Companies and stocks to watch: December 2, 2020

UPL gets booster from Delaware District Court

UPL has announced that the District Court in Delaware has substantially reduced the earlier October 2019 jury verdict of $31 million to $13 million by its judgement of November 30, 2020. The court has also vacated a number of jury's determination on key counts. This litigation relates to an ongoing intellectual property litigation regarding TruPick, a 1-MCP product launched by the post-harvest business of UPL in the US in 2016.

UPL has already made a provision for the full $31 million jury award in the FY 2019-20.

UPL is presently considering its options, including potential appeal of any judgment, that arises based on the adverse portions of the jury verdict that remain, it further said.

Shareholders will closely monitor further development.

Snowman Logistics: Eyes on Adani Logistics

Adani Logistics on Tuesday sold 11.56 lakh shares or 0.69 per cent stake in Snowman Logistics Ltd at an average price of Rs 56.73, according to NSE bulk deal data. As of September 30, Adani Logistics held 26 per cent stake in the company.

Today, shares of the company ended 3.5 per cent lower at Rs 55.95 on the NSE.

Snowman Logistics shareholders will closely monitor whether Adani Logistics resort to further selling of Snowman Logistics shares.

Burger King IPO opens today

The Rs 810-crore initial public offering of Burger King will hit the capital markets on Wednesday. The chain, which currently operates 268 stores, of which eight are franchises mainly located at airports and the rest are company-owned, in India has fixed the price band of the IPO at Rs 59-60 a share.

The promoter entity of the chain, QSR Asia Pte Ltd will sell up to 6 crore shares, aggregating to Rs 360 crore at the upper end of the price band.

Marketmen will closely monitor the response to the issue.

Dr Reddy's getting ready for Covid vaccine

The stock of Dr Reddy's Laboratories will remain in focus, as it, along with its partner Russian Direct Investment Fund, had commenced phase-II and phase-III clinical trials of Covid-19 vaccine Sputnik V vaccine in India.

The Central Drugs Laboratory has already granted the necessary permission to the company.

In September, Dr. Reddy's and Russian Direct Investment Fund had entered into a partnership to conduct clinical trials of the Sputnik V vaccine, and for rights to distribute the first 10 crore doses in India.

LKP Finance mulls delisting

LKP Finance on Tuesday informed the exchange that it has received a letter from Mahendra V. Doshi (hereinafter referred collectively as the "Promoters") of the Company, expressing their intention to acquire all fully paid-up equity shares (i.e. 45.72 lakh shares) from the public shareholders and consequently voluntarily delist from BSE Limited.

The stock is listed only on the BSE.

As on September 30, 2020, the Promoters held 79.96 lakh shares or 63.62 per cent of the issued and paid-up equity share capital of the Company.

Pursuant to the aforesaid letter, a meeting of the board of the company is scheduled to be held on Friday, December 4.