Grasim to sell fertilizer arm for ₹2,649 crore
Indorama is buyer; ‘focus is on core’
The board of Grasim Industries Ltd. has approved the divestment of the company’s fertiliser business, Indo Gulf Fertilisers by way of a slump sale to Indorama India Pvt. Ltd., a subsidiary of Indorama Corporation Pte. Ltd., Singapore for a lump sum cash consideration of ₹2,649 crore.
“This consideration is commensurate [with] the strength and future potential of the business,” Grasim said in a statement.
Indo Gulf Fertilisers is engaged in manufacturing, trading, and sale of urea and other agri inputs with a 1.2 million tonnes per annum urea manufacturing plant at Jagdishpur in Uttar Pradesh.
This divestment would enable Grasim to pursue growth opportunities in its core businesses, it said.
Dilip Gaur, managing director, Grasim Industries, said: “The divestment is a strategic portfolio choice and unlocks value for shareholders. It is in line with the strategic thrust of the company to focus on core businesses”.
ADC Therapeutics Q3 Net Loss Narrows – Quick Facts
ADC Therapeutics SA (ADCT) a clinical-stage oncology-focused biotechnology company, reported Thursday that its third-quarter net loss narrowed to $20.33 million or $0.29 per share, from net loss of $31.34 million or $0.62 per share for the same quarter in 2019.
Adjusted net loss was $0.58 per share, compared to adjusted net loss of $0.62 per share in the year-ago quarter.
On average, analysts polled by Thomson Reuters expected the company to report loss of $0.81 per share for the quarter. Analysts’ estimates typically exclude special items.
“The third quarter was one of tremendous execution as we prepare for the U.S. launch of our first drug, Lonca, for the treatment of relapsed or refractory diffuse large B-cell lymphoma. We have submitted our Biologics License Application to the U.S. Food and Drug Administration and are now working diligently to prepare for a planned commercial launch in mid-2021…”, said Chris Martin, Chief Executive Officer of ADC Therapeutics.
ADC Therapeutics has also initiated its Phase 3 LOTIS 5 clinical trial evaluating Lonca in combination with rituximab as a second-line therapy in diffuse large B-cell lymphoma or DLBCL and is preparing to initiate a Phase 2 trial of Lonca in follicular lymphoma next year.
Hungary to Make Mask Wearing Mandatory in All Public Spaces
Hungary will make mask wearing mandatory in all public spaces as of Wednesday, Prime Minister Viktor Orban said in an interview on state television.
Orban said further restrictions were needed to contain the spread of the pandemic and avoid hospitals being overwhelmed. The government would review the impact of the lockdown measures in two weeks, he said.
Economic measures would focus on the hardest-hit industries, including hotels and restaurants, in the next month amid the strictest lockdown steps. The government was planning broader stimulus to help other businesses later.
Crude Oil Futures Settle Lower
Crude oil futures drifted lower on Thursday as the continued rise in coronavirus cases across the U.S. and in several European countries raised concerns about energy demand.
Oil prices were also hurt by data showing an increase in U.S. crude inventories in the week ended November 6.
Hopes about potential coronavirus vaccine and expectations that OPEC and allies will delay relaxing output curbs supported oil prices earlier in the day.
In addition to worries about a resurgence in Covid-19 cases, the continued impasse over a fiscal stimulus weighed as well on crude oil prices.
The International Energy Agency’s comments that oil demand was unlikely to receive a significant boost from the vaccine until well into 2021 added to oil’s woes. The OPEC too has lowered its energy demand forecast, citing concerns over rise in coronavirus cases.
West Texas Intermediate Crude oil futures for December ended down $0.33 or about 0.8% at $41.12 a barrel.
According to the data from Energy Information Administration (EIA), crude stockpiles rose by 4.3 million barrels last week, against expectations for a draw of 913,000 barrels.
Oil stored at Cushing, Oklahoma, declined 518,000 barrels last week, against expectations for a draw of 1.6 million barrels, the data said.
The EIA data also showed that gasoline stockpiles were down more by about 2 million barrels above forecast, while distillate stockpiles fell 3.5 million barrels more.
Gold Futures Settle Higher On Safe-haven Appeal
Gold prices moved higher on Thursday on safe-haven demand as equities tumbled after worries about continued surge in new coronavirus cases in several countries raised concerns about growth.
The dollar was weak, but just marginally. After rising to 93.14, the dollar index eased to 92.78, but recovered to 92.99 gradually and was down just 0.05% from previous close.
Gold futures for December ended up $11.70 or about 0.6% at $1,873.70 an ounce.
Silver futures for December closed higher by $0.039 at $24.306 an ounce, while Copper futures for December settled at $3.1450 per pound, gaining $0.0110.
In U.S. economic news, data released by the Labor Department showed a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 7th.
The data said initial jobless claims fell to 709,000, a decrease of 48,000 from the previous week’s revised level of 757,000. Economists had expected jobless claims to dip to 735,000 from the 751,000 originally reported for the previous week.
Another report from the Labor Department showed U.S. consumer price index came in unchanged in October after rising by 0.2% in September. Economists had expected another 0.2% uptick.
Despite optimism about coronavirus vaccine, sentiment has turned somewhat bearish once again in equity markets amid concerns the rapid surge in new cases and likely fresh lockdown measures might result in logistical challenges in distributing vaccines.