Page 3 - Wockhardt

Stock of this small-cap pharma company has zoomed over 50% in last 3 weeks

Wockhardt hit a fresh 52-week high of Rs 334.50, surging 19% on the BSE in Thursday's intra-day trade on the back of heavy volumes

Wockhardt shareholders reject proposal to raise Rs 1,600 cr from promotor

Shareholders of Wockhardt have rejected a proposal to raise Rs 1,600 crore from a promoter entity, according to a regulatory filing. The board of Mumbai-based drug firm had sought shareholder approval for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) to raise up to Rs 1,600 crore for a period of five years. KHIPL, a promoter entity, is an RBI registered NBFC. About 50.12 per cent votes came in against the proposal while 49.87 per cent of the votes polled favoured the resolution, Wockhardt said in a regulatory filing. In a note, proxy advisory firm IiAS said it had sought approval for the proposal but it was defeated. "Wockhardt's resolution for a related party transaction with Khorakiwala Holdings and Investments Pvt Ltd (KHIPL) for an amount up to Rs 1,600 crore for a period of five years, was defeated," it noted. IiAS said the proposed related party transaction with KHIPL was intended for borrowing of funds for an amount up to Rs 1,600 cr

Wockhardt shareholders reject resolution on related party transaction

Shareholders of pharma firm Wockhardt Ltd have rejected a resolution on a related party transaction that seeks to allow the company to raise up to Rs 1,600 crore from its promoter group firm Khorakiwala Holdings and Investments Pvt Ltd. At the company's annual general meeting held on August 14, the company had put ten resolutions, including the adoption of audited financial statements and the re-appointment of Murtaza Khorakiwala as Managing Director, for approval by the shareholders, all of which were approved except the related party transaction. All the resolutions mentioned in the notice of the 24th annual general meeting stand passed with the requisite majority except Resolution No 7 (approval of material related party transactions), which was not approved by the members, company secretary Virendra Bhatt said in the consolidated scrutiniser's report. In a regulatory filing, Wockhardt said out of the total valid votes cast, 50.13 per cent was against the ordinary resolution for

Wockhardt loss widens to Rs 136 cr in Q1 due to higher expenses

Pharmaceutical firm Wockhardt Ltd on Monday said its consolidated loss after tax widened to Rs 136 crore in the June quarter due to higher expenses. The company had posted a consolidated loss after tax of Rs 75 crore in the year-ago period, Wockhardt Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 644 crore in the first quarter of the current fiscal as compared to Rs 595 crore a year ago, it added. Total expenses were higher at Rs 762 crore as against Rs 748 crore in the corresponding quarter a year ago, the company said.

Wockhardt charting a recovery riding on a promising new antibiotic

While global trials are on, doctors have started using one of company's antibiotics against superbugs to save lives

Stocks to Watch today, May 26: Voda Idea, Hind Zinc, RIL, SAIL, Zee, Emami

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Wockhardt, directors settle case with Sebi, pays Rs 76 lakh for settlement

Drug maker Wockhardt and its three directors on Monday settled with Sebi a case pertaining to alleged non-disclosure of adverse observations made by the USFDA about the company's manufacturing facility to the exchanges in 2013. The entities together paid Rs 76.68 lakh towards settlement charges. While Wockhardt paid Rs 36.70 lakh, its three directors -- Habil Khorakiwala, Murtaza Khorakiwala and Huzaifa Khorakiwala -- paid Rs 13.32 lakh each towards the settlement fee to the capital markets regulator, according to a Sebi order. They had proposed to settle the pending proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order, as per Sebi. It was alleged that they had violated the Securities Contracts (Regulation) Act (SCRA) and insider trading rules. Khorakiwalas' are also the promoter and promoter group of Wockhardt. In a show cause notice issued in September 2022, Sebi alleged that Wockhardt had failed to enforce the code o

Wockhardt's former official settles insider trading case with Sebi

A former official of drug maker Wockhardt on Thursday settled with Sebi a case pertaining to alleged non-disclosure of adverse observations made by the USFDA about the company's manufacturing facility to the exchanges in 2013. Vijay Khetan, who was the compliance officer of Wockhardt, paid Rs 27.06 lakh towards the settlement charges to the capital markets regulator for the alleged violations of insider trading rules, the Securities and Exchange Board of India (Sebi) said in an order. The order came after Khetan proposed to settle the pending proceedings through a settlement order. Sebi, through a show cause notice in September 2022, alleged that Khetan, being the compliance officer of Wockhardt at the relevant point of the time, had failed to ensure disclosure of price sensitive information immediately to stock exchanges. Therefore, he allegedly violated the code of conduct specified under the insider trading rules, as per the show cause notice. It was also alleged that Wockhardt

