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Buzzing Stocks: Biocon, LTI Mindtree, Whirlpool, Power Grid Corp, Pfizer and others in news.
Biocon: Subsidiary Biocon Biologics has completed the integration of Viatris’ biosimilars business in 31 European countries. The subsidiary acquired all the global biosimilar businesses of Viatris in November 2022. At a global level, the subsidiary has a robust pipeline of 20 assets for diabetology, oncology, immunology, ophthalmology, and bone health.
LTIMindtree: The technology consulting and digital solutions company has been selected as a strategic partner by Metasphere, a wastewater application specialist, to scale their smart sewer management platform. LTIMindtree will transform Metasphere’s next-generation wastewater monitoring solution portfolio and enable scalable delivery and platform to their customers.
UltraTech Cement: The country's largest cement company will acquire the cement business of Kesoram Industries on a share swap basis. Shareholders of Kesoram Industries will get one share of UltraTech Cement for every 52 shares held by them. For Kesoram Industries, the transaction will unlock the value of the cement business for the shareholders of the company and also substantially deleverage the balance sheet, including the reduction of debt and the outflow of interest.
Thomas Cook (India): The travel services provider said promoter Fairbridge Capital (Mauritius) intends to exercise the greenshoe option in the offer-for-sale that started off on November 30. The OFS issue will close on December 1. Fairbridge will be selling up to an 8.50 percent stake in the company via OFS, comprising the base issue of 6.80 percent and the greenshoe option of 1.70 percent shares.
Whirlpool of India: Promoter Whirlpool Corporation intends to enter into one or more transactions to sell up to 24 percent of its ownership interest in Whirlpool of India in 2024. The company currently maintains a 75 percent ownership interest in Whirlpool India through a wholly-owned subsidiary and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions. It expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility. The company does not anticipate that this announcement will impact previously issued full-year guidance.
Power Grid Corporation of India: The state-owned electric services company has been declared a successful bidder to establish two inter-state transmission system projects on a build, own, operate, and transfer (BOOT) basis in Rajasthan.
Pfizer: Milind Patil has retired as Chief Financial Officer of the company, with effect from November 30, 2023. Consequently, Patil also ceased to be a senior management personnel of the company.
Balrampur Chini Mills: The sugar company will file an appeal for the demand raised by the I-T Department in the Assessment Order amounting to Rs 33.55 crore. The company has received an assessment order pertaining to AY 2020–21, wherein certain additions and disallowances with respect to the income shown in the income tax return have been proposed by the Assessing Officer.
Dixon Technologies: Subsidiary Padget Electronics has inaugurated a new smartphone manufacturing plant in Noida, Uttar Pradesh. The new manufacturing facility has commenced the production of smartphones for global technology giant Xiaomi India in Q3-2023.
Nippon Life India Asset Management: Hemen Bhatia has resigned as Head ETF (senior managerial personnel) of the company to pursue his interests outside the company, and his last day of service in the company will be December 8, 2023. The company has appointed Arun Sundaresan as Head ETF, with effect from December 1, 2023.
Flair Writing Industries: The writing instrument manufacturing company is set to debut on the BSE and NSE on December 1. The issue price has been fixed at Rs. 304 per share. According to market observers, the IPO shares traded at a little more than a 25 percent premium in the grey market over the issue price.
ITD Cementation India: The engineering and construction company has secured a contract for civil and hydromechanical works of 500 MW hydel power and a pumped storage project worth Rs 1,001 crore in Andhra Pradesh.
Jyoti Structures: The company has received approval from the Board of Directors for the issuance of equity shares worth Rs 175 crore via rights issue to the eligible equity shareholders of the company as of the record date.
Timken India: Profusion Investment Advisors LLP sold 19.4 lakh equity shares in the ball and roller bearing manufacturing company via open market transactions. These shares were sold at an average price of Rs 2,890.41 per share, amounting to Rs 560.92 crore.
Jammu and Kashmir Bank: In a clarification note, J&K Bank said the news of the search conducted by the Enforcement Directorate in the money laundering case at six locations in Srinagar (J&K) related to fraudulent loans of more than Rs 250 crore is pertained to J&K State Cooperative Bank and is not attributable to Jammu and Kashmir Bank.
MOIL: The prices of all ferro grades, SMGR, fines, and chemical grades have been decreased by 5 percent from the prevailing prices. The basic price of EMD has been decreased for December 2023 from Rs 2,09,000 PMT to Rs 2,05,000 PMT with effect from December 1, 2023.
KIOCL: Manoj Kumar Jhawar has resigned as Director (Finance) and Chief Financial Officer of the state-owned entity. Manoj will cease to be the Director (Finance) and Chief Financial Officer with effect from January 17, 2024.
ASK Automotive: The auto ancillary company is set to announce its July-September quarter earnings on December 1.
CSB Bank: The Reserve Bank of India approved the dilution of shareholding by promoter FIH Mauritius Investments (FIHM) in the paid-up capital of the bank. This is in line with the existing RBI Master Direction. FIHM will bring down its shareholding to 26 percent in the bank within 15 years from the date of completion of investments instead of 15 percent, as advised by the RBI at the time of approval of the investment proposal of FIHM in the year 2018.
