TCS, Patanjali Foods, Glenmark Pharma, Vi, DLF, Eris Life in Focus

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Improving global sentiment is likely to inject strength into domestic markets on Friday. At 7:05 am, the SGX Nifty Index opened more than 100 points higher at around 17,144.

Globally, US markets rallied in relief overnight after a consortium of banks said it would provide $30 billion in deposits to First of Republic. The main indexes of the Dow Jones, Nasdaq Composite and S&P 500 rose 2%.

TCS: Managing Director and CEO Rajesh Gopinathan resigned from his role to pursue other interests. With over 22 years of corporate experience, the Board of Directors granted his removal request. He will be succeeded immediately by CEO-Designate K Krithivasan.

Glenmark Pharma: The pharmaceutical major received approval from the USFDA to conduct a phase 1/2 first-in-human trial of an investigational new drug to treat patients with advanced cancer.

Patanjali Foods: After the stock exchange froze the shares of its promoters, the company said the move would not affect its operations. They plan a follow-on public offering in April, raising public shareholding to 25%.

Vodafone Idea: CARE Ratings has revised the outlook on Vodafone Idea (Vi) bank loans from “stable” to “positive”. It also reaffirmed its “B+” rating on the bond and long-term loans. The outlook upgrade hopes to raise long-term debt from banks through equity injections.

Eris Lifesciences: Dr Reddy’s has signed an agreement with the company to divest certain non-core brands in the dermatology segment for Rs 275 crore. Divested portfolio sales of Rs 60 crore, based on IQVIA Moving Annual Turnover (MAT) figures on December 2022.

DLF: The real estate major has witnessed record sales of over Rs 8,000 crore in just 3 days before the official launch of its luxury high-rise The Arbor project. Backed by high demand for high-end residences, the company will focus on luxury and ultra-luxury residences.

Voltas: The company’s subsidiary, Universal MEP Projects & Engineering Services, has secured multiple SITC project orders worth Rs 1,770 crore in the power distribution business in FY22-23, including a solar project.

Adani Transmission: The company has incorporated a wholly-owned subsidiary named “Adani Electricity Aurangabad”. It was formed to apply for a parallel distribution license in Aurangabad. The company has not yet started business operations.

Zensar Technologies: The company opened the Zensar Learning Academy in Pune, India. The academy aims to deliver skills-enhancing and specially curated modules to combine product engineering, coding, design thinking and customer-centred problem-solving tools.

Tiger Logistics: The company has undertaken a government tender for Bank Note Paper Mill, which will help boost the company’s business. Going forward, the company aims to strengthen its position in handling logistics so that the government handles large volumes of business.

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