Stock to Watch Today - Rupeedesk Reports - 05.06.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Wipro, Tech Mahindra, Zydus Life, Minda Corporation, others in news today.
Tech Mahindra: The IT company said its subsidiary Comviva Technologies, along with company’s step down subsidiary Comviva Technologies BV has agreed to sell 0.04% and 99.96% shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda. The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served.
Wipro: The IT services company has fixed June 16, 2023 as the record date for determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback offer. On April 27, the company has received approval from the board for its shares buyback worth up to Rs 12,000 crore, at a price of Rs 445 per share.
Godrej Properties: Godrej Properties has further increased its stake in Godrej Home Constructions from 74% earlier to 100%. With the said acquisition, Godrej Home Constructions has become a wholly owned subsidiary of the company with effect from June 2. The transaction cost for 26% stake is Rs 14.98 crore.
SBI Life Insurance Company: Insurance Regulatory and Development Authority of India (IRDAI) has identified SBI Life, as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC), to protect the interest of the policyholders of SILIC. SBI Life will take over the policy liabilities of around 2 lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.
Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters launched a new range of its 100cc motorcycle – the HF Deluxe. The HF-Deluxe is available at showrooms across the country at prices of Rs 60,760 for kick variant and Rs 66,408 for self-variant.
Minda Corporation: The auto component manufacturer has received board approval for raising of funds up to Rs 600 crore. The fund raising will take place via further issuance of securities through public and/or private offerings including preferential issue, qualified institutions placement, further public offer etc.
Mahindra & Mahindra: Subsidiary MSPL has incorporated Hazel for production and sale of renewable energy and generating RE electricity, distributed renewable energy including rooftop solar installation for commercial, industrial, institutional and residential segment, IPP etc. Hazel is a wholly owned subsidiary of Mahindra Susten (MSPL), which is a subsidiary of Mahindra Holdings, which in turn is a wholly owned subsidiary of M&M.
Mahindra Lifespace Developers: Mahindra Industrial Park Chennai (MIPCL), a joint venture between Mahindra World City Developers and Sumitomo Corporation of Japan, said OMRON Healthcare will be launching operations in March 2025 in India, at Origins by Mahindra, in Chennai. The OMRON Healthcare factory will be built over 6.02 acres and will be manufacturing blood pressure monitors and supplying them mainly to the domestic market. OMRON Healthcare is manufacturer and distributor of blood pressure monitor and cardiovascular disease prevention and management services.
Lupin: The pharma major has launched Darunavir tablets, in 600 mg and 800 mg strength, to market a generic equivalent of Prezista tablets of Janssen Products, LP, which reduces the amount of HIV in the blood. Darunavir tablets had estimated annual sales of $308 million in the US as per IQVIA MAT March 2023.
Greenply Industries: The plywood manufacturer has received board approval for disposal of properties, plant & equipment and other current assets of Greenply Industries (Myanmar) Private Limited due to difficulty in continuing its operation on account of political developments resulting in adverse business environment in Myanmar. Greenply Industries (Myanmar) is a subsidiary of Greenply Alkemal (Singapore) Pte Ltd which is a joint venture between company's subsidiary Greenply Holdings Pte Ltd and Alkemal Singapore Pte Ltd.
Ramco Systems: The enterprise software company has inaugurated its wholly owned subsidiary in Qatar, to support and transform the region’s business houses and MNCs in the area of ERP, HR, and payroll. With this, the company strengthened its presence in the Middle East.
Zydus Lifesciences: The US Food and Drug Administration (USFDA) has closed the inspection of company's animal health drug manufacturing facility at SEZ, Ahmedabad, with nil observations. The USFDA had inspected the said plant during May 30 to June 2.
NTPC: With fifth and last part capacity of 50 MW, the country's largest power generation company has successfully commissioned its 300 MW Nokhra solar PV project of its subsidiary NTPC Green Energy at Bikaner in Rajasthan. With this, installed and commercial capacity of NTPC Green Energy will become 2,711 MW while group installed and commercial capacity of NTPC will become 72,354 MW.
PI Industries: Its subsidiary PI Health Sciences has completed acquisition of 100% shareholding in Therachem Research Medilab (India), from its previous shareholders - Therachem Research Medilab LLC, an entity incorporated in Alabama, United States of America (TRM US), Pooran Chand and Namita Bansal. PI Health Sciences also completed acquisition of 100% stake in Solis Pharmachem, from TRM US and Atul Agarwal. Further PI Health Sciences' subsidiary PI Health Sciences USA, LLC acquired certain identified assets of TRM US.
Indo Rama Synthetics (India): Subsidiary lndorama Yarns has successfully started commercial production of bottle grade PET resins from its newly constructed solid-state polymerisation (SSP) plant at Butibori, Nagpur, Maharashtra.
IIFL Finance: The board has approved Tranche II public issue of non-convertible debentures of Rs 300 crore with a green shoe option up to Rs 1,200 crore. This is within the shelf limit of Rs 5,000 crore. The issue will open on June 9 and the same will close on June 22.
Wonderla Holidays: Government of Tamil Nadu has granted waiver of local body tax (LBT) of 10% for its Chennai project, for 10 years from the commencement of commercial operations. This is subject to the condition that the commercial operation of Chennai project shall be commenced within 2 years from June 2.
Samvardhana Motherson International: The auto ancillary company has completed acquisition of additional 30% stake in Youngshin Motherson Auto Tech, from Youngshin Components Company, Korea.
Indian Overseas Bank: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2.20 crore on Indian Overseas Bank for deficiencies in regulatory compliance.
Lyka Labs: Quant Mutual Fund Quant Small Cap Fund sold 1.5 lakh shares in the pharma company at an average price of Rs 101.93 per share. Quant Mutual Fund through Quant Active Fund already hold 8.86 lakh shares or 2.68% stake in the company.
Speciality Restaurants: Promoter Anjan Chatterjee has offloaded 5 lakh shares or 1.06% stake in the fine and casual dining restaurants chain via open market transaction, at an average price of Rs 226.99 per share. Promoters' shareholding in the company stood at 52.53% as of March 2023.
Jtekt India: Malabar India Fund sold 22.05 lakh equity shares or 0.9% stake in the auto ancillary company via open market transaction at an average price of Rs 125.03 per share.
Ceinsys Tech: Alternate investment fund Zodius Technology Fund has been offloading its stake since May. In the latest transaction, it sold 1.8 lakh shares in the software solutions provider at an average price of Rs 168.25 per share. Zodius sold 5.73 lakh shares so far since May, out of 10.94 lakh shares held as of March 2023.
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