The Competition Commission of India (CCI) has approved acquisition of majority shareholding of Glenmark Life Sciences (GLS) Limited by the Nirma Limited.
Synthimed Labs is a recently incorporated company, set up to facilitate the proposed combination, and it is not engaged in any business activities as on date.
An analysis of institutional ownership in penny stocks, as defined by those with market capitalisation below Rs 1,000 crore and share price below Rs 25, shows that FIIs hold over 10% stake in a dozen such counters. Out of them, 7 have given double-digit returns in FY24 so far.
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