Sensex Ends 393 Points Higher; Infosys And TCS Among Top Nifty Gainers

The issue opened today for non-retail investors and will open for retail investors on Friday.

The sale is being undertaken by the seller, inter alia, for achieving the minimum public shareholding, the company said in its notice to exchanges.

As of 31 March 2021, the promoters held a 98% stake in Orchid Pharma, the shareholding pattern data shows.

Apart from that, while announcing March quarter results on 22 May 2021, Orchid said that it had developed a new molecule known as OCID-5090, which was licensed to a company named Allegra Therapeutics, this molecule was undergoing clinical trials and the molecule has cleared the Phase 3 clinical trials.

Orchid Pharma is a pioneer in cephalosporin antibiotics, research, and development (R&D) focused, inventor of enmetazobactam (Phase 3 trials done in US & EU) acquired by Dhanuka Group through corporate insolvency resolution process (CIRP) process on 1 April 2020.

Orchid Pharma's share price ended the day down by 10% on the BSE.

Moving on to news from the FMCG sector...

Dabur India to Set Up Largest Unit in Madhya Pradesh

Packaged consumer healthcare company Dabur announced a fresh investment of Rs 5.5 bn for a new manufacturing facility in Madhya Pradesh, which it said would be one of its largest plants in the world.

The company said in a statement the new plant, which would be involved in the production of making foods, ayurvedic medicines, and health supplements would provide direct and indirect employment to 1,250 people in the first phase and over 3,000 people subsequently.

'We have a clear growth strategy, this facility will provide us space to rapidly expand production capacity for ayurvedic products and medicines, as well as innovative foods', Dabur chief executive officer Mohit Malhotra said.

Since the Covid outbreak, demand for ayurvedic products has seen rapid growth.

Products like chyawanprash, honey, and health juices have been witnessing record growth across channels including e-commerce.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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