Indian Markets Subdued; Lupin, Adani, RITES Make Waves in M&As
Markets began Wednesday with caution, as GIFT Nifty futures dipped 5 points to 24,773, hinting at a subdued start for Indian benchmarks. Meanwhile, pharmaceutical titan Lupin secured US FDA approval for Rivaroxaban oral suspension, and Adani Road Transport announced two acquisitions.
On Tuesday, Nifty50 slipped 0.10% or 24 points, concluding at 24,611, while S&P BSE Sensex fell by 92 points or 0.12%, ending the day at 80,268. In Indian corporate news, Lupin obtained US FDA approval for its Abbreviated New Drug Application (ANDA) for Rivaroxaban oral suspension to treat venous thromboembolism (VTE).
Adani Road Transport is set to expand its portfolio with the acquisition of 100% stakes in Yashodhan Highways and KN Highways Development. RITES signed a Memorandum of Understanding (MoU) with Etihad Rail and its subsidiary to boost business collaboration in the mobility sector. RateGain Travel Technologies is acquiring Sojern Inc., an AI-led MarTech company specialising in the hospitality sector. Oil India and GAIL India signed an MoU to deepen collaboration across the natural gas value chain, aiming to unlock synergies and expand access to cleaner energy. Atlanatta inked an agreement with IRCON International for a ₹2,485 crore contract to build the Bhandara-Gadchiroli Access Controlled Expressway in Maharashtra. Nestlé India signed an MoU with the Ministry of Food Processing Industries to accelerate investments in greenfield and brownfield projects in Odisha and its existing manufacturing sites.
The Indian market appeared to have a lacklustre start on Wednesday, with GIFT Nifty futures indicating a muted opening. Despite this, corporate activity remained robust, with significant developments in the pharmaceutical, infrastructure, and energy sectors.
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