Thu, Jan 09, 2025

SOBHA: Sobha Stock Soars 5% After Rs 2,000-Cr Rights Issue Approval

The SOBHA company is announced that they are going to Funds raise of Rs.2000 cr through Rights issue share of the company as per Board approved. This Rights issue share will be 25% discount to the Current market price and piece rate of Rs.1625. Every 47 equity shares of SOBHA will get 6 Rights issue share as per Board said.

SOBHA Market price is moving in Ascending channel and market has reached higher high area of the channel

SOBHA Market price is moving in Ascending channel and market has reached higher high area of the channel

Sobha Shares Surge Over 5% Following Board Approval of Rs 2,000 Crore Rights Issue

Key Developments:

Board Approval and Rights Issue Details:

Offer and Issuance: The board of South-based realty firm Sobha has approved the offer and issuance of equity shares through a rights issue worth Rs 2,000 crore.

Issue Price: The rights issue is priced at Rs 1,651 per equity share, reflecting a 25% discount.

Ratio

Ratio: Eligible shareholders will receive six rights equity shares for every 47 fully paid-up equity shares they hold.

Dates: The rights issue will open on June 28 and close on July 4.

Financial Performance:

Quarterly Results (March 2024):

Net Profit: Sobha reported a net profit of Rs 7 crore, an 85% decline year-on-year.

Revenue Growth: Revenue from operations grew by 37% year-on-year to Rs 763 crore.

Total Income: Total income fell 36% year-on-year to Rs 791.25 crore, missing Bloomberg’s estimates which had forecasted a profit of Rs 52.1 crore and revenue of Rs 1,180.8 crore.

EBITDA: The consolidated EBITDA dropped by 46.5% year-on-year to Rs 62.1 crore, significantly below Bloomberg’s estimate of Rs 143.6 cr.

DRREDDY: Dr. Reddy’s Shares Surge as Arm Signs License Agreement with Ingenus Pharmaceuticals

The DRREDDY Lab is signed with US Pharma company Ingenus Pharma for supplying medicines in the USA. Profit sharing is 50% between these two companies. Ingenus Pharma will supply medical tablets and injections soon to DRREDDY as per the Agreement. DRREDDY lab is performing well in the US in the past years. US FDA has observed 4 observations in Andhraplant, anyhow, this deal with Ingenus Pharma is benefit for revenue of DRREDDY laboratories in the coming quarters.

DRREDDY Market price is moving in Ascending trend line and market has reached higher low area of the pattern

DRREDDY Market price is moving in Ascending trendline and market has reached higher low area of the pattern

Dr. Reddy’s Laboratories Gains on Licensing Agreement with Ingenus Pharmaceuticals

Key Developments:

Licensing Agreement: Dr. Reddy’s Laboratories saw its share price rise on the BSE after its subsidiary, Dr. Reddy’s Laboratories, Inc., secured exclusive rights from US-based Ingenus Pharmaceuticals, LLC to commercialize Cyclophosphamide Injection RTD in the United States.

Product Details: The agreement covers Cyclophosphamide Injection RTD in three formulations: 500 mg/2.5mL, 1g/5mL, and 2g/10mL.

Financial Terms: Dr. Reddy’s USA will pay Ingenus 50% of the calculated profit share as part of the deal. Additionally, a commercial supply agreement will ensure that Ingenus Pharmaceuticals supplies the product to Dr. Reddy’s USA.

Market Reactions

Market Reaction:

Financial Performance:

Quarterly Results (March 2024): Dr. Reddy’s Laboratories reported a net profit of Rs 1,307 crore for the March quarter of FY24, surpassing expectations with a 36% increase from the year-ago period when the profit was Rs 960 crore.

Regulatory Updates:

Earlier this month, the US FDA issued a Form 483 with four observations for Dr. Reddy’s API manufacturing facility.

Last month, Dr. Reddy’s formulations manufacturing facilities received a Form 483 with two observations from the US FDA after inspections in Duvvada, Visakhapatnam, Andhra Pradesh.

TATAPOWER: Tata Power Stock Approaches 52-Week High as EV Arm Deploys 850+ E-Bus Charging Points

The Tata Power reported they are going to install 850 E- Bus charging stations in the Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa. 180-240 KW power and charging time is 1-1.5 Hrs. The TataPower has increased 5.4 GW in the past 2 years, Now EBITA is Rs.3000 cr, in the next few years it will grown to Rs.6000 cr as per Analysts estimate.

TATA POWER Market price is moving in Ascending channel and market has rebounded from the higher low area of the channel

TATA POWER Market price is moving in Ascending channel and market has rebounded from the higher low area of the channel

Tata Power Gains on Expansion of EV Charging Infrastructure

Key Developments:

Share Price Movement: Tata Power’s shares rose by 1.5% to Rs 456 per share on June 13 following the deployment of over 850 charging points by its subsidiary Tata Power Renewable Energy (TPREL) in key metropolitan areas.

Year-to-Date Performance: So far this year, Tata Power’s shares have surged over 35%, outperforming the benchmark Nifty 50 index which rose by 7% over the same period.

Charging Time

Previous High: Tata Power had previously reached a 52-week high of Rs 464 per share on May 3, 2024.

Details of Tata Power Renewable’s Charging Infrastructure:

Charging Points: TPREL has installed charging infrastructure with points ranging from 180 to 240 KW across more than 30 bus depots in cities such as Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa.

Charging Time: The average charging time at these points ranges from 1 to 1.5 hours.

Geographical Presence:

E-Bus Deployment: Delhi leads in the adoption of e-buses utilizing Tata Power’s EV charging points, followed closely by Mumbai, Bengaluru, Ahmedabad, Jammu, and Srinagar.


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