Lupin rose 2.13% to Rs 2,256 after the firm signed share subscription & shareholders' agreement with Sunsure Solarpark Seventeen and Sunsure Energy, to make equity investment in Sunsure Solarpark.
Sunsure Solarpark, a subsidiary of Sunsure Energy, is a renewable energy company focused on accelerating corporations in their energy transition to RE100. It is in the process of setting up a solar power plant.The primary objective of this agreement is to purchase renewable power through open access for companys Tarapur manufacturing site. In addition to saving on power costs, the acquisition would enable the company to fulfill its commitments on decarbonization.
The company will acquire up to 42.61% of the equity share capital of Sunsure Solarpark, with the total investment not exceeding to Rs 105.53 million. The acquisition will be completed in two tranches, in the capacity as a captive user within six months from the date of execution.
Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S, India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The companys consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.
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