Wockhardt plans to roll out two vaccines from UK plant in a year

Drug firm Wockhardt plans to roll out two vaccines within a year from its UK-based facility as part of a tie-up with Serum Institute of India, a top company official said. Last year, a Wockhardt unit tied up with a subsidiary of Serum Institute of India to set up a vaccine manufacturing facility in Wrexham, North Wales (UK). "Serum has identified two vaccines and we plan to manufacture these products within the next 12 months after exhibit batches and regulatory approval is received," Wockhardt Managing Director and Global CEO Murtaza Khorakiwala said in an analyst call. Elaborating on the tie-up, he noted that the company has already concluded an agreement with Serum and as a result of that Wockhardt has received 10 million pounds as a contribution for reserving the manufacturing facility for 150 million doses per year of vaccine for 15 years. "This is 150 million doses per year for about a 15-year agreement. And in addition to a contract manufacturing, there is a joint venture ..

Wockhardt likely to sell India business to cut debt, focus on UK: Analysts

Company left with low-margin brands in India after selling profitable ones

Ceat, Ambuja, IRCTC among 30 stocks that can defy current market volatility

Ambuja Cements, Ceat, Eicher Motors, Pidilite Industries, Tata Chemicals, Torrent Power and Wockhardt are few of the prominent stocks holding on to the bullish outlook.

Sensex tanks 872pts, Nifty gives up 17,500 amid global sell-off; ITC shines

CLOSING BELL: Tata Steel fell over 4 per cent, while Asian Paints, Wipro, L&T, Bajaj twins, Ultratech Cement, Axis Bank, Sun Pharma, Tech M, ICICI Bank, & SBI declined in the range of 2-3.5 per cent

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Stocks to watch today: L&T commissioned a new green hydrogen plant at Hazira in Gujarat; Future Enterprises defaults on payments of interest of two non-convertible debentures (NCDs) of Rs 12.6 crore.

Wockhardt ties up with various partners to roll out products in US market

Drug firm Wockhardt on Saturday said it has tied up with various partners to roll out products in the US market with its Illinois-based manufacturing plant all set to relieve all workers in a phased manner as part of business restructuring in the US market. The Mumbai-based company said it has engaged multiple US Food and Drug Administration (USFDA) approved manufacturing partners in the US market, after thorough due diligence and inspection of their facilities, to manufacture various products for sale in the US/ North America. "The company is relieving all its staff who were directly engaged by our US subsidiary in its plant in connection with the manufacturing process in a phased manner and in full compliance with the applicable local laws," Wockhardt Ltd said in a regulatory filing. This new arrangement is in the best interest of the company as it will help avoid the manufacturing and quality management cost completely resulting in significant savings in operating and overhead co

Stocks to Watch: LIC, ONGC, Max Health, Hero Moto, Zee Entertainment, M&M

State-owned insurance behemoth Life Insurance Corporation (LIC) reported a net profit of Rs 682.88 crore in the April-June quarter (Q1) of FY23, driven by its non-par business.

Wockhardt reports Q1 net loss at Rs 75 cr as revenue from UK, US declines

Consolidated revenue from operations were at Rs 595 crore during the period under review, down from Rs 860 crore last year.

Glenmark acquires Wockhardt's key OTC brands in US for undisclosed sum

Deal includes approved ANDAs for famotidine tablets, used in treatment and prevention of ulcers stomach and intestinal ulcers

Glenmark Pharmaceuticals acquires certain OTC drugs from Wockhardt in US

Glenmark said its current portfolio consists of 175 products authorised for distribution in the US market and 48 ANDAs pending approval with the USFDA

Wockhardt Q4 loss widens to Rs 311 crore even as income rises marginally

Pharmaceuticals firm Wockhardt Ltd on Monday reported widening of consolidated net loss to Rs 311 crore in the fourth quarter ended March 31, 2022.

Wockhardt, Serum Institute of India tie up to make vaccines in UK

SII has supplied the AstraZeneca-Oxford vaccine to the UK already, and having a fill-and-finish facility in the UK would help the firm to have closer access to the UK and EU markets.