Buzzing Stocks | Vedanta, ABB India, Hero MotoCorp, others in news today
Vedanta: Board approved interim dividend. The board has approved third interim dividend of Rs 13 per equity share for the financial year 2021-22. The total outflow for dividend will amount to Rs 4,832 crore. The record date for payment of dividend has been fixed as March 10. The stock gained 1.8 percent on March 2 and has appreciated 80 percent in the past one month.
ABB India: The company sold one of its business divisions. The firm completed sale of its turbocharger business to subsidiary Turbocharging Industries and Services India, as a going concern, on a slump sale basis for Rs 310 crore. In January, it had incorporated the wholly owned subsidiary. The stock has generated 43 percent returns in the past one year but has lost 5 percent in the past one month.
Chalet Hotels: Rebranded its hotel at Powai, Mumbai. Group company of K Raheja Corp has rebranded its hotel unit at Powai, Mumbai, to The Westin Mumbai Powai Lake, from Renaissance Mumbai Convention Centre Hotel. The stock has gained 52 percent in the past one year and 4.6 percent in the past one month.
Mukand: Sold its land holding. The stainless steel company has executed an agreement to sell 47 acres of its land in Thane for Rs 806.14 crore. The stock has been trading flat in the past one week and one month but has gained 108 percent in the past one year.
Punjab & Sind Bank: EGM to issue preferential shares to government of India. The bank said an extraordinary general meeting of the shareholders is scheduled for March 31, for passing preferential issue of equity shares to the government of India. The preferential issue is worth Rs 4,600 crore. The stock has declined by 14 percent in the past one year and is down 13 percent in the past one month.
Hero MotoCorp: Appointed a new chief information and digital officer. The world's largest motorcycles and scooters manufacturer has appointed Reema Jain as new chief information and digital officer to lead technology driven business transformation. She will further strengthen the company's initiatives such as IT-related infrastructure, strategic planning, aligning digital strategies including the usage of new-age technologies. The stock lost 4.3 percent on March 2 and has depreciated by 30 percent in the past one year.
Dhani Services: Promoter acquires additional shares via open market. Promoter Zelkova Builders acquired 1.6 crore equity shares and investor BofA Securities Europe SA bought 35,14,315 equity shares in the company via open market transactions on the NSE. These shares were bought at an average price of Rs 77. Tamarind Capital Pte Ltd sold 1,10,51,541 shares at the same average price, and Jasmine Capital Investments Pte Ltd offloaded 1,84,39,702 shares at an average price of Rs 77.01 per share. As of December 2021, Tamarind Capital held 10.08 percent shareholding in the company and Jasmine Capital had 5.39 percent stake. The stock ended 2 percent lower on Wednesday on the NSE. The stock has not performed well in the past year, having declined 78 percent.
Tantia Constructions: Received order from South Eastern Railways. The company has bagged a contract worth Rs 42.2 crore from South Eastern Railway for construction of a major bridge between Basta and Rupsa. The stock was down 4.5 percent on Wednesday but has gained 29 percent in the past one month.
Hind Rectifiers: Orders booked in February. The electrical equipment manufacturer has received orders worth Rs 57.32 crore in February. The stock was down 2.9 percent on March 2 and has declined 24 percent in the past one month.
Valiant Communications: Investor acquired additional stake. Duane Park acquired 1.21 percent equity shares in the company via open market transactions. With this, its shareholding in the company stands at 10.35 percent now, against 9.14 percent earlier. The stock is down 4 percent in the past one month and was down 1.6 percent on March 2.
