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Buzzing Stocks: Reliance, Adani Wilmar, Tata Steel, Infosys, Adani Power, others in news.
Reliance Industries: Reliance Industries and Walt Disney signed a non-binding term sheet to merge their Indian media operations. Under the merger, Reliance would own 51 percent through a combination of shares and cash, with Disney holding the remaining 49 percent, giving more control to Mukesh Ambani's Reliance group. Reliance and Disney did not immediately respond to Reuters requests for comment.
Adani Power: The Committee of Creditors (COC) of Coastal Energen (CEPL), a company undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by a consortium of which Adani Power is a part. The consortium of Adani Power has received a letter of intent from the resolution professional.
Infosys: The global company has elected to terminate the Memorandum of Understanding with Infosys, and the parties will not be pursuing the Master Agreement. Infosys was supposed to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platforms and AI solutions. The total client target spend over 15 years was estimated at $1.5 billion.
Tata Steel: The Tata Group firm said the shareholders will be meeting on January 25, 2024, to consider the scheme of amalgamation amongst Tata Steel and Indian Steel & Wire Products.
Adani Wilmar: Promoters Adani Commodities LLP and Lence Pte Ltd. announced their intention to divest a 1.24 percent stake in the edible oil major, CNBC-TV18 reported. The stake sale by promoters is to comply with minimum public shareholding norms.
Biocon: Subsidiary Biocon Biologics signed a distribution agreement with Sandoz, granting the company exclusive rights to promote, sell, and distribute Adalimumab BS for subcutaneous injection in Japan. The subsidiary has acquired the global biosimilars portfolio of Viatris, including Adalimumab. Fujifilm Kyowa Kirin Biologics Co. Ltd., the developer of the drug, has concluded an exclusive global marketing licence agreement with a Biocon Biologics Ltd. affiliate. Adalimumab BS, a biosimilar of Humira, is indicated for immune-related diseases such as rheumatoid arthritis, psoriasis vulgaris, ankylosing spondylitis, Crohn's disease, and ulcerative colitis.
IIFL Finance: Foreign company FIH Mauritius Investments sold 2,16,02,000 equity shares, or 5.67 percent of paid-up equity in IIFL, via open market transactions. These shares were sold at an average price of Rs 554.64 per share, valued at Rs 1,198.13 crore. FIH held a 20.9 percent stake, or 7,96,41,445 equity shares, as of September 2023. However, Nomura India Investment Fund Mother Fund bought 26,20,411 equity shares, or 0.68 percent, at an average price of Rs 551.01 per share, which amounted to Rs 144.4 crore.
Vedanta: Subsidiary Bharat Aluminium Company (BALCO) has received an order from the Office of the Joint Commissioner, Bilaspur, confirming the demand for GST worth Rs 84.7 crore for FY2017-18 on account of various interpretational issues under the relevant provisions of the Central Goods and Services Tax Act.
New Delhi Television (NDTV): The civil suit filed by Ankiti Bose before the Hon’ble Bombay High Court seeking permanent injunction and damages of Rs 820 crore against NDTV Convergence, the material subsidiary of the company, has been amicably settled between the parties under a settlement agreement dated December 22. Accordingly, the plaintiff will withdraw the suit from the Bombay High Court against NDTV Convergence, and the impugned article will be deleted by NDTV Convergence from its website.
Muthoot Microfin: The microfinance institution is going to list its equity shares on the BSE and NSE on December 26. The issue price has been fixed at Rs. 291 per share.
Cipla: The pharma company has received an order from the Office of the Commissioner of Central Tax, Central GST Howrah Commissionerate, Kolkata, imposing a penalty of Rs 11.59 crore.
Zydus Lifesciences: The US Food and Drug Administration (USFDA) has concluded an inspection at the company's API site at Changodar, Ahmedabad, with six observations. This PAI-cum-GMP USFDA inspection was conducted on December 14–22. There were no data integrity-related observations and no repeat observations from the previous inspection.
TTK Prestige: The company has decided to split the role between managing director and CEO. Accordingly, it has appointed Venkatesh Vijayaraghavan as CEO, who will report to the current Managing Director, Chandru Kalro. This change in management will take effect in January 2024. Venkatesh's last stint has been with CavinKare as CEO and Board Director for five years.
Suraj Estate Developers: The Mumbai-based real estate developer will list its equity shares on the bourses on December 26. The final issue price has been fixed at Rs. 360 per share.
Motisons Jewellers: The Jaipur-based jewellery retailer is set to debut on the bourses on December 26. The issue price has been set at Rs. 55 per share.
Aurobindo Pharma: The United States Food and Drug Administration (US FDA) conducted a pre-approval inspection (PAI) at the new injectable facility of Eugia US Manufacturing LLC, a step-down wholly owned subsidiary of Aurobindo Pharma, in East Windsor, New Jersey, on December 11–22. The inspection closed with 10 observations. The observations are procedural in nature and will be responded to within the stipulated time. The plant is yet to start commercial operations.
V-Guard Industries: Promoter Chittilappilly Thomas Kochuouseph has offloaded 45 lakh equity shares, or 1.03 percent of paid-up equity, via open market transactions. These shares were sold at an average price of Rs 286 per share, valued at Rs 128.7 crore. However, Aditya Birla Sun Life Mutual Fund was the buyer for some of these shares, acquiring 35 lakh shares at the same price, valued at Rs 100.1 crore.
Sansera Engineering: Foreign venture capital investor CVCIGP II Employee Ebene sold 12 lakh equity shares, or 2.25 percent stake, in the company via open market transactions at an average price of Rs 966.10 per share. However, HDFC Standard Life Insurance Company bought 8.25 lakh shares, or 1.5 percent of the company, at an average price of Rs 965 per share.
Jindal Steel & Power: The company has entered into an MoU with Rashtriya Ispat Nigam (RINL) for the operationalization of RINL's Blast Furnace-3 (BF-3). The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh metric tonnes of hot metal per month.
KPIT Technologies: The company has acquired a 13 percent shareholding in N-Dream after a primary investment of 2.7 million euros and a secondary investment of 0.3 million euros. N-Dream AG is a cloud-based game aggregation platform company based in Switzerland. The company has the option to increase its shareholding in N-Dream further.
Talbros Automotive Components: The auto component company said the board of directors approved the divestment of its entire 40 percent stake in its joint venture company, Nippon Leakless Talbros. After the stake sale by Talbros, Nippon Leakless will own 100 percent of the joint venture company. Talbros will get Rs 81.8 crore for its entire 40 percent equity stake sale as a joint venture company valued at Rs 204.5 crore.
Sahara Maritime: The company will make its debut on the BSE SME on December 26. The issue price is Rs. 81 per share. The scrip will be in the trade-for-trade segment for 10 trading days.
Religare Enterprises: Religare Finvest (RFL), the wholly owned subsidiary of Religare Enterprises, has commissioned an investigation into the syphoning off of funds from RFL by the erstwhile promoters of the company.
UPL: The agrochemical company said the Board of Directors has approved the fund raising up to Rs 4,200 crore through the issue of equity shares on a rights issue basis to the eligible equity shareholders. The detailed terms of the rights issue, including but not limited to the issue price, rights entitlement ratio, record date, timing, and terms of payment, will be determined in due course by the board.
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