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PIL scheme: Govt approves four applications for KSMs/drug intermediaries, APIs
May 31, 2021
Forty six applications with committed investment of ₹5,355.44 crore have been approved so far
The government, on Monday, approved four applications under its production-linked scheme for promotion of the domestic manufacturing of Key Starting Materials (KSMs)/ Drug Intermediates and Active Pharmaceutical Ingredients (APIs).
According to a Chemicals and Fertilizers Ministry statement, Solara Active Pharma Science Limited received approval for 1,1 Cyclohexane Diacetic Acid (CDA) under the chemical synthesis-based KSMs/Drug Intermediates segment, and Rajasthan Antibiotics Ltd received nod for Meropenem Other Chemical Synthesis Based KSMs/Drug Intermediates and APIs.
Similarly, Dhatri Lab Private Ltd has received approval for Ritonavir and Vital Laboratories Private Ltd for Levofloxacin under the segment of Other Chemical Synthesis-based KSMs/Drug Intermediates and APIs. These firms were se
Reclusive Mankekar makes a splash with Solara stake
In the March quarter, Solara’s sales grew almost 50 per cent year-on-year to Rs 444 crore and net profit stood at Rs 56.6 crore, up 218 per cent.
Synopsis
The Mumbai-based reclusive investor held nearly 4 per cent stake in Sequent Scientific till March 2018 and about 2.07 per cent in Strides Pharma till September 2017. This is Mankekar’s first major investment since September 2019. Shareholding data showed he has not owned over 1 per cent in any company since then.
Mumbai: Shivanand Mankekar, one of India’s richest individual investors, bought a 2.3 per cent stake in Solara Active Pharma Science worth Rs 135 crore on Monday. The company was formed by carving out the API (active pharmaceutical ingredient) business of Strides Pharma and merging it with the human API business of Sequent Scientific.
As per the bulk deal data on the NSE, BNP Paribas Arbitrage sold 5,14,463 equity shares or 1.43% stake of Solara Active Pharma Science at Rs 1,463 per share on Monday, 19 April 2021.
On the same day, the Scottish Oriental Smaller Companies Trust Plc bought 1,99,259 equity shares or 0.55% stake of Solara Active Pharma Science at Rs 1,462.25 per share via bulk deal on NSE.
As of 31 March 2021, BNP Paribas Arbitrage held 3.50% stake in Solara Active Pharma Science.
Shares of Solara Active Pharma fell 0.03% to Rs 1,461.30 on BSE. The scrip hit a high of Rs 1,520 and a low of Rs 1,455 so far.
On a consolidated basis, the company posted a 59.2% jump in net profit to Rs 65.78 crore on a 24.2% rise in net sales to Rs 426.69 crore in Q3 FY21 over Q3 FY20.