adani group: Market movers: Adani Group stocks get 2 billion reasons to rally further

NEW DELHI: Already outperforming Adani Group stocks got a couple of billions of more reasons to rally now the companies owned by the conglomerate got investments of $ 2 billion.

Adani Group said Abu Dhabi’s International Holding Company PJSC (IHC) will invest $ 2 billion as primary capital in three portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL).

IHC will invest Rs 3,850 crore in AGEL, Rs 3,850 crore in ATL and Rs 7,700 crore in AEL. The investment comes at a time when Adani Group became the third conglomerate to hit a $ 200 billion market cap.

Following the announcement, shares of Adani Green Energy spiked 7.37 per cent, Adani Enterprises 3.44 per cent and Adani Transmission 3.41 per cent.

Only buyers for the debutant

Shares of Uma Exports that debuted on the stock markets on Thursday with a bang, extended its gains on Friday hitting the upper circuit again. The stock was up 5 per cent at Rs 88.20 per share.

This is despite market experts suggesting investors to book profits, either fully or partially, and look for better opportunities.

Uma Exports has raised Rs 60 crore via its initial stake sale, which was open for subscription between March 28-30 in the range of Rs 65-68 apiece. The company deals in sugar, spices, food grains, pulses and agricultural feed.

Indoco gets FDA approval

Indoco Remedies on Friday said the United States Food & Drug Administration (USFDA) has approved the ANDA Lacosamide Injection USP, 200 mg / 20 mL (10 mg / mL) single-dose vials.

The generic Lacosamide Injection USP of lndoco Remedies is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Vimpat Injection of UCB, Inc. Lacosamide injection is indicated for the prevention and control of seizures. It is an anticonvulsant antiepileptic drug.

Following the approval, shares of the company advanced over 1 per cent.

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