen Mphasis next-generation Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services, a regulatory filing said. The shares of Mphasis ended 0.50% lower on Thursday. Syngene International Syngene International announced that it had signed an agreement with Deerfield Discovery and Development Corporation (3DC) to collaborate for five years to advance therapeutic discovery projects. The shares of Syngene International ended 0.86% lower on Thursday. Muthoot Finance and Manappuram Finance The Reserve Bank of India (RBI) imposed penalties of ₹10 lakh and ₹5 lakh on Muthoot Finance and Manappuram Finance respectively for norm violations. The central bank has penalised Muthoot Finance for non-compliance with directions issued by RBI on maintenance of loan-to-value ratio in gold loans and on obtaining a copy of PAN card of the borrower while granting gold loans in excess of ₹5 lakh, contravening RBI norms. Manappuram Finance has been fined for non-compliance with directions issued by RBI on verification of ownership of gold jewellery The shares of Muthoot Finance ended 1% lower on Thursday, whereas Manappuram Finance lost nearly 2%. South Indian Bank South Indian Bank announced that the Marginal Cost of Funds Based Lending Rates (MCLR) for multiple tenors had been revised from November 20. One-month MCLR at 7.95% and one-year MCLR at 8.2%. The shares of South Indian Bank ended 4.14% lower on Thursday. Aarti Industries HDFC Mutual Fund reduced its stake in Aarti Industries from 7.08% to 5.08% on November 17. The shares of Aarti Industries ended 0.31% higher on Thursday. Apollo Hospitals Apollo Hospitals and Tata Medical and Diagnostics (TataMD) have collaborated to introduce TataMD CHECK diagnostic test (Feluda) for COVID-19 in India. Apollo Hospitals along with its subsidiary Apollo Diagnostics will offer the Tata MD CHECK testing in the national capital region (NCR) from the first week of December and thereafter it will be rolled out across all major metros in the country. The shares of Apollo Hospitals ended 0.84% higher on Thursday. Emami The Indian FMCG major Emami forayed into the homecare segment with its latest offering - EMASOL - a complete range for home hygiene products. The shares of Emami ended 0.42% lower on Thursday. Route Mobile Route Mobile announced that the chairman and non-executive director of the company, Chandrakant Gupta has resigned from the position of chairmanship of the board. Sandip Kumar Gupta will replace Chandrakant Gupta as the chairman of Route Mobile. The shares of Route Mobile ended 2% higher on Thursday. Zee Learn L&amp;T Infra Finance has increased its stake by 1.26 crore shares via off-market transfer from security trustee &amp; appropriated against outstanding loan amounts on November 18. L&amp;T Finance and L&amp;T Infra Finance now hold nearly 7% stake in the company. The shares of Zee Learn ended 1% lower on Thursday. Gland Pharma Gland Pharma stocks to debut on the bourses today. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/the-first-meeting-between-india-and-luxembourg-in-20-years-results-in-three-new-bilateral-agreements/articleshow/79305642.cms" data-type="tilCustomLink">The first meeting between India and Luxembourg in 20 years results in three new bilateral agreements</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-shares-demand-is-rising-in-the-grey-market-ahead-of-its-listing-tomorrow/articleshow/79302810.cms" data-type="tilCustomLink">Gland Pharma’s grey market premium rises ahead of listing today</a>

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Gland Pharma announces acquisition of Europe’s Cenexi Group for €120 mn, shares fall 4.37%

Malini Bhupta

Top stock movers — RIL, SpiceJet, Titan, Tech Mahindra, Vodafone Idea, Gland Pharma, Bharat Electronics, and others

Navdeep Yadav

Indian agrifood startups get record $4.6 bn investment in FY22

IANS

China doesn't want India to closely partner with US: Pentagon

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It’s not just Mercedes, even bank deposits are competing with equities

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