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Market Updates

The Markets are expected to open flat today as trend in SGX nifty indicate a flat start for the broader index after Nifty closed 55 points low at 19,384.3 on wednesday.

Dr. Reddy’s Laboratories:

The drugmaker’s biologics license application for its proposed biosimilar rituximab has been accepted by the U.S. Food and Drug Administration, the European Medicines Agency, and the U.K. Medicines and Healthcare Products Regulatory Agency. The biosimilar will be used in the treatment of rheumatoid arthritis, non-Hodgkin's lymphoma, chronic lymphocytic leukaemia, pemphigus vulgaris, granulomatosis with polyangiitis, and microscopic polyangiitis.

Hindalco Industries:

The company approved a proposal to sell its land at Kalwa in Maharashtra for Rs 595 crore and 1.5% of the sales revenue to Birla Estates, a unit of Century Textiles and Industries

SpiceJet

Promoter to invest Rs 500 crore to strengthen the airline's financial position. Ajay Singh, also the CMD of SpiceJet, will infuse capital through equity and or convertible securities on a preferential basis. Funds to be considered equity shares of promoters in the government's ECLG scheme.

Titan Company, Kalyan Jewellers India, and Jewellery Stocks:

The Central Government has restricted the import of unstudded gold and certain gold articles. Importers would require permission from the government to import these gold products. Restrictions will not apply to imports under the India-UAE free trade agreement.

Patanjali Foods:

The company’s promoter will sell a 7% stake over two trading days. Patanjali Ayurved will sell 2.53 crore shares, or a 7% stake, in Patanjali Foods on July 13 and 14. The floor price of the offer shall be Rs 1000 apiece. The promoter will have the option to additionally sell up to 2% in the event of oversubscription.

JSW Steel:

The company will replace HDFC on the S&P BSE Sensex from July 13. On July 5, the stock exchange made the announcement. HDFC, which merged with HDFC Bank earlier this month, will delist from the benchmark index today.

Texmaco Rail & Engineering:

The company will meet on July 17 to consider a proposal for raising funds by issuing equity shares or convertible securities either by preferential issue, rights issue, QIP, or a combination of any of these.

Earnings today:

Wipro, Angel One, Federal Bank, Sterling & Wilson Renewable Energy, Tata Metaliks, Avantel, and Bhansali Engineering Polymers.

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