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Buzzing Stocks: TVS Motor, P&G, Indigo, Power Grid, Mastek and others in news.
InterGlobe Aviation: The company has received orders for demand of Rs 739.68 crore and Rs 927.03 crore from the Commissioner of Income Tax Appeals for the assessment years 2016–17 and 2017–18. The company will contest the same and take appropriate legal remedies.
TVS Motor Company: The two- and three-wheeler maker has entered Vietnam in collaboration with Minh Long Motors, its distribution partner. The company will offer a range of scooters and underbone motorcycles across multiple price points. Last week, the company announced its entry into Europe, starting with France.
Procter & Gamble Health: Procter & Gamble Health will trade ex-dividend with effect from November 23. It has announced a final dividend of Rs 50 per share. Amrutanjan Health Care and Premco Global will also trade ex-dividend with effect from the same date.
Power Grid Corporation of India: The state-owned firm said the Committee of Directors on Investment on Projects has approved an investment of Rs 142.69 crore for the augmentation of transformation capacity at Maheshwaram (PG) substation in Telangana and Rs 224.41 crore for the transmission system for the evacuation of power from the potential RE zone in the Khavda area of Gujarat.
Mastek: The company has received notice from BSE and the National Stock Exchange of India for delayed compliance with listing regulations during the quarter ended September 2023. Both exchanges have levied a fine of Rs 5,84,000 each plus GST on the company.
Shipping Corporation of India: The state-owned company has received a notice from BSE Limited and the National Stock Exchange of India, levying a fine of Rs 5,42,800 each for non-compliance with regulations with respect to the composition of the board of directors. SCI is taking all appropriate actions for the appointment of the requisite number of independent directors on the board.
Welspun Corp: A subsidiary of Sintex BAPL, has received approval from the Odisha government for an investment of Rs 479.47 crore to establish a manufacturing unit for CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks with an annual capacity of 37,520 MT in Sambalpur, Odisha. The project is likely to be implemented over the next three fiscal years and create employment opportunities for 1,000 people.
Honasa Consumer: The beauty and personal care products brand Mamaearth has recorded a massive 94 percent on-year growth in consolidated net profit at Rs 29 crore for the quarter ended September FY24, backed by healthy topline and operating performance. Revenue from operations during the quarter grew by 21 percent YoY to Rs 496 crore, with volume-led sales growth of 27 percent. EBITDA increased by 53 percent YoY to Rs 40 crore in Q2 FY24. The company has increased its offline distribution to 1,65,937 outlets, up 47 percent over a year-ago period.
Gujarat State Petronet: Mirae Asset Mutual Fund has increased its equity shareholding in the natural gas distribution company by 0.13 percent via an open market transaction on November 21, to 9.15 percent from 9.02 percent earlier.
Genesys International Corporation: The Indian mapping company has signed a strategic partnership with Survey of India to create digital twins of major cities and towns. This collaboration is aligned with India's National Geospatial Policy 2022, promoting self-reliance in geospatial data production and usage.
Mukta Arts: Mukta A2 Multiplex W.L.L., a subsidiary company in Bahrain, has entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia. Mukta Arts is not currently engaged in direct investment but has positioned itself through contractual agreements solely focused on providing management and operations services.
Kirloskar Brothers: Mangesh Kulkarni has resigned as Vice President-Organisation Transformation of the company due to personal reasons. He resigned with effect from November 23.
Tamilnad Mercantile Bank: The private sector lender said the Board of Directors has finalised the names of three candidates for the position of Managing Director and Chief Executive Officer (MD and CEO) of the bank. The bank has submitted an application to the Reserve Bank of India with the names of the candidates, seeking approval for the appointment of the new MD and CEO.
Shaily Engineering Plastics: The stock will turn ex-split with effect from November 23. The company announced the sub-division of one equity share with a nominal value of Rs 10 each into five equity shares with a nominal value of Rs 2 each, fully paid-up.
BCPL Railway Infrastructure: The company has received an electrification project under the Gati Shakti Sealdah Division of the Eastern Railway. The total project cost is Rs 3.26 crore, and it is expected to be executed over a period of 12 months.
Shalby: The company has executed the amendment agreement to the operation and management agreement with the Santacruz Residents Association and Bhikhubai Chandulal Jalundwala General Hospital (BCJ) for the construction of a new hospital building at Santacruz, Mumbai. This project will be executed upon receipt of approval from the Charity Commissioner, Mumbai. The company will construct 175 new hospitals in Santa Cruz and Mumbai.
Balmer Lawrie & Company: The BSE and National Stock Exchange of India have imposed a fine of Rs 5,42,800, respectively, on the PSU company for non-compliance with listing regulations and rules with respect to the composition of the board of directors.
Sandu Pharmaceuticals: Rakesh Parekh has resigned from the post of Chief Financial Officer of the company with effect from December 31 due to personal reasons. The company is in the process of appointing a new Chief Financial Officer.
Singer India: Santosh Kumar Yadav has resigned as IT head of the company in order to pursue other interests. He resigned with effect from November 22.
CE Info Systems: The provider of digital maps, geospatial software, and location-based Internet of Things (IoT) technologies, said the Board of Directors will be meeting on November 27 to consider the proposal of raising funds via the issuance of equity shares.
Axita Cotton: The cotton bales manufacturer has secured a new sales order worth Rs 89.22 crore from multiple vendors for supplying cotton bales in Indian raw cotton categories.
SJS Enterprises: Ace investor Ashish Rameshchandra Kacholia sold 3.47 lakh equity shares, equivalent to 1.1 percent of paid-up equity in SJS via open market transaction, at an average price of Rs 627.77 per share. Ashish held a 3.23 percent stake in SJS as of September 2023.
