Stock to Watch Today - Rupeedesk Reports - 01.03.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Power Grid, Bharat Electronics, Seamec, and others in news today.
Power Grid Corporation of India: Power Grid is declared as the successful bidder to establish inter-state transmission system for establishment of Khavda pooling station-3 (KPS3) in Khavda RE Park, on build, own operate and transfer (BOOT) basis. The company has received a Letter of Intent for the said project. The scope of the project comprises an establishment of a new 765/400kV GIS substation, 765kV D/C transmission line and associated works in Gujarat.
Tata Power: Subsidiary Tata Power Renewable Energy has approved the allotment of 20 crore compulsorily convertible preference shares at a face value of Rs 100 each, amounting to Rs 2,000 crore on a preferential basis to GreenForest New Energies Bidco. GreenForest is incorporated under the laws of England and Wales. With this, both the tranches of investment of Rs 2,000 crore each in Tata Power Renewable Energy made by GreenForest are completed.
Vodafone Idea: The telecom operator has allotted the balance 4,000 optionally convertible debentures (OCDs) of the face value of Rs 10 lakh each, to ATC Telecom Infrastructure. With this, the company has completed the entire transaction of allotment of 16,000 OCDs to ATC. Shareholders of the company had approved the OCDs allotment at extra ordinary general meeting February 25.
Bharat Electronics: The Navratna defence PSU, at Aero India 2023, has signed a frame supply agreement with Thales Reliance Defence Systems (TRDS), Nagpur, for the manufacture and supply of TR modules, radar LRUs (line replaceable units) and micro modules.
Zydus Lifesciences: Zydus has received approval from the United States Food and Drug Administration (USFDA) for Apixaban tablets which blocks the activity of certain clotting substances in the blood. The drug will be manufactured in formulation manufacturing facility at Moraiya, Ahmedabad. Apixaban tablets had annual sales of $18,876 mn in the US. Further, the company has also received approval from USFDA for Olmesartan Medoxomil and hydrochlorothiazide tablets, which is used to treat high blood pressure (hypertension). The drug will be manufactured at formulation manufacturing facility in Ahmedabad SEZ, and had annual sales of $41.7 million in the US.
Aditya Birla Capital: The company has announced its collaboration with National Payments Corporation of India (NPCI) to develop and promote digital payment methods through subsidiaries to its customers. This collaboration marks entry of Aditya Birla Capital into payments space through its operating subsidiaries.
Seamec: The company has entered into charter party with HAL Offshore for charter hire of vessel 'Seamec Paladin' for ONGC contract for a period of 5 years. The charter rate is $35,000 per day, for marine activities. The vessel has completed the modification and arrived in India and is getting ready for mobilization for ONGC contract. The total contract value for 5 years will be approximately $64 million.
Samvardhana Motherson International: The automotive components manufacturer has announced completion of purchase of assets of frame manufacturing and assembly operations of Daimler India Commercial Vehicles (DICV). In September last year, it had signed strategic agreement to acquire those assets, and also entered into long-term agreement with DICV for supply of the complete frame assembly.
Gradiente Infotainment: The media and entertainment company is in talks with BU Abdullah Group of Companies for a possible collaboration and joint venture in Middle East and African region. These efforts are part of Gradiente's expansion and diversification plan with projects outlay of Rs 1,800 crore unveiled so far, of which Rs 1,100 crore in media & entertainment business, and business news channel, 'Gradiente Business' at a project outlay of Rs 700 crore.
Stovec Industries: The printing solutions provider has recommended dividend of Rs 47 per share for the financial year ended December 2022. The dividend will be paid to the eligible members on or before its due date, if approved by the shareholders at the ensuing Annual General Meeting. The company has reported a 72% year-on-year decline in Q4CY22 profit at Rs 1.66 crore, impacted by weak operating performance and high base due to exceptional gain of Rs 1.59 crore in Q4CY21. Revenue from operations at Rs 60.9 crore grew by 6.5% YoY.
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