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Buzzing Stocks: SBI Life, Sun Pharma, Emami, Adani Green, others in news today.
SBI Life Insurance Company: The life insurance company has received the board approval for the appointment of Amit Jhingran as the managing director and CEO with effect from October 1. Present managing director and CEO of the life insurance company, Mahesh Kumar Sharma, has been posted as deputy managing director in SBI, Corporate Centre.
Sun Pharmaceutical Industries: The pharma major said one of its subsidiary companies has signed a binding letter of intent to acquire the balance 25% outstanding shares of Sun Pharma de México, SA de CV, a subsidiary of the company. Post-acquisition of the balance 25% outstanding shares will result into Sun Pharma de México, S.A. de C.V. becoming a wholly-owned subsidiary of the company. The acquisition cost for the balance 25% shares is MXN $161.85 million.
Happiest Minds Technologies: Promoter Ashok Soota has sold about 1.1% stake in the company via block deals, reports CNBC-TV18. He sold the said shares to fund SKAN, the public charitable trust for medical research, & Happiest Health. With this, Ashok Soota’s shareholding fell to 50.13% from 51.24% earlier.
Adani Green Energy & Adani Energy Solutions: Abu Dhabi-based International Holding Company (IHC), which held more than one percent stakes in two Adani group companies, Adani Green Energy and Adani Energy Solutions, has entered into a pact with a buyer to dispose off its investments, reports CNBC-TV18.
Emami: The personal care and healthcare company has announced its foray into juice category with AloFrut through strategic investment in Axiom Ayurveda and its subsidiaries/associates by acquiring 26% equity stake for an undisclosed amount. Axiom markets beverage products under the brand AloFrut, a proprietary fusion of aloevera pulp with fruit blend.
Saregama India: The music label giant will acquire 51.8% shares in digital entertainment company Pocket Aces Pictures that owns direct relationship with 95M+ younger digital-first customers across Instagram, YouTube etc. It will buy 51.8% stake for Rs 174 crore with a clear path to further acquire another ~41% stake in next 15 months at pre-agreed multiples. The transaction is an all-cash deal.
Godrej Agrovet: The company has entered into a strategic partnership agreement with Sime Darby Plantation Berhad (SDP), the largest producer of Certified Sustainable Palm Oil (CSPO). SDP will supply high-quality oil palm seeds to Godrej Agrovet's oil palm business unit(s) and later set up a seed production unit in India.
Piramal Pharma: The US FDA has conducted a good manufacturing practices (GMP) inspection of company's Bethlehem facility during September 18-27, and issued a Form-483 with 2 observations. Both observations relate to system improvement only, and none are related to data integrity.
YES Bank: The private sector lender has further acquired 1,79,37,200 equity shares of Rs 10 each at a premium of Rs 45.75 per share, of its subsidiary YES Securities (India). The lender acquired these shares for nearly Rs 100 crore under rights issue.
Navin Fluorine International: Radhesh R Welling has resigned as the Managing Director and a Director of the company due to personal reasons, with effect from December 15, 2023. Further, the Board has approved the appointment of Sudhir R Deo as an additional director of the company with effect from September 28.
Dr Reddy’s Laboratories: Subsidiary Dr Reddy’s Laboratories SA, in Switzerland, has incorporated a wholly-owned subsidiary in Jamaica, - Dr Reddy’s Laboratories Jamaica. Accordingly, Dr Reddy’s Laboratories Jamaica, a step-down wholly-owned subsidiary of the company, will be engaged in importation, warehousing, distribution and exportation of pharmaceuticals.
Infosys: The country's second largest IT services company has received IGST demand order notice for Rs 26.5 lakh, along with interest and penalty of more than Rs 11 lakh, due to non-receipt of foreign inward remittance of export proceeds for the period between October 2021 – November 2021. There is no material impact on financials, operations or other activities of the company.
NLC India: The company is setting up 3x800 MW coal based thermal power project at Jharsuguda and Sambalpur districts in Odisha. It has entered into a long term power purchase agreement (PPA) with GRIDCO for 400 MW. With this, the entire power of 2,400 MW has been tied up on long term basis with Tamilnadu- TANGEDCO (1,500 MW), Puducherry- PED (100 MW), Kerala- KSEBL (400 MW) and Odisha- GRIDCO (400 MW).
Uno Minda: The automotive solutions and systems provider has received board approval to increase stake in Minda Westport Technologies (MWTL) from 50% to 76% by acquiring additional 26% stake from its joint venture partner Westport Fuel Systems Italia S.r.l. (Westport). The cost of acquisition for 26% stake is Rs 14.81 crore. The acquisition of shares is targeted to be completed by March 31, 2024. MWTL is one of the leading manufacturers of alternate fuel systems — CNG and LPG components and kits for OEMs and aftermarket in India.
Bajaj Finserv: The financial services company has received board approval for appointment of Ramaswamy Subramaniam as President – Private Equity, forming part of senior management personnel of the company, with effect from September 28.
Paisalo Digital: The company has received board approval for appointment of Manendra Singh, as the Chief Compliance Officer with effect from October 1, 2023. Manendra Singh is currently the Company Secretary.
Bank Of Maharashtra: The bank has appointed Pradeep Kumar Srivastava as Chief Technology Officer for three years on contractual basis, with effect from September 28.
Genus Power Infrastructures: Shareholders in annual general meeting have approved the reappointment of Ishwar Chand Agarwal as Executive Chairman of the company for five years with effect from January 24, 2024, Rajendra Kumar Agarwal as MD & CEO for five years with effect from May 29, 2024, and Jitendra Kumar Agarwal as Joint MD for five years with effect from September 20, 2024.
JBM Auto: JBM Ecolife Mobility, a subsidiary of the company, has incorporated subsidiary Ecolife Mobility Bhubaneswar on September 27. Ecolife Mobility Bhubaneswar will be engaged in the business related to supply, operation, maintenance, dealers etc. of public transport type motor vehicles, electric buses, motor buses, lorries, ambulances, automobiles, and similar vehicle designed for the transport and allied products.
Vishnu Chemicals: The company has incorporated wholly-owned subsidiary Vchem Global Inc in Texas, USA, for manufacturing, supplying and trading of chemicals.
MAS Financial Services: Riddhi Bhayani is appointed as Chief Compliance Officer of the company, with effect from September 28.
Hi Green Carbon: Morgan Stanley Asia Singapore Pte, and Nav Capital VCC - Nav Capital Emerging Star Fund have bought additional 2 lakh shares and 4 lakh shares in the waste tyres recycling company respectively, via open market transactions, at an average price of Rs 77 per share. They already held 1.22% and 1.56% shares in the company respectively.
Krsnaa Diagnostics: MIV Investment Services has bought 1.6 lakh shares or 0.5 percent stake in the diagnostics chain via open market transaction at an average price of Rs 675 per share. However, Invesco Mutual Fund sold 1.95 lakh shares (0.62 percent) in the company at an average price of Rs 675.02 per share.
Quick Heal Technologies: Sequoia Capital India Investment Holdings III exited the IT security solutions company by selling entire 17.86 lakh shares or 3.37% stake in the company via open market transactions at an average price of Rs 240 per share. However, ace investor Vikas Khemani founded Carnelian Asset Advisors bought 7.5 lakh shares or 1.41% stake in the company at same average price.
Yatra Online: Europe-based financial services group Societe Generale sold 13.3 lakh shares in the company, which is equivalent to 0.85% of paid-up equity, at an average price of Rs 136.12 per share. Societe held 1.65% or 25.85 lakh shares in the corporate travel company before listing on the bourses on September 28.
