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Dixon Tech on a song, thanks to Motorola deal
Shares of Dixon Technologies surged to ₹13,897 on the BSE in morning deals, after the company said that its wholly-owned subsidiary Padget Electronics has entered into an agreement with Motorola for manufacturing smartphones.
The stock is currently hovering around ₹13,765, up 1.9 per cent over the previous day’s close of ₹13,509.60.
The products will be produced at Padget’s manufacturing facility at Noida, Uttar Pradesh. Padget Electronics is a wholly-owned subsidiary of Dixon Technologies, and is among the five domestic manufacturers that have been approved to receive benefits of the government’s new production-linked incentive (PLI) scheme for smartphones.
3i Infotech at 52-week high on ₹1,000-crore software division sale
The stock of 3i Infotech’s software products business hit a 52-week high at ₹5.91 on the BSE after the IT services company said that its board has approved the slump sale of its global software products business to private equity firm Apax Partners for a sum of ₹1,000 crore.
The software products business will be acquired by a newly-formed company named Azentio Software, wholly-owned by Apax. The sale of the business will help 3i Infotech facilitate repayment of all its existing debt, and scale up other existing businesses.
It may be recalled that the stock had hit its 52-week low of ₹1.15 during April.
Drug launch in US lifts Biocon
Biocon has announced the launch of Tacrolimus capsules in the US. Tacrolimus, a calcineurin inhibitor, is an immunosuppressant used in the treatment of organ transplant patients, which reduces the body’s ability to reject a transplanted organ. It has been particularly effective in treating patients of renal transplant for more than two decades.
The launch of Tacrolimus capsules, following approval from the US FDA in November 2020, underscores Biocon’s mission to make affordable healthcare accessible.
Shares of Biocon, which climbed to ₹476.50 on the NSE in opening trade, is currently (at 10 am) hovering around ₹466.85 on the BSE against the previous day’s close of ₹465.80.
AU SFB, ICICI Pru Life trade in narrow range
AU Small Finance Bank (AU Bank), a scheduled commercial bank and one of the largest small finance banks (SFBs) in the country, on Monday announced a partnership with ICICI Prudential Life Insurance, a top private life insurance company that offers customised, as well as need- and goal-based life insurance solutions.
The stock of AU SFB, which jumped to a high of ₹875.15 in early trade, however, surrendered most of its gains to rule at ₹857.45, just 0.14 per cent higher than the previous day’s close. Shares of ICICI Pru Life edged up 0.21 per cent higher at ₹502 on the NSE.
DLF to raise to ₹500 crore for One Horizon stake
DLF Ltd’s rental arm DLF Cyber City Developers Ltd (DCCDL) will raise ₹400-500 crore of debt and another ₹200-300 crore from internal accruals to buy a majority stake in One Horizon Centre in Gurugram, the real estate firm has informed the stock exchanges. Shares of DLF were ruling 0.26 per cent higher at ₹233.80.
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