HT Image
HT Image

Ranbaxy, Daiichi Sankyo confirm deal

Allaying market rumours, pharma major Ranbaxy says its deal to sell promoters' stake to the Japanese firm is "binding and final."
By HT Correspondent | PTI, New Delhi
UPDATED ON JUL 17, 2008 11:40 AM IST

A day after Ranbaxy Laboratories accused the corporate rivals for the recent stock slump, the pharma major on Thursday said its deal to sell promoters' stake to the Japanese firm Daiichi Sankyo is "binding and final."

"Following intense speculation in sections of the media and the stock market, Daiichi Sankyo and Ranbaxy reiterate that the agreement between Daiichi, Ranbaxy and the Singh family, the promoters of Ranbaxy, is binding and final, subject to regulatory approvals," a joint statement issued by the companies said.

Pointing out that both the companies are committed to the transaction, the statement said, "Daiichi Sankyo, Ranbaxy and the Singh family stand by the deal and confirm that the terms of the deal remain unchanged. All the synergies expected to accrue to the combine, remain intact as before."

The said deal would create a complementary business combination that provides sustainable growth by diversification and an enhanced global reach, it added.

Earlier the board of directors and shareholders of Ranbaxy Laboratories had approved the allotment of over seven crore securities to Japanese drug maker Daiichi Sankyo.

"The share purchase and share subscription agreement have earlier been approved by the boards of directors of both the companies. Coupled with the approval now in place from the shareholders, this clears the decks for the deal to proceed as planned," the statement said.

Last month, Ranbaxy had announced that the promoters have signed a share purchase agreement with Daiichi Sankyo to sell off their entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore.

Shares of Ranbaxy were trading at Rs 473.50, up 0.59 per cent in the early morning trade on the Bombay Stock Exchange.

SHARE THIS ARTICLE ON
app
Close
A man speaks on his mobile phone as he exits a glass door with the logo of Maruti Suzuki India Limited at a showroom in New Delhi, India.(Reuters)
A man speaks on his mobile phone as he exits a glass door with the logo of Maruti Suzuki India Limited at a showroom in New Delhi, India.(Reuters)

Maruti shares gain over 1% as company hikes prices of select vehicles

PTI
PUBLISHED ON JAN 19, 2021 06:11 PM IST
The country's largest carmaker on Monday said it has increased the prices of select models by up to 34,000 to offset adverse impact of rising input costs.
Close
A Boeing 737 Max jet, piloted by Federal Aviation Administration (FAA) chief Steve Dickson, prepares to land following a test flight in Seattle.(File Photo / AP)
A Boeing 737 Max jet, piloted by Federal Aviation Administration (FAA) chief Steve Dickson, prepares to land following a test flight in Seattle.(File Photo / AP)

Boeing 737 Max to get EU flight clearance next week

Reuters
PUBLISHED ON JAN 19, 2021 06:08 PM IST
The EU Aviation Safety Agency is one of the last major regulators to approve changes to the Max and its anti-stall software, blamed for two deadly crashes.
Close
Foreign portfolio investors bought $2.44 billion worth of Indian stocks in January ht(MINT_PRINT)
Foreign portfolio investors bought $2.44 billion worth of Indian stocks in January ht(MINT_PRINT)

Mindtree shares close over 1% higher as net profit jumps

PTI
PUBLISHED ON JAN 19, 2021 06:07 PM IST
The Bengaluru-based company had posted a net profit of 197 crore in the year-ago period. Its revenue grew 3 per cent to 2,023.7 crore in the quarter under review, from 1,965.3 crore in the year-ago period.
Close
World No Tobacco Day 2020: Dispelling myths about tobacco use, cigarettes and vaping.(Unsplash)
World No Tobacco Day 2020: Dispelling myths about tobacco use, cigarettes and vaping.(Unsplash)

Changes in law on cigarettes, other tobacco products to impact F&B sector: NRAI

PTI
PUBLISHED ON JAN 19, 2021 05:59 PM IST
The proposed amendments will not only hugely inconvenience the consumers but will also adversely impact the overall consumer sentiments, the National Restaurant Association of India (NRAI) said in a statement.
Close
Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)
Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)

Oil prices rise as investors look to higher demand seen in second half

Reuters
PUBLISHED ON JAN 19, 2021 05:53 PM IST
Brent crude futures for March rose 72 cents to $55.47 a barrel by 1152 GMT after slipping 35 cents in the previous session.
Close
The changes could hurt Amazon as it holds indirect equity stakes in two of its biggest online sellers in India.(Reuters )
The changes could hurt Amazon as it holds indirect equity stakes in two of its biggest online sellers in India.(Reuters )

