Stock to Watch Today - Rupeedesk Reports - 30.11.2022
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks | Biocon, Inox Green Energy, IDFC and others in news today.
Biocon: Biocon Biologics completes acquisition of Viatris' global biosimilars business. Biocon Biologics and its subsidiary completed the acquisition of the biosimilars businesses and assets of Viatris Inc. Biocon subsidiaries acquired businesses through purchase of 100% stake in Biosimilar NewCo (BNCL), a company incorporated in the United Kingdom; and subscription to 100% stake in Biosimilar Collaborations Ireland (BCIL), a company incorporated in Ireland. With this, BNCL and BCIL have become step-down subsidiaries of Biocon Biologics and indirect subsidiaries of Biocon. The multi-billion-dollar and value accretive transaction included upfront cash payment of $2 billion and issuance of CCPS worth $1 billion.
Dhanlaxmi Bank: MS Param Value Investments picks 0.6% stake in Dhanlaxmi Bank. MS Param Value Investments acquired 15 lakh equity shares or 0.6% stake in the lender at an average price of Rs 15.96 per share. The stock surged nearly 9% to close at Rs 16.25 on Tuesday.
Usha Martin: Promoter Peterhouse Investment offloads 2.5 lakh shares in Usha Martin. Promoter Peterhouse Investment Ltd & PACs offloaded 2.5 lakh shares or 0.08% stake in Usha Martin via open market transactions on November 29. With this, its shareholding in the company reduced to 1.13%, down from 1.21% earlier.
IDFC: Sebi approves change in control of IDFC Mutual Fund. Market watchdog Sebi has approved the change in control of IDFC Mutual Fund. In April 2022, the board of directors of IDFC and IDFC Financial Holding Company had approved the divestment of IDFC Asset Management Company and IDFC AMC Trustee Company to the consortium. The consortium comprised Bandhan Financial Holding, Lathe Investment Pte. Ltd. (affiliate of GIC), Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).
Kilpest India: Kilpest India arm plans to acquire 100% stake in a Europe-based life science products manufacturer. Subsidiary 3B BlackBio Biotech India signed a non-binding letter of intent to acquire 100% stake in a Europe-based life science products manufacturer. An exclusivity period of 60 days has been agreed upon between the parties to complete due diligence.
Gland Pharma: Gland Pharma to acquire 100% stake in CenexiGroup. The pharma company through its wholly owned subsidiary Gland Pharma International PTE. Ltd, Singapore, has entered into a Put Option Agreement to acquire 100% of Cenexi Group. Cenexi Group will be acquired for an equity value up to 120 million euros. Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development & manufacturing organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill finished drug.
Bharat Bijlee: Life Insurance Corporation of India offloads 2.15% stake in Bharat Bijlee. Life Insurance Corporation of India sold 2.15% stake in Bharat Bijlee via open market transactions. With this, LIC's shareholding in the company reduced to 4.54%, from 6.69% earlier.
GR Infraprojects: Construction project where GR Infraprojects emerged as L1 bidder cancelled by NCRTC. National Capital Region Transport Corporation (NCRTC) has annulled the construction of elevated viaduct project due to some administrative reasons. The company had emerged as L-1 bidder for construction of the elevated viaduct in Delhi in April 2020.
Inox Green Energy Services: Inox Green Energy Services initiates strategic action to deleverage its balance sheet. Inox Wind and its subsidiary Inox Green Energy Services, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid Rs 250 crore and Rs 161 crore (aggregating to Rs 411 crore) towards reducing their debt. Consequently, the corporate guarantees given by Gujarat Fluorochemicals have also got reduced to that extent. Both the companies are in the process of further reducing their debt in due course.
Greenpanel Industries: Greenpanel Industries to wind up subsidiary in Singapore. The company said its board of directors approved the winding up of wholly owned subsidiary Greenpanel Singapore Pte Ltd. The board also approved write-off of the investment in the subsidiary to the extent of impairment of the asset due to accumulated losses of the subsidiary.
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