New fiscal may see positive beginning for markets
April 01, 2021
But economic recovery and rising Covid cases worry investors
Markets are likely to open on a positive note on the first day of the new fiscal, despite uncertainty over economic recovery and rising number of Covid-19 cases continuing to weigh on investors’ minds. The SGX Nifty at 14,857 indicates that the Nifty may open with a gain of about 100 points. The Nifty April futures on Wednesday closed at 14,752 on the NSE. High corporate tax rate in the US by Biden administration will also impact market sentiment, both at the global and domestic levels.
Shilpa Medicare jumped 5.08% to Rs 350.75 after the company said its board approved sale of its Austrian subsidiary Loba Feinchemie to Austria s ZR Pharma.
The turnover of Loba Feinchemie for the FY 2019-20 was Rs 50.19 crore, representing 5.53% of the consolidated turnover of Shilpa Medicare (Rs 908 crore).
The networth of Loba Feinchemie as on 31 March 2020 was Rs 20.19 crore, which comes to 1.52% of the consolidated networth of Shilpa Medicare (Rs 1321 crore).
The sale agreement was signed on 31 March 2021 and the company expects to complete the sale upon fulfilment of conditions of the share purchase agreement.
The total consideration received from the sale is euro 3.3 million (approximately Rs 28 crore).