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Buzzing Stocks: SJVN, Biocon, Cipla, Infosys, Zydus Life, Kalpataru Projects & others in news today.
SJVN: The government is going to sell up to 9,66,72,962 equity shares or 2.46% stake in the hydroelectric power generation company on September 21 and 22, with an option to additionally sell 9,66,72,961 equity shares or 2.46% stake. OFS opens for non-retail investors on September 21 and retail investors on September 22. The floor price of the offer will be Rs 69 per share.
EMS: The sewerage solutions company will list shares on the BSE and NSE on September 21. The issue price has been fixed at Rs 221 per share. Meanwhile, Meson Valves India and Unihealth Consultancy will debut on BSE SME and NSE Emerge, respectively.
Infosys: The country's second-largest IT services provider and Nasdaq-listed NVIDIA have expanded their strategic collaboration with the aim to help enterprises worldwide, drive productivity gains with generative AI applications and solutions. Infosys will train 50,000 employees on NVIDIA AI technology.
West Coast Paper Mills: The National Company Law Tribunal, Chennai has approved the resolution plan of West Coast Paper Mills for the acquisition of Uniply Décor under the provisions of Insolvency and Bankruptcy Code, 2016. The plan was already approved by Committee of Creditors of Uniply Décor.
Biocon: Subsidiary Biocon Biologics has received approval from the European Commission for marketing authorisation in the European Union (EU) for YESAFILI, a biosimilar of Aflibercept. YESAFILI, an ophthalmology product, is used for the treatment of neovascular (wet AMD) age-related macular degeneration, visual impairment due to macular oedema secondary to retinal vein occlusion, visual impairment due to diabetic macular oedema (DME) and visual impairment due to myopic choroidal neovascularisation (myopic CNV).
Cipla: After the inspection, InvaGen's manufacturing facility in Central Islip, New York has received 5 inspectional observations in Form 483, from US FDA. There are no repeat or data integrity observations. The US FDA has inspected the said facility of subsidiary InvaGen Pharmaceuticals Inc during September 11-19. The inspection was a routine current good manufacturing practices inspection and a pre-approval inspection (PAI) for a site transfer product within InvaGen.
Apollo Tyres: Bias and OTR tyres production at the company's manufacturing facility in Limda, Gujarat has been stopped due to certain concerns amongst shop floor employees relating to the renewal of long-term settlement agreement. The company is in discussions and negotiations with the labour union representatives to address their concerns and find an amicable resolution. There is no material impact on the operations at this stage.
Subex: Suresh Kumar Chintada has resigned from his position as Chief Technology Officer of the company due to personal reasons, with effect from September 19.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) for Clindamycin Phosphate Gel USP, 1% which is used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. The drug had annual sales of $37 million in United States as per IQVIA MAT July 2023.
Kalpataru Projects International: The company said a meeting of the executive committee of the board of directors will be held on September 25 to consider the proposal for raising of funds via issuance of non-convertible debentures on private placement basis.
Nucleus Software: Anurag Mantri, Executive Director and CFO, designated as Chief Operating Officer of the company with effect from September 21
REC: Subsidiary REC Power Development & Consultancy has transferred its entire shareholding in Beawar Transmission, comprising of 50,000 equity shares, along with all its assets and liabilities, to Sterlite Grid 27. Sterlite Grid 27 will establish inter-state transmission system for transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part F. Meanwhile, the company has incorporated Kallam Transco as wholly owned subsidiary of REC Power Development & Consultancy. The said company is also subsidiary of REC.
Asian Granito India: The shareholders approved re-appointment of Kamleshkumar Bhagubhai Patel as Chairman and Managing Director of the company for three years with effect from January 1, 2024 to December 31, 2026, and also re-appointment of Mukeshbhai Jivabhai Patel as Managing Director for three years with effect from April 1, 2024 to March 31, 2027.
Sheela Foam: The PU foam maker has opened its qualified institutional placement on September 20. The floor price for the QIP issue is Rs 1,133,99 per share.
RR Kabel: Norges Bank on account of the Government Pension Fund Global has bought 20 lakh equity shares in the wires and cables manufacturer on listing day, via open market transactions, at an average price of Rs 1,180 per share. These shares were worth Rs 236 crore.
Tarsons Products: Plutus Wealth Management LLP has purchased 17.4 lakh shares, which is equivalent to 3.27 percent of total paid-up equity, in the company at an average price of Rs 530 per share. The stake buy was worth Rs 99.22 crore.
Praveg: SageOne-Flagship Growth 2 Fund bought 2.25 lakh shares in the event management company via open market transactions at an average price of Rs 480.5 per share, and SageOne Investment Managers LLP purchased 6.26 lakh shares at an average price of Rs 480.51 per share. However, Probi Fincap sold 1.48 lakh shares at an average price of Rs 480.74 per share, and Jayesh Ishwarlal Patel offloaded 6.44 lakh shares at an average price of Rs 480.49 per share.
