Market this week 25-2-2022

Market this week 25-2-2022
  • Krsnaa Diagnostics’ stock rose 3% after getting a tender from the Himachal government.
  • Dr. Reddy’s Laboratories sees a 2% increase in revenue from the sale of two antibacterial brands.
  • Avenue Supermarts’ stock rises after CRISIL upholds the company’s AA+ rating with a stable outlook.
  • Sigachi Industries is up 4% as a result of CARE’s debt rating improvement.
  • Nxtdigital’s stock jumped 19% after Hinduja Global Solutions approved a scheme of arrangement.

Krsnaa Diagnostics’ stock rose 3% after getting a tender from the Himachal government.

After winning a tender from the Himachal Pradesh government, the share price of Krsnaa Diagnostics, one of India’s major specialised diagnostic services providers, surged 3.5 percent intraday to Rs 607 on February 22.

Krsnaa Diagnostics was awarded a contract by the Himachal Pradesh Health and Family Welfare Department to provide diagnostic and laboratory services to government health institutes.

At designated public health institutions (PHls), such as government medical colleges, general hospitals, and community health center’s, the corporation will install, run, and maintain routine and advanced laboratory testing facilities.

Dr. Reddy’s Laboratories sees a 2% increase in revenue from the sale of two antibacterial brands.

Binnopharm Group has acquired two of Dr Reddy’s Laboratories’ anti-bacterial products in Russia and the CIS region, causing the stock to rise over 2% in early trade on February 21

Binnopharm Group, a leading pharmaceutical production company in Russia, and Dr. Reddy’s Laboratories announced the signing of a deal that will allow Binnopharm Group to acquire anti-bacterial medicines under the Ciprolet and Levolet brands from Dr. Reddy’s in Russia, Uzbekistan, and Belarus through its affiliate Joint Stock Company ‘Alium.’ The range comprises pills, infusion solutions, and ocular drops, among other dosage forms.

Avenue Supermarts’ stock rises after CRISIL upholds the company’s AA+ rating with a stable outlook.

After CRISIL Ratings maintained its ‘CRISIL AA+/Stable’ rating for the company’s bank facilities and commercial paper, Avenue Supermarts’ stock rose in the morning session on February 17.

The company’s strong market position in the domestic organised food and grocery (F&G) retail industry, as well as its high financial risk profile, are reflected in the ratings. These advantages are tempered by a limited geographic reach that is improving, as well as susceptibility to legislative changes and severe competition.

For the quarter ended December 2021, the hypermarket chain operator reported double-digit earnings growth, albeit total gross margins were somewhat lower due to mix degradation.

Sigachi Industries is up 4% as a result of CARE’s debt rating improvement.

The stock of Sigachi Industries rose 4% on February 23 after CARE upgraded the company’s long-term bank facilities of Rs 13.93 crore to ‘A-‘ from ‘BBB’. The outlook has also been changed from “positive” to “stable.”

The long-term and short-term bank facilities of Rs 13.93 crore were rated ‘A-‘ and ‘A2’ by CARE, down from A3+.

The rating committee has reviewed the ratings based on recent developments, including the company’s operational and financial performance for FY21 (audited) and 9MFY22 (unaudited),” the leading excipient manufacturer and exporter said in a BSE filing. Long-term and short-term bank facilities totaling Rs 13.35 crore were also upgraded from ‘BBB’ to ‘A-‘ and ‘A2’, respectively

Nxtdigital’s stock jumped 19% after Hinduja Global Solutions approved a scheme of arrangement.

On February 18, Nxtdigital’s stock rose 19 percent intraday to Rs 479 after the business approved a scheme of arrangement with Hinduja Global Solutions.

The proposed scheme of arrangement between Nxtdigital (NDL) and Hinduja Global Solutions Limited (HGSL) and their respective shareholders for the demerger of NDL’s digital, media, and communication business undertaking into HGSL on a going concern basis was approved by the board of directors of Nxtdigital at its meeting.

The proposed share exchange ratio was also authorised by the board. The ratio was approved after two independent valuers, KPMG Valuation Services LLP and SSPA & Co, Chartered Accountants, completed a comprehensive valuation exercise and recommended it.

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