The board of JM Financial on Wednesday approved the demerger of the institutional equities division of its subsidiary JM Financial Institutional Securities into a new company. In a disclosure to the exchanges, JM Financial said the proposed company will be incorporated as a wholly owned subsidiary of JM Financial Services, another arm of JM Financial. The institutional equities division has trading memberships of the BSE and the National Stock Exchange, and registration with the Securities and Exchange Board of India as a stock broker. Following the arrangement, the entire securities and distribution business will fall under JM Financial Services. The board has also approved the merger of JM Financial Institutional Securities and JM Financial Investment Managers into the company. Shares of JM Financial closed about 3 per cent higher at ₹120.85 on the NSE. In intra-day trades, the stock registered a fresh 52-week high of ₹124.40.

Bal Pharma has informed the exchanges that it has decided to issue notice as per the provisions of Section 25 FFA read with Section 25F of the Industrial Disputes Act, 1947, pertaining to its parenterals and IV fluids manufacturing facility at Pune. According to Section 25FFA of The Industrial Disputes Act, 1947, a company needs to give sixty days notice of its intention to close down the undertaking. Bal Pharma said this decision was taken as part of the restructuring exercise undertaken by the company to streamline its operations and to exit from its non-core businesses, whose operational costs are significant but generate very nominal revenues. Shares of Bal Pharma closed a tad higher at ₹101.95 against the previous day’s close of ₹101.80.

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