NEW DELHI: Some of the major pharma stocks traded with cuts on Wednesday after reports said companies like Dr Reddy’s Labs, Glenmark, Mylan, Ipca Labs and Aurobindo are under
GST intelligence investigation.
Reports said irregularities included non-compliance to the section 25 of CGST Act. There are allegations that companies did not either cross charge or short charged. GST liability claimed and to be paid by these five companies is Rs 245 crore.
Nifty Pharma closed lower, bucking the overall trend. Aurobindo Pharma fell 2 per cent while Glenmark Pharma declined about half a per cent. Ipca and Dr Reddy’s Labs , however, ended in the green.
Axis Forces in the Citi
Shares of private lender Axis Bank gained about 2 per cent after media reports confirmed that it has acquired Citi India’s retail assets, valuing the business at nearly $2 billion. Axis will pay to Citi cash consideration of approximately $1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments, a Citi press release noted.
The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
It also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.
Infra push continues
Shares of GR Infra added about 4 per cent after the company received five fresh letters of awards for road projects across the country. The company has been on an order winning spree for the last one month.
These fresh orders include four laning of highways in Gujarat, Rajasthan, Andhra Pradesh and Maharashtra. The total order value is close to Rs 5800 crore, the company said in a a regulatory filing.
Source Name:-Economic Times