Shares of Aarti Drugs were up 6 per cent at Rs 708 on the BSE in intra-day trade on Tuesday after the pharmaceutical company said its board will consider share buyback on Friday, March 19. “A meeting of the board of directors of the company is scheduled to be held on Friday, March 19, 2021, to consider inter alia, proposal of buyback of the fully paid-up equity shares of the Company including matters related/incidental thereto,” Aarti Drug said in an exchange filing. The buyback is a corporate action in which a company buys back its shares from the existing shareholders usually at a price higher than the market price. When it buys back, the number of shares outstanding in the market reduces.
Foreign investors should note that PLI schemes are fast becoming the preferred vehicle for India's incentives to boost local manufacturing capacity creation.
Aarti Speciality Chemicals, a wholly-owned subsidiary of Aarti Drugs has received an approval accorded under Production Linked Incentive (PLI) scheme for pharmaceutical sector.
Government of India s Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers recently launched a Production Linked Incentive (PLI) scheme to promote domestic manufacturing by incentivising pharmaceutical manufacturers to set-up greenfield projects in India with a minimum domestic value addition in four different target segments (Two in Fermentation based - at least 90% and Two in the Chemical Synthesis based - at least 70%) with a total outlay of Rs 6,940 crore.
The objective of the scheme is achieving self-reliance and reducing import dependence in these critical Key Starting Materials (KSMs)/ Drug Intermediates/ Active Pharmaceutical Ingredients (APIs) in the country. The tenure of the scheme is from FY21 to FY30.
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