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Buzzing Stocks: Reliance Industries, Mahindra Logistics, Trident, Lupin and others in news.
Reliance Industries: Reliance is nearing a cash-and-stock deal to buy Walt Disney Co’s India operations, according to people familiar with the matter. The US entertainment giant may sell a controlling stake in the Disney Star business, which it values at $10 billion. Reliance views the assets at between $7 billion and $8 billion. The said acquisition could be announced as early as next month, with some of Reliance’s media units merged into Disney Star.
Adani Ports and Special Economic Zone: The Adani Group company has incorporated its wholly owned subsidiary firm, Udanvat Leasing IFSC. Udanvat will carry out the business of owning and leasing aircraft.
Mahindra Logistics: The third-party logistics service provider has posted a consolidated loss of Rs 16 crore for the July–September period of FY24, against a profit of Rs 11 crore in the same period last year, impacted by lower EBITDA and margin. Revenue from operations for the quarter at Rs 1,365 crore increased by 2.9 percent over a year-ago period, and EBITDA during the same period fell by 20.6 percent to Rs 54 crore.
New Delhi Television: The media company recorded a profit of Rs 5.91 crore for the quarter ended September FY24, falling 50.8 percent from Rs 12.01 crore last year, and revenue from operations fell 9.7 percent to Rs 95.55 crore. But, sequentially, the numbers were strong as revenue surged by 36.5 percent. It had recorded a loss of Rs 8.13 crore in the previous quarter.
Siemens: The company has filed a writ petition before the Bombay High Court challenging a show cause notice (SCN) issued by the GST authority. The expected financial implications of tax, interest on the date of notice, and penalty stand at Rs 245.9 crore.
Tech Mahindra: The IT services company's subsidiary, Tech Mahindra (Americas) Inc., has approved a proposal to divest its 30 percent shareholding in Avion Networks Inc. for $50,000..
Shoppers Stop: The department store chain has further made an investment of Rs 5 crore in the preference share capital of Global SS Beauty Brands through a rights issue. With the subscription of NOCPS (non-cumulative optionally convertible preference shares), the total subscription of NOCPS by the company stands at 3,000 NOCPS of Rs. 1,00,000 each. Earlier this year, in April, the company invested Rs 25 crore.
Vedanta: The mining firm said the board of directors has approved the appointment of Ajay Goel as Chief Financial Officer of the company, with effect from October 30. Sonal Shrivastava has resigned from the post of Chief Financial Officer of the company with effect from October 24 due to personal reasons.
Amber Enterprises India: Franklin Templeton Mutual Fund has bought 2 lakh equity shares, which is equivalent to 0.6 percent of paid-up equity, in the company via open market transactions, at an average price of Rs 2,820 per share.
Delta Corp: The High Court of Bombay at Goa considered the writ petitions filed by the casino gaming company and its subsidiaries. Based on a statement made on behalf of the concerned tax authorities, the High Court has directed the Directorate General of GST Intelligence, Hyderabad, not to pass any final orders with respect to Rs 16,195 crore tax notices without the prior permission of the court.
PNB Housing Finance: The housing finance company has registered a 46 percent on-year growth in consolidated profit at Rs 383 crore for the July–September period FY24, led by the decline in impairments on financial instruments and write-offs. Net interest income increased by 2 percent YoY to Rs 661 crore. During Q2 FY23, there was a one-off of Rs 160 crore on assigned loans due to benchmark rate resets; excluding the one-off, net interest income grew by 35 percent YoY. Gross NPA declined by 197 bps to 1.78 percent QoQ during the quarter.
Lupin: The global pharma major has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Fluconazole tablets to market a generic equivalent of Diflucan tablets from Pfizer, Inc., in the United States. This product will be manufactured at Lupin’s Pithampur facility in India. Fluconazole tablets had estimated annual sales of $43 million in the US, as per IQVIA MAT July 2023.
NHPC: The state-run power company has achieved a major milestone by daylighting the head race tunnel (HRT) of the Parbati-II HE project (800 MW) in Himachal Pradesh. This breakthrough has been achieved on the longest face of the HRT, which has a total length of 13.118 KM. The completion of this activity is a major milestone towards the full completion of the project. The said project is expected to be completed by the end of September 2024.
Torrent Pharmaceuticals: The Ahmedabad-based pharma company has reported a 23.7 percent on-year increase in consolidated profit at Rs 386 crore for the quarter ended September FY24, with revenue rising 16.1 percent during the same period to Rs 2,660 crore. India business grew by 18 percent YoY to Rs 1,444 crore, Brazil up 36 percent, and Germany 21 percent, but US business fell by 15 percent to Rs 248 crore.
Mahindra Holidays and Resorts India: Arun Nanda has resigned as Chairman of the company's material subsidiary, Holiday Club Resorts Oy, Finland (HCR), with effect from October 20. The company has appointed CP Gurnani as Chairman of the Board of HCR, with effect from October 21.
Trident: The textile company has appointed Vinod Kumar Goyal as Chief Executive Officer of its yarn business, with effect from October 23. Vinod has more than four decades of work experience in the textile industry.
Alok Industries: The textile manufacturing company has posted a consolidated net loss of Rs 174.8 crore for the quarter ended September FY24, narrowing from a loss of Rs 191.5 crore in the same period last year. Revenue from operations dropped 20 percent YoY to Rs 1,359 crore during the quarter.
Bharat Heavy Electricals: The Appointment Committee of the Cabinet (ACC) has approved the appointment of Koppu Sadashiv Murthy as Chairman and Managing Director (CMD) of BHEL. Koppu Sadashiv Murthy was the Executive Director of BHEL.
Power Mech Projects: The company closed its qualified institution placement (QIP) issue and approved the allocation of 9,01,789 equity shares to investors at an issue price of Rs 3,881.17 per share, which is a discount of 5 percent to the floor price of Rs 4,085.44 per share, amounting to Rs 350 crore.
Visa Steel: Foreign portfolio investor Trinity Opportunity Fund I have exited the high-carbon ferro chrome-making company by selling its entire shareholding of 47.07 lakh shares, or 4.07 percent stake, at an average price of Rs 15.75 each. However, Lotus Global Investment Fund was the buyer of all shares in this deal.
Future Consumer: Samson Samuel is appointed as an Additional Director of the company, designated as Managing Director, for three years, with effect from October 23. Earlier, Samson Samuel was appointed as the Chief Executive Officer. As a consequence of his appointment as Executive Director, he will cease to be the Chief Executive Officer of the company.
Tracxn Technologies: Foreign company KB Global Platform Fund sold 7.93 lakh shares in the Bengaluru-based analytics firm, which is equivalent to 0.77 percent of paid-up equity, at an average price of Rs 72.18 per share.
Arvind and Company Shipping Agencies: The Gujarat-based chartering business operator will debut on the NSE Emerge on October 25. The issue price is Rs. 45 per share. Its equity shares will be available for trading in the trade-for-trade segment.
