India, Oct. 15 -- The innovation-led lifesciences company Zydus Lifesciences Limited is putting down roots in a new market. Together with a local partner, it has signed an agreement with the country's investment authority to build a factory, backed by a multi-phase budget and a target date for production. The announcement follows a quarter in which sales grew strongly while profit slipped, so investors will be asking how a project like this fits the bigger picture for a group still absorbing several recent acquisitions.

The Nifty 50 traded at 22,960, up 1.49%, while the Sensex gained 1.70% to 74,000 on Thursday. Against the backdrop of a broader market rally, Zydus Lifesciences Limited is in focus after its proposed joint venture with S...