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Buzzing Stocks: Biocon, Vedanta, Nestle, Sun Pharma, Apollo Tyres, Bosch and others in news.
Biocon: Subsidiary Biocon Biologics has completed the transition of the acquired biosimilars business in around 120 countries across advanced and emerging markets, a year ahead of schedule. Over 10 emerging markets, along with Japan, Australia, and New Zealand, have transitioned in this final phase of the integration of the biosimilars business acquired from Viatris.
Vedanta: The mining and metals major has approved the second interim dividend of Rs 11 per equity share, i.e., 1,100 percent on the face value of Rs 1 per equity share, for the current financial year 2023–24. This amounted to Rs 4,089 crore. The record date for the payment of dividends will be December 27.
Nestle India: The FMCG company has fixed January 5, 2024, as the record date for determining the entitlement of equity shareholders for sub-division of existing equity shares of the company. One equity share having a face value of Rs 10 each will be subdivided into 10 equity shares having a face value of Rs 1 each.
IRCON International: The International Chamber of Commerce (ICC) has pronounced the award in favour of IRCON of Rs 103.62 crore against the claims of Rs 115.98 crore and cost in the matter of arbitration between the company and Eskom Holdings SOC. The competent authority of IRCON has accepted the said award.
Devyani International: Subsidiary Devyani International DMCC, Dubai, has announced its entry into the quick service restaurants (QSR) and limited service restaurants (LSR) markets of Thailand by signing a share purchase agreement to acquire controlling interest in Restaurants Development Co., Ltd., Thailand. Restaurant Development operates a chain of 274 KFC restaurants across Thailand and employs more than 4,500 people. The transaction closing is expected to take place before March 2024.
Sun Pharmaceutical Industries: The pharma major has entered into an agreement to acquire 16.7 percent shares in Lyndra Therapeutics Inc., a company based in Massachusetts, for $30 million. Lyndra is engaged in the business of developing novel delivery technology for long-acting oral (LAO) therapies.
Apollo Tyres: White Iris Investment, a foreign portfolio investor, is likely to offload 3 percent equity in Apollo Tyres via a block deal, CNBC-TV18 reported, citing sources. White Iris aims to raise $100 million through the sale of 3 percent equity, along with an upsize option. The floor price for the block deal is likely to be Rs 440 per share.
Bosch: The technology and services supplier, has realigned its mobility business to deliver regional growth and customer centricity. Effective January 1, 2024, Sandeep Nelamangala, Joint Managing Director of Bosch and Executive Vice President, Sales, Mobility Solutions, Bosch India, will steer the mobility business in India in addition to his current responsibilities. Sandeep, who is the Head of Sales and has been associated with Mobility Solutions so far, will also oversee the realigned structure now, handling the technology and strategic developments for the region.
Olectra Greentech: The electric bus manufacturer had filed the petition against MLR Motors for recovery of Rs 10 crore (which was paid as a capital advance). The said petition has been dismissed by the National Company Law Tribunal, Hyderabad, with the observation that the subject matter of the petition is to be settled through arbitration. The NCLT also gave liberty to the company to represent them "if the Arbitral Tribunal decides about the non-arbitral of the subject matter or when the allotment of shares in favour of the petitioner is declared illegal or wrong by the Arbitral Tribunal'.
Sapphire Foods India: Promoter entity Samara Capital Partners Fund II exited Sapphire Foods India, the company behind popular brands like Pizza Hut and KFC, by selling its entire shareholding of 4,49,999 equity shares via open market transactions at a price of Rs 1,400 per share, amounting to Rs 63 crore. Other promoter entity Sapphire Foods Mauritius sold 33,37,423 equity shares, or 5.24 percent stake, in the company at the same price, which was worth Rs 467.23 crore. However, the foreign investor government of Singapore has picked up an additional 1.58 percent stake, or 10,05,582 shares, in Sapphire, and HDFC Mutual Fund bought 22 lakh shares at the same price.
NHPC: The company said the board members will be meeting on December 22 to consider the monetisation of future cash flow (consisting of return on equity) of one or more power station(s) of the company for suitable tenure. This is part of the funding plan of Capex for the company for FY24 or beyond.
Dish TV: The Nomination and Remuneration Committee of the company perused the candidature of Sanjay Banerjee on the board. The Committee advised the management to file the necessary application(s) with the Ministry of Information and Broadcasting to obtain the prior approval of the Ministry before considering his appointment to the board of the company. Further, the board has appointed Sunil Khanna as an independent director and Ravi Bhushan Puri as an executive director of the company.
Grasim Industries: Kumar Mangalam Birla-led Aditya Birla Group has entered advanced stage negotiations with Middle Eastern firm Nebras Power as the cement-to-retail diversified conglomerate looks to induct a strategic investor and scale up its renewable energy business, which is housed under Grasim, multiple industry sources in the know told Moneycontrol. Nebras Power plans to invest around $400 million as part of a proposed 51:49 JV between the two parties.
DCW: The company has suspended its operations at the Sahupuram plant in Tamil Nadu due to flooding and water logging at the factory premises caused by heavy rains since December 17. The company expects a gradual scale-up of operations after the water levels get back to normal and anticipates at least 7 days to resume its usual business operations.
Archean Chemical Industries: Goldman Sachs FDS Goldman Sachs India EQ Portfolio, Tata AIA Life Insurance Company, and DSP Mutual Fund have bought 30,29,895 equity shares, or 2.46 percent, of Archean Chemical at a price of Rs 600 per share, which amounted to Rs 181.8 crore. Goldman Sachs and DSP Mutual Fund picked up additional shares. However, the India Resurgence Fund (Schemes 1 and 2) sold 11,38,471 equity shares in Archean at a price of Rs 601 per share and 19,23,058 equity shares at a price of Rs 600 per share. Piramal Natural Resources sold 11,38,471 equity shares at a price of Rs 600 per share.
PNC Infratech: The company has been declared as the first lowest bidder in a Madhya Pradesh Road Development Corporation's (MPRDC) highway project in Madhya Pradesh on Hybrid Annuity Mode (HAM) for a bid project cost of Rs 1,174 crore. PNC will construct the Western Bhopal Bypass as a 4-lane road with paved shoulders along with a service road.
Future Consumer: MNS Foods has allotted 12,50,000 equity shares, on a preferential basis, to KSL Kantoor Food Products LLP, constituting 34.25 percent of the paid-up equity share capital of MNS Foods. Following the allotment of the equity shares, MNS Foods has ceased to be a stepdown subsidiary of Future Consumer, with effect from December 18.
S J Logistics (India): The company will list its equity shares on the NSE Emerge on December 19. The issue price is Rs. 125 per share. Its equity shares will be available for trading in the trade-for-trade segment.
