Introduction
Indian equity markets are bracing for a negative opening on Thursday, with GIFT Nifty futures trading 47 points lower at 25,065, signaling potential pressure on the Nifty50 index. This comes after Wednesday’s session saw the S&P BSE Sensex decline 387 points (0.47%) to 81,715 and the Nifty50 fall 113 points (0.45%) to 25,057. Against this backdrop, significant corporate developments across pharmaceuticals, renewable energy, and financial services are poised to drive individual stock activity, with Glenmark Pharma, Lupin, and Waaree Energies among the key companies in focus.
Key Points
- Glenmark Pharma enters $1.1 billion licensing agreement with Hengrui Pharma for cancer drug Trastuzumab Rezetecin
- Lupin receives US FDA tentative approval for generic HIV treatment manufactured at Nagpur facility
- Waaree Energies invests ₹300 crore in energy storage subsidiary amid growing renewable focus
Pharmaceutical Sector Leads with Major Deals and Approvals
The pharmaceutical sector emerged as a hotspot of activity, headlined by Glenmark Pharma’s landmark licensing agreement. Through its subsidiary Glenmark Specialty SA, the company secured exclusive rights to Trastuzumab Rezetecan, a novel HER2-targeting cancer drug, from China’s Hengrui Pharma. The deal involves an $18 million upfront payment, potential milestone payments reaching up to $1.09 billion, and royalties on future sales, representing a significant strategic bet on the oncology market.
In another major development, Lupin Limited received tentative approval from the US Food and Drug Administration (US FDA) for its generic version of Bictegravir, Emtricitabine, and Tenofovir Alafenamide Tablets, used to treat HIV in adults and children. The approval, for tablets manufactured at Lupin’s Nagpur facility, strengthens the company’s portfolio in the competitive antiretroviral market. Meanwhile, Ipca Laboratories announced a partnership with US-based BioSimilar Sciences PR LLC (BSS) to advance a next-generation monoclonal antibody biosimilar for cancer and autoimmune diseases. Ipca will transfer late-stage development and manufacturing activities to BSS’s 200,000 sq. ft. facility in Puerto Rico.
Strategic Moves Across Energy, Finance, and Manufacturing
Beyond pharmaceuticals, corporate action was widespread. Waaree Energies, a leading domestic solar module manufacturer, made a substantial investment of Rs 300 crore in its subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL), through a rights issue. This move underscores the company’s commitment to expanding its footprint in the energy storage ecosystem amid India’s renewable energy push.
In the financial services space, Piramal Enterprises received approval from the National Company Law Tribunal (NCLT) for its merger with subsidiary Piramal Finance. Post-merger, Anand Piramal will assume the role of Chairman at Piramal Finance, while Ajay Piramal continues to lead the Piramal Group, and Swati Piramal remains Vice-Chair. In manufacturing, Poly Medicure signed a Rs 324 crore agreement to acquire Medistream SA, including its subsidiaries Citieffe SRL in the US and Mexico, a move aimed at bolstering its global medical device presence.
Newgen Software Technologies also secured a significant five-year master services agreement with TCS NV, Belgium, covering cloud hosting, software licensing, and implementation services, highlighting the global demand for digital transformation solutions.
Infrastructure, Agriculture, and Hospitality See Expansion
The infrastructure and allied sectors witnessed notable contracts and collaborations. SEPC secured a Rs 75.19 crore purchase order from Gefos Solutions Private Limited to supply construction materials for four residential projects, a deal expected to be executed within 8-9 months and which strengthens its order book amid rising urban housing demand. Swan Defence signed an exclusive memorandum of understanding (MoU) with Dutch offshore specialist Royal IHC and Indian partner Alar Infrastructure to collaborate on designing, constructing, and retrofitting offshore vessels at its Pipavav Port shipyard in Gujarat.
In agriculture, AWL Agri Business entered a two-year MoU with the Solvent Extractors’ Association of India (SEA) and Solidaridad Regional Expertise Centre (SREC) to lead the National Mustard Model Farm Initiative. The hospitality sector saw expansion as Indian Hotels Company announced plans to launch a new 310-room Taj hotel in Visakhapatnam, Andhra Pradesh, extending its luxury portfolio.
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