Stocks in Focus on December 28: NIIT, DLF, Biocon, Indian Bank to Westlife Development; here are the 5 Newsmakers of the Day

Stocks in Focus on December 28: NIIT, DLF, Biocon, Indian Bank to Westlife Development; here are the 5 Newsmakers of the Day

At the stock markets, the Sensex at the Bombay Stock Exchange shot up 529.36 points, or 1.14 per cent, to close at 46,973.54, on Thursday, December 24, 2020. The Nifty at the National Stock Exchange jumped 148.15 points, or 1.09 per cent, to 13,749.25. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Monday, December 28, 2020. List of such five stocks: 

NIIT Ltd: The board of the corporate training company, NIIT Ltd, has approved an up to Rs 237-crore buyback proposal at Rs 240 per equity share. Buyback of up to 98.75 lakh shares (7% equity) will be made under the approved plan. Zee Business Exclusive research had predicted 225-240 per share buyback price in the recent past.  

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DLF: DCCDL has entered into a Securities Purchase Agreement with Hines to acquire its 51.8% stake in Fairleaf Real Estate Private Limited “Fairleaf” for a purchase consideration of approximately Rs 780 crore. The transaction is expected to be consummated in the next quarter subject to requisite closing actions. DCCDL already holds 48.2% stake in Fairleaf. Post the completion Fairleaf will become a wholly-owned subsidiary of DCCDL. This acquisition will be a high value accretive for NIIT and will add approximately Rs 150-160 crore of rental revenues annually.  

Biocon + Lupin:  

Biocon: Biocon Biologics Limited, a subsidiary of Biocon Limited, has been informed by the US Food and Drug Administration (FDA) of deferred action on the Biologics License Application (BLA) for MYL-1402O, a proposed biosimilar to Avastin (bevacizumab). To complete the application, the Agency noted that an inspection of the manufacturing facility is required as a part of the standard review process. However, due to restrictions on travel related to COVID-19, the agency is unable to conduct an inspection during the current review cycle. 
Lupin: Lupin Limited, a global pharmaceutical company, has received tentative approval for its Efinaconazole Topical Solution, 10%, from the United States Food and Drug Administration, to market a generic equivalent of Jublia® Topical Solution, 10%, of Bausch Health Americas, Inc. Efinaconazole Topical Solution, 10%, is indicated for the topical treatment of onychomycosis of the toenail(s) due to Trichophyton rubrum and Trichophyton mentagrophytes. 
Indian Bank + Punjab & Sind Bank  

Indian Bank: The bank has reported Borrowal Fraud of Bank’s total Exposure of Rs.574.66 crore in two companies of Pratibha Group, namely Pratibha Industries Ltd. of Rs.480.80 crore and FEMC-Pratibha Joint Venture of Rs.93.86 crore. It is further informed that the Bank has already made full provision of Rs.574.66 crore against the aforesaid two Accounts. 
Punjab & Sind Bank: State-owned Punjab & Sind Bank on Thursday said it has declared the account of Sintex Industries with the total outstanding of Rs 294 crore as fraud and reported the same to the RBI. The lender said it has made provisioning of Rs 147.25 crore against this fraud account. 

Westlife Development: Westlife Development has resumed new store openings across its markets. The Company has opened four new stores post-March 2020 as it steadily continues to move towards pre-COVID levels of business. In another development, the royalty for FY21 as also FY 22 remains at 4%.  

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