IDBI Bank: Most merchant bankers who had submitted bids for facilitating strategic sale of LIC-controlled IDBI Bank indicated a time-frame of 1 year to complete the process. This was conveyed during a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently.
Eicher Motors: Royal Enfield, part of Eicher Motors, may see a fresh round of exits at the top. Lalit Malik, chief commercial officer and longstanding confidante of Siddhartha Lal, has put in his papers. Shubranshu Singh, global head of marketing who successfully launched key models of the Interceptor, Thunderbird X, Meteor and the all-new Classic motorcycles, is also serving notice to take up a bigger role outside.
Stocks to Watch: Lupin Ltd: The US Food and Drug Administration (FDA) has concluded inspection of Lupin’s Goa-based facility with “seven observations”, the drugmaker said in a regulatory filing on 19 September. The observations made by the US FDA assume significance as the plant had earlier received a warning letter from the American regulatory body.
Cadila Healthcare: Zydus Cadila received final approval from US FDA for Vortioxetine tablets which are used to treat depression.
Forbes and Co: US buyout firm Advent International has agreed to buy a majority stake in Eureka Forbes Ltd, the consumer durable flagship of Shapoorji Pallonji Group and a household name in the vacuum cleaner and water purifier segments, for ₹4,400 crore.
Stocks to Watch: Eureka Forbes Ltd, a unit of Forbes and Co. Ltd, will be separated from the parent and listed on BSE.
Zee Entertainment Enterprises: BlackRock Inc., on behalf of its discretionary management clients, has picked more than 3.01 lakh equity shares in the company via open market transaction, increasing its stake to 5.01% from 4.98% earlier.
SpiceJet Ltd: The airline has received lease rental waiver of about ₹300 crore for four Boeing MAX aircraft for the period beginning March 2019, as it prepares to bring them back into service by the end of this month. SpiceJet expects to negotiate a waiver of about ₹700 crore in lease rentals for the other nine aircraft which were also grounded due to suspected faulty computer.