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Buzzing Stocks: Wipro, IRCTC, RITES, Vakrangee, KEC International, others in news.
Wipro: Wipro Holdings (UK) has transferred 100% shareholding in Wipro 4C NV to Wipro IT Services UK Societas, effective September 12. Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly owned subsidiaries of the company, while Wipro 4C NV is the step-down subsidiary. The rationalisation and simplification of the overall group structure is the objective behind the stake transfer.
Vakrangee: The technology company has entered into binding term sheet with private equity investor International Finance Corporation to acquire 8.8% equity stake in Vortex Engineering. This is in addition to the earlier acquisition of 48.5% from Aavishkaar Capital. Through this acquisition, Vakrangee will have cumulative shareholding of 57.3% in Vortex, one of the leading providers of automated teller machines (ATMs).
Indian Railway Catering and Tourism Corporation: IRCTC has signed a MoU with NBCC Services (a wholly owned subsidiary company of NBCC) for planning, designing and execution of interior works for its upcoming office space at World Trade Centre, Delhi. The tentative cost of the order is Rs 31.40 crore.
RITES: The state-run transport infrastructure consultancy and engineering firm signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of railways and related infrastructure. They will collaborate in areas such as supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, and technical maintenance and master planning.
KEC International: The RPG Group company has secured new orders worth Rs 1,012 crore across its various businesses including orders for transmission & distribution projects in India and Americas, and orders from new clients in the data centre and FMCG segments in India
NTPC: The country's largest power generation company has completed the trial operation of unit-1 of 800 MW capacity of stage-I (2 x 800 MW) of Telangana super thermal power project. With this, installed capacity of NTPC and NTPC group has become 57,838 MW and 73,824 MW, respectively.
Jay Bharat Maruti: The Annual General Meeting of the auto components manufacturer will be held on September 16 to consider the proposal for raising of fund or issue of securities.
Bajaj Healthcare: The pharma company has appointed Dr. Mohammed Jaweed Mukarram as an advisor in the research and development division, specialising in active pharmaceutical ingredients (APIs).
GE Power India: The power generation and transmission equipment manufacturer has received a purchase order from Vedanta. The NOX reduction order worth Rs 25 crore is from Vedanta's Lanjigarh CGPP unit having a capacity of 90 MW (3 x 30 MW).
Tata Power Company: Subsidiary Tata Power Solar Systems has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to offer an easy financing option for MSMEs. They launched The Big Solar Fest offering customised & innovative financing solutions with zero processing fees for solar loan.
L&T Finance Holdings: US-based Bain Capital-owned BC Investments VI and BC Asia Growth Investments sold 7 crore equity shares or 2.82% stake in the non-banking finance company via open market transactions, at an average price of Rs 130 per share. They held 4.04% stake in the company as of June 2023. However, BNP Paribas Arbitrage was the buyer for some shares, acquiring additional 3.63 crore shares or 1.46% stake in L&T Finance at same average price. BNP had 2.33% or 5.78 crore shares of June 2023.
Paradeep Phosphates: Pranab Bhattacharyya has resigned as Chief Manufacturing Officer of Paradeep plant with effect from September 30. Pranab resigned on account of personal reasons.
CRISIL: The S&P Global company has received approval from the board of directors for incorporation of a step down subsidiary by CRISIL Ratings, an existing wholly owned subsidiary of the company, to carry out the business of ESG Ratings Provider (ERP), and transfer of ESG Scores business of the company as a going concern on a slump sale basis, to the aforesaid step down subsidiary, by way of business transfer agreement (BTA). Further, subsidiary CRISIL Irevna UK has approved the incorporation of a wholly owned subsidiary - Crisil Irevna Information Technology Colombia SAS in Colombia. CRISIL also received approval from the board for acquisition of 100% equity in Bridge to India Energy Private Limited at Rs 6 crore. Anupam Kaura has stepped down as President and Chief Human Resources Officer of the company on September 12.
Container Corporation of India: The Central Government has extended the tenure of Manoj Kumar Dubey as Director (Finance) of the company by five years with effect from November 1, 2023 till October 31, 2028. His current tenure will be ending on October 31, 2023.
Saroja Pharma Industries India: The specialty chemicals & APIs trader will debut on the NSE Emerge on September 13. The issue price is at Rs 84 per share. The stock is available for trading in trade-for-trade segment with 5 percent upper/lower circuit limit over final pre-opening session price.
Pramara Promotions: The Mumbai-based promotional marketing agency will list its shares on the NSE Emerge on September 13. The offer price is Rs 63 per share. The stock is available for trading in trade-for-trade segment with 5 percent upper/lower circuit limit over final pre-opening session price.
