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.
Explore Now
Motilal Oswal has buy call on Solara Active Pharma Sciences with a target price of Rs 2000. The current market price of Solara Active Pharma Sciences is Rs 1710.4.
Solara Active Pharma Sciences Ltd., incorporated in the year 2017, is a Small Cap company (having a market cap of Rs 5927.33 Crore) operating in Pharmaceuticals sector.
Financials For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 453.99 Crore, up 4.37 % from last quarter Total Income of Rs 434.98 Crore and up 46.97 % from last year same quarter Total Income of Rs 308.90 Crore. Company reported net profit after tax of Rs 56.61 Crore in latest quarter.
Solara Active Pharma Sciences rose 3.10% to Rs 1,698.80 after Shivanand Shankar Mankekar bought 8.70 lakh equity shares or 2.42% stake at Rs 1,552.05 per share of the company via bulk deal on NSE on Monday (10 May 2021).
Pronomz Ventures sold 8.70 lakh equity shares of Solara Active Pharma at Rs 1,552.05 per share via bulk deal on NSE on Monday.
Professor Shivanand Shankar Mankekar is a high net-worth investor (HNI) and a former full-time professor at Mumbai s Jamnalal Bajaj Institute of Management Studies.
As per the bulk deal data on the BSE, Aditya Birla Sun Life Flexi Cap Fund bought 3,90,000 shares (1.09%), Aditya Birla Sun Life Mutual Fund bought 1,94,000 shares (0.54%) and Classic Opportunities Fund ULIF 033 16 12 09 CLAOPPFND 107 bought 2,57,823 shares (0.72%) in Solara Active Pharma at Rs 1,552.05 per share on Monday (10 May 2021).
Domestic indices saw profit taking after rising for four consecutive trading sessions on Tuesday. The Nifty 50 index ended near the 14,850 level. Metal, private banks corrected while media and PSU banks shares advanced.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, declined 340.6 points or 0.69% to 49,161.36. The Nifty 50 index fell 91.60 points or 0.61% at 14,850.10.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.6% while the S&P BSE Small-Cap index added 0.8%.
Buyers outpaced sellers. On the BSE, 1,845 shares rose and 1,198 shares fell. A total of 196 shares were unchanged.
Investors locked profits after the Sensex rose 2.59% and the Nifty climbed 3.08% in the past four sessions.