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.
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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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