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Buzzing Stocks: Tata Power, Zomato, Wipro, BHEL, Siemens, Aster DM, others in news.
Tata Power Company: Subsidiary Tata Power Renewable Energy has received a Letter of Award (LOA) for developing a 200 MW firm and dispatchable renewable energy (FDRE) project with SJVN. The installation of the said project will offset ~9 lakh metric tonnes of CO2 emissions annually.
Zomato: Alipay is likely to offload a 3.14 percent stake in the food delivery giant for Rs 940 crore via a block deal, CNBC TV-18 reported, citing sources. A total of 29.6 crore shares will be sold by Alipay at a price of Rs 111.28 apiece.
Siemens: The technology company has recorded 49.8 percent on-year growth in net profit at Rs 571.6 crore for the quarter ended September FY23, backed by topline and operating performance. Revenue from operations grew by 24.7 percent year-on-year to Rs 5,807.7 crore, and new orders at Rs 4,498 crore during the quarter increased by 12 percent in the same period. EBITDA grew by 35.7 percent to Rs 700.2 crore with a margin expansion of 97 bps compared to the year-ago period. It has recommended a dividend of Rs. 10 per share for the year. The company announced investments of Rs 416 crore in capacity expansions of power transformers used in the power transmission business and of vacuum interrupters for medium-voltage switchgear used in the power distribution sector.
Bharat Heavy Electricals: BHEL and Electricité de France S.A., France (EDF), a French state-owned company, have signed a Memorandum of Cooperation (MoC) to explore the opportunity to maximise the local content of the Jaitapur nuclear power plant project (6x1650 MWe) to be established by NPCIL in India. Further, BHEL and EDF will also explore larger collaborations for the European pressurised reactors (EPRs) and the NUWARD SMR (small modular reactor).
GAIL India: The Ministry of Petroleum and Natural Gas has nominated Rajeev Kumar Singhal as Director (Business Development) of GAIL. Rajeev Kumar Singhal was the executive director of the company.
Wipro: The IT services company, has launched a continuous compliance solution built on Amazon Security Lake in collaboration with Amazon Web Services (AWS). This solution is designed to equip enterprises with advanced capabilities to meet compliance requirements.
Havells India: The Fast Moving Electrical Goods and Electronics Company has launched its consumer durable brand ‘Lloyd’ in the Middle East market. Lloyd has partnered with TeknoDome, a distribution conglomerate headquartered in Dubai, for the desired coverage and reach in the Middle East region.
PCBL: The carbon black manufacturer has received in-principle approval from the Board of Directors for the acquisition of Aquapharm Chemicals for Rs 3,800 crore. The company has executed a share purchase agreement with Aquapharm Chemicals, Vimal V. Mangwani, Dharmesh Mangwani, Nitin Raojibhai Desai, and other shareholders of Aquapharm Chemicals for undertaking the proposed transaction. With this acquisition, the company forays into the global specialty segments of water treatment chemicals and oil and gas chemicals.
Aster DM Healthcare: The company said its subsidiary, Affinity Holdings, will be selling a stake in Aster DM Healthcare FZC to Alpha GCC Holdings. The amount receivable from the transaction is around $1.01 billion, of which $903 million is payable at the closing of the transaction, and up to $98.8 million may be received subsequently, subject to certain contingent events. This includes an earnout of up to $70 million based on EBITDA achieved by the GCC business for the financial year ending March 2024. The buyer, Alpha GCC Holdings, will be owned by the promoter/promoter group of Aster India and funds managed by Middle East private equity firm Fajr Capital Advisors in the shareholding ratio of 35:65, respectively, at the closing of the transaction.
Canara Bank: The state-owned bank has received approval from the RBI for divesting its shareholding (70 percent) in its unlisted subsidiary Canbank Factors. Canara Bank is holding 69.14 percent shares in its unlisted subsidiary, Canbank Computer Services (CCSL), and proposes to buy out shares of other shareholders, i.e., Bank of Baroda (BOB) and DBS Bank India (DBIL). Canara Bank is also exploring transferring the credit card and other digital product portfolio of the bank to CCSL.
Indian Renewable Energy Development Agency: State-owned financial institution IREDA will list its equity shares on the BSE and NSE on November 29. The issue price has been fixed at Rs 32 per share.
Varun Beverages: The company has incorporated a subsidiary company in Mozambique, namely VBL Mozambique, SA, to carry on the business of distribution of beverages.
Trident: Avneesh Barua has resigned as Chief Financial Officer (CFO) of the company. His last working day as the CFO of the company would be November 28.
CSB Bank: The private sector lender has decided to increase the marginal cost of funds-based lending rates (MCLR) by 10–20 bps across tenures. The revised lending rates will be applicable with effect from December 1, 2023.
Global Health: Sanjeev Kumar has resigned as Group Chief Financial Officer (CFO) of the company, with effect from December 15, 2023.
HCP Plastene Bulkpack: Bhaveshkumar V. Jain has resigned as Executive Director and Chief Financial Officer of the company, with effect from November 28.
Orchid Pharma: Promoter Dhanuka Laboratories sold 13 lakh equity shares, equivalent to a 2.56 percent stake, in the company via an open market transaction at an average price of Rs 571.28 per share. UTI Mutual Fund bought 4.45 lakh shares in the company at an average price of Rs 571 per share.
