Shares of Piramal Enterprises Ltd fell 1.78 per cent, a day after posting their biggest single-day percentage gain in six weeks.
The stock fell as the Securities and Exchange Board of India has imposed a fine of Rs 600,000 ($9,019.84) on the company and five of its executives.
According to SEBI, the company and its executives violated some of the country’s insider trading rules during the sale of its domestic healthcare business to Abbott Laboratories Ltd in 2010.
It said violations involved failure to close the trading window for shares during the period in which it was considering the sale.
The regulator added that the company failed to keep information on a “need-to-know basis” among its executives.
As of Monday’s close, the stock had risen 90 per cent this year.
Wockhardt
Shares of drug firm Wockhardt today rose nearly 5 per cent after the US health regulator excluded one of its drugs — Ceftriazone Sodium — from import alert issued earlier against its active pharmaceutical ingredient manufacturing facility at Ankleshwar.
The scrip gained 4.75 per cent to Rs 936.95 on the BSE.
On the NSE, shares of the company went up 4.57 per cent to Rs 937.
In terms of volume, 4.66 lakh shares of the company were traded on the BSE and over 26 lakh shares changed hands on the NSE during the morning trade.
The United States Food and Drug Administration (USFDA) on September 30, 2016 had posted on its website an update on the Import Alert 66-40 “regarding company’s API Unit at Ankleshwar” and excluded Ceftriazone Sodium from it, Wockhardt said in a filing to the BSE.
“This will enable the company manufacture and sell Ceftriazone API and formulation to the US market,” it added.
Manali Petrochemicals
Shares of Manali Petrochemicals today surged nearly 12 per cent after the company announced the acquisition of UK-based Notedome for about Rs 120 crore.
The scrip soared 11.78 per cent to Rs 42.20 — its 52-week high — on the BSE.
On the NSE, shares of the company zoomed 11.77 per cent to touch its one-year peak of Rs 42.25.
The acquisition was done through Manali Petrochemicals’ UK subsidiary, AMCHEM Speciality Chemicals UK, the company had said in a statement yesterday.
“The move will facilitate MPL’s progress in new technologies and strengthen the efficiencies of existing systems and applications,” it said.
Notedome manufactures neuthane polyurethane cast elastomers that find application in the automotive sector for anti-roll bar, suspension and shock bushes for buses, trucks and other high-performance vehicles, limit or bump stops, material handling and in the agriculture sector for rollers, harvester components and idler wheels on track laying tractors.