The Board of Directors of the drugmaker have approved purchase of equity shares in Time Cap Overseas Ltd., Mauritius - a subsidiary of the company, from the other shareholder Sri Venkatachari Madhusudhan.

Madhusudhan holds 6.1% stake in the company or 72,710 equity shares of face value of $10 each, amounting to $7,27,000, the company said in a statement.

Post the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of the company. The company intends to complete this acquisition within the next three months.

Shares surged to the day's high, gaining as much as 2.95% to Rs 785, post the announcement. The stock is up for the second straight day.

• Second best performer on the Nifty 500 index
• Gains as much as 11.9% to Rs 133.9
• Biggest single-day gain in three months
• Snaps four-day losing streak
• Today's volumes are six times higher than its 20-day average
• Back near its 50-Day Moving Average at 133
• Average collection time from customers is one of the worst among comparable companies
• Trades 11.6% below its 52-week low of Rs 151 on August 19, 2020
• The stock has gained 78% this year.

• Benchmark indices extend gains
• Nifty up 1.3% at 11,421
• Sensex up 1.4% at 38,734
• Nifty Bank up 1.75% at 22,655
• Nifty Midcap index up 1.4%
• Nifty Smallcap index up 2%
• India Volatility Index down 4.3% to 21.27
• Nifty Media remains the top sectoral gainer; up 3.1%
• Nifty PSU Bank and Nifty Realty are the other major sectoral gainers; up 2.6% and 1.5% respectively
• Nifty Metal is the only sectoral laggard; down 0.5%
• Reliance Industries is the top Nifty gainer; up 4.7%
• Bharti Infratel remains the top Nifty laggard; down 1.9%
• 1,419 stocks on the NSE trade with gains while 321 stocks decline

Reliance Industries Ltd. is offering to sell roughly a $20 billion stake in its retail business to Amazon, a person with knowledge of the matter told Bloomberg.

Amazon has held discussions about investing in Reliance Retail and has expressed interest in negotiating potential transactions, the source said.

Reliance Industries is willing to sell as much as 40% stake in the subsidiary to Amazon.

At $20 billion, the deal would be the biggest ever in India as well as for Amazon, according to data compiled by Bloomberg.

Shares of Reliance Industries extended their gains to 4% to a record high of Rs 2,248, post the news.