Dr. Reddy's formulations facility in AP gets 7 U.S. FDA observations
'The U.S. FDA today completed a GMP and a pre-approval inspection (PAI) at our formulations manufacturing facility FTO 11 in Srikakulam, AP. The inspection was conducted from July 10-18. We have been issued a Form 483 with seven observations, which we will address within the stipulated timeline,' Dr. Reddy's said in a filing on Friday.
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New Indian Express
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Economic Times
2 hours ago
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GMP of Brigade Hotel IPO IPO details Portfolio and growth plans Financials and valuation Live Events Analyst view (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Rs 759.6 crore initial public offering (IPO) of Brigade Hotel Ventures (BHVL), a hospitality arm of real estate major Brigade Enterprises , was subscribed 48% on the first day of bidding on Thursday, buoyed by strong interest from retail and non-institutional 2:36 pm on day 1, the retail tranche had been bid 1.94 times, while the non-institutional investor (NII) category saw 30% subscription. The quota for qualified institutional buyers (QIBs) received 8% the unofficial grey market, Brigade Hotel shares were trading at a premium of Rs 8 over the issue's upper price band of Rs 90, indicating a potential listing price of Rs 98 and an implied 8.9% IPO, comprising a fresh issue of 8.44 crore shares, is priced in a range of Rs 85–90 per share and will remain open until July 28. The stock is scheduled to debut on both BSE and NSE on July operates nine upscale hotels with 1,604 rooms across key South Indian cities, including Bengaluru, Chennai, Kochi, and Mysuru, as well as GIFT City in Gujarat. These properties are managed under marquee hospitality brands such as Marriott, Accor, and company posted an average occupancy rate of 76.8% in FY25, well above the industry average of 64.5%. BHVL aims to expand its portfolio to 14 hotels with 2,560 keys by FY29, with upcoming projects including a Grand Hyatt in Chennai and a Ritz-Carlton wellness resort in grew from Rs 350 crore in FY23 to Rs 468 crore in FY25, supported by a strong operating performance, with EBITDA margins holding at 35%. However, net profit slipped to Rs 23.7 crore in FY25 from Rs 31 crore the previous year, while return ratios remain the top end of the price band, the issue is valued at a price-to-earnings (P/E) multiple of 125x and a price-to-book (P/B) of 32.3x — levels that outstrip peers such as Lemon Tree Hotels and Indian Hotels remain divided. Ventura Securities has issued a 'Subscribe' rating, citing the company's premium asset base and strong brand partnerships, while Canara Bank Securities has cautioned about steep valuations, suggesting only long-term investors consider the its strategic presence in South India, premium affiliations, and expansion pipeline, BHVL is well-positioned to ride India's hospitality upcycle. Yet, the subdued grey market premium of 9% and the lofty valuation metrics suggest limited near-term listing gains.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
