Business
FDC surges 8% as board to consider share buyback proposal
Shares of FDC surged 8% to Rs 319 on the BSE in intraday trade on Monday after the company said its board would meet on February 9, 2022 to consider a proposal to buy back the company’s stake through a takeover bid route.
At 9.26am; shares of the pharmaceutical company were up 7% at Rs 314.75, while the S&P BSE Sensex was down 0.5%. The stock has fallen 14% over the past six months, while the benchmark index has gained 8%. It has fallen 21 percent from a 52-week high of Rs 404.90 touched on June 15, 2021.
A buyback is a corporate action in which a company buys back its shares from existing shareholders, usually at a premium to the market price. The main goal of a share repurchase program is to stop the decline in a stock’s value by reducing the supply of shares, which essentially drives the stock price higher through a better price-to-earnings (P/E) multiple.
In a tender offer, shareholders can choose to submit (or bid) some or all of their shares for a certain time frame at a price above the current market price, a premium that compensates investors for bidding on their shares rather than holding them.
Meanwhile, in a separate regulatory filing, the FDC announced that the company’s Oral Solid Dose Plant in Goa has obtained a Good Manufacturing Practice (GMP) certificate and continues to receive Malaysia’s PICs – NPRA (National Pharmaceutical Regulatory Agency) approval status.
Complete News Source : Business Standard
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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