Govt plans foreign investment rule changes that could hit Amazon

Reuters, New Delhi
PUBLISHED ON JAN 19, 2021 05:46 PM IST
The 2018 rules forced Amazon and Flipkart to rework their business structures and soured relations between India and the United States.
Close
"The concessionaires are required to take up the Guwahati, Jaipur and Thiruvananthapuram airports fulfilling certain conditions precedents within 180 days from 19th January, 2021," the Airports Authority of India (AAI) said in a press release.(HT Photo)
"The concessionaires are required to take up the Guwahati, Jaipur and Thiruvananthapuram airports fulfilling certain conditions precedents within 180 days from 19th January, 2021," the Airports Authority of India (AAI) said in a press release.(HT Photo)

Adani Group signs concession agreements with AAI for developing 3 airports

PTI
PUBLISHED ON JAN 19, 2021 04:57 PM IST
The Centre had in February 2019 privatised six major airports of the country -- Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram and Guwahati. Through a competitive bidding process, the Adani group won the rights to run all of them for 50 years.
Close
According to the official statement of CGST Commissionerate, the accused Arvind Kumar was arrested under Section 69(1) of the CGST Act, 2017 and produced before the Duty Magistrate on January 17, who remanded him to judicial custody of 14 days till January 3.(REUTERS/Representative image)
According to the official statement of CGST Commissionerate, the accused Arvind Kumar was arrested under Section 69(1) of the CGST Act, 2017 and produced before the Duty Magistrate on January 17, who remanded him to judicial custody of 14 days till January 3.(REUTERS/Representative image)

Man who ran 46 fake firms, helped businesses evade taxes worth 83 cr arrested

ANI, New Delhi
PUBLISHED ON JAN 19, 2021 04:23 PM IST
CGST Commissionerate said the investigation conducted so far revealed that 46 firms that were being controlled by Arvind Kumar and his associates are fictitious.
Close
As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India.(Reuters )
As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India.(Reuters )

Amazon partners with Startup India, others to boost e-com exports from India

PTI, New Delhi
UPDATED ON JAN 19, 2021 04:20 PM IST
The Amazon Global Selling Propel (AGSP) programme has been designed to support early stage startups in the consumer products space to launch in international markets and create global brands from India.
Close
Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC..(PTI)
Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC..(PTI)

Sensex closes 834 points higher at 49,398, Nifty ends at 14,521

By hindustantimes.com | PTI, Mumbai
UPDATED ON JAN 19, 2021 04:01 PM IST
The 30-share BSE index ended 834.02 points or 1.72 per cent higher at 49,398.29.
Close
Fintech players are urging Union Minister for finance and corporate affairs, Nirmala Sitharaman to ease lending.(ANI)
Fintech players are urging Union Minister for finance and corporate affairs, Nirmala Sitharaman to ease lending.(ANI)

NBFCs, fintech companies urge FM Sitharaman to enhance lending facilities

ANI, New Delhi
PUBLISHED ON JAN 19, 2021 03:10 PM IST
Income Tax Act section 194 provides exemptions to banks for tax deduction at source.
Close
FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo(REUTERS)
FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo(REUTERS)

Bitcoin’s turbulence helps kindle rally in largest rival Ether

Bloomberg
PUBLISHED ON JAN 19, 2021 01:40 PM IST
Bitcoin’s recent wobbles have turned the cryptocurrency spotlight onto other digital coins including Ether, whose gain this year has outstripped the performance of its bigger rival.
Close
Foreign portfolio investors bought $2.44 billion worth of Indian stocks in January ht(MINT_PRINT)
Foreign portfolio investors bought $2.44 billion worth of Indian stocks in January ht(MINT_PRINT)

Mindtree shares climb 6% as net profit jumps in Q3 report

PTI
PUBLISHED ON JAN 19, 2021 11:34 AM IST
The stock gained 5.96 per cent to 1759.70 on BSE. On NSE, it jumped 5.79 per cent to 1,760.
Close
A view at a petrol pump in Thane, Maharashtra. ( Praful Gangurde/ HT Photo )
A view at a petrol pump in Thane, Maharashtra. ( Praful Gangurde/ HT Photo )

Petrol price touches record high of 85 in Delhi, diesel surpasses 75 mark

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
PUBLISHED ON JAN 19, 2021 09:31 AM IST
In Mumbai, diesel price crossed 82-mark while petrol is selling for as high as 91.80 per litre. In Kolkata, diesel is priced at Rs78.97 and petrol at 90.16 per litre.
Close
People watch the Sensex on a screen outside Bombay Stock Exchange (BSE) in Mumbai. (PTI File Photo)
People watch the Sensex on a screen outside Bombay Stock Exchange (BSE) in Mumbai. (PTI File Photo)

Sensex jumps over 700 points to 49,274; Nifty nears 14,500

Reuters
UPDATED ON JAN 19, 2021 01:15 PM IST
The Nifty and Sensex hit record highs last week and saw investors book some profit after the record run.
Close
SHARE
Story Saved
OPEN APP