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Stocks To Watch
Bharti Airtel
The telecom operator has entered into an agreement to acquire a 26% equity stake in AMP Energy Green Three for Rs 37.89 crore. AMP Energy is a special purpose vehicle formed for owning and operating a captive power plant.
Varun Beverages
The company has invested Rs 412.8 crore by subscribing to ordinary shares of its subsidiary, The Beverage Company Proprietary, South Africa.
Indian Railway Finance Corporation (IRFC)
IRFC has signed a Memorandum of Understanding (MOU) with REMC to collaborate on financing renewable energy projects awarded by REMCL for supply to Indian Railways. The partnership also extends to exploring financing options for thermal, nuclear, and renewable power projects established under a captive model through joint ventures involving Indian Railways and other entities. REMC is a joint venture of the Ministry of Railways (MOR) and RITES.
RITES
The company has received a work order worth Rs 69.78 crore for the R3Y/R6Y repair of 43 WDS6 locomotives over three years, from Steel Authority of India - Bhilai Steel Plant.
NHPC
The company has received the second gross payment of Rs 250 crore under the Mega Insurance Policy against the insurance claim for Business Interruption (BI) losses caused by a flash flood that occurred on October 4 at the Teesta-V Power Station (510 MW).
Biocon
The company’s subsidiary, Biocon Pharma, has received approval for Tacrolimus capsules in 0.5mg, 1mg, and 5mg strengths from the National Medical Products Administration (NMPA), China. Tacrolimus is an immunosuppressant used in the treatment of organ transplant patients, reducing the body’s ability to reject a transplanted organ.
Axiscades Technologies
Arun Krishnamurthi has resigned as Chief Executive Officer & Managing Director of the company, due to personal reasons, effective January 2.
Honasa Consumer
Master Zairus has resigned as Chief Business Officer of the company, effective February 28, 2025, due to personal reasons.
Wockhardt
The Indian drug regulator, the Central Drugs Standard Control Organization (CDSCO), has approved the new-generation oral antibiotic Miqnaf (nafithromycin). Miqnaf is used in the treatment of community-acquired bacterial pneumonia (CABP) in adults.
Pricol
The Board has approved the divestment of the wiping business division of the company to Auto Ignition on a slump sale basis for Rs 20 crore.
Allcargo Logistics
CELM Logistics SA de CV, Mexico, a step-down wholly owned overseas subsidiary of the company, has been voluntarily liquidated effective December 12, 2024. Consequently, CELM Logistics SA de CV, Mexico, has ceased to be a step-down wholly owned overseas subsidiary of the company.
PB Fintech
The company has incorporated its wholly owned subsidiary, PB Healthcare Services.
Swan Energy
The name of Reliance Naval and Engineering has been changed to Swan Defence and Heavy Industries.
Dear Viewers,
Good Morning. Indian market is expected to open flat negative near the previous closing.
Stocks To Watch
SJVN
The company has signed a Memorandum of Understanding (MoU) with the Bihar government for the development of the 1,000 MW Hathidah Durgawati Pumped Storage Project and other PSPs.
Sun Pharmaceutical Industries
The pharma major has entered into an agreement with Zaza Industrial Holdings KK, Japan, to sell 100% of its shares in Sun Pharma Japan Technical Operations, a step-down subsidiary (through its subsidiary Sun Pharma Japan), for Japanese yen one only. Consequently, Sun Pharma Japan Technical Operations will cease to be a subsidiary of the company.
ITC
Following the demerger of the company’s hotels business into ITC Hotels, effective January 1, 2025, the entire shares held by ITC in eight companies—Fortune Park Hotels, Bay Islands Hotels, Landbase India, WelcomHotels (Lanka), Srinivasa Resorts, International Travel House, Gujarat Hotels, and Maharaja Heritage Resorts—will be transferred to ITCHL, effective January 1.
Kalpataru Projects International
The EPC company has secured new orders worth Rs 1,011 crore, including from the transmission & distribution and railway businesses in India. With this order, the year-to-date (YTD) order inflows now exceed Rs 17,300 crore.
Piramal Enterprises
The company has invested Rs 1,000 crore in its subsidiary, Piramal Capital & Housing Finance, through a rights issue subscription. Piramal Capital will utilize the amount for business and general corporate purposes. There is no change in the company’s shareholding percentage in Piramal Capital following this investment.
Utkarsh Small Finance Bank
The bank has sold its portfolio of unsecured stressed microfinance institution (MFI) loans (non-performing assets and written-off accounts), with an outstanding of Rs 354.54 crore, to an Asset Reconstruction Company (ARC) for Rs 52 crore.
LT Foods
The company has completed the acquisition of a 17.5% stake in Nature Bio-Foods, its organic arm, from India Agri Business Fund II Limited, for Rs 110 crore. Post-acquisition, Nature Bio-Foods has become a wholly-owned subsidiary.
Newgen Software Technologies
The company has accepted an award letter for a project worth $1.64 million for providing credit automation services and a purchase order worth Rs 20.9 crore for the Newgen Remittance system license cost. Additionally, its subsidiary, Newgen Software Technologies Pte in Singapore, has received a project worth SGD 1.74 million for a knowledge and records management system (KRMS). Another subsidiary, Newgen Software Inc in the US, has executed a scope of work worth $1.8 million with a banking client for digital account opening, retail loans, ECM, and collection upgrades.
IndoStar Capital Finance
The company has approved the sale of a portion of its commercial vehicle loan book to Assets Care & Reconstruction Enterprise. The sale includes accounts tagged in Stage 3, with dues outstanding aggregating Rs 174 crore.
TVS Holdings
The company has sold its entire shareholding of 25.54 crore equity shares, representing a 100% stake in its subsidiary TVS Emerald, to VEE ESS Trading (a promoter group company) for Rs 485.85 crore.
Hazoor Multi Projects
The Board has approved the appointment of Francisca Rosario as Chief Financial Officer and Radheshyam Laxmanrao Mopalwar as Chairman, replacing Pawankumar Nathmal Mallawat. Dineshkumar Laxminarayan Agrawal has resigned as Executive Director, and Akshay Pawan Kumar Jain as Whole-Time Director of the company.
Persistent Systems
Sunil Sapre retired as Executive Director of the company, effective December 31.
Captain Pipes
The company has approved fund-raising of Rs 20.6 crore and the issue of 1.25 crore shares on a preferential basis to investors at a price of Rs 16.5 per share.
Vishnu Prakash R Punglia
The company has received a contract worth Rs 7.3 crore from Hissar Builders for fabricating FOB steel girders at Gamharia, SINI, and Rajkharswan (RKSN) stations in the Chakradharpur division.
Stocks To Watch
Lupin
The pharma major has acquired Huminsulin in India from Eli Lilly to enhance its diabetes portfolio. Lupin has been marketing the Huminsulin range of products, comprising insulin human, through existing distribution and promotion agreements with Lilly India. Huminsulin is used to treat type 1 and type 2 diabetes mellitus, helping improve blood sugar control in both adults and children.
Easy Trip Planners
Promoter Nishant Pitti is reportedly selling up to a 14.21% stake in the company via block deals, according to CNBC-TV18. The floor price for the deal is Rs 15.6 per share, with the deal size estimated at Rs 780 crore. As of December 2, 2024, Nishant Pitti held a 14.21% stake in the company.
Shriram Properties
The company has announced the strategic sale of a 3.9-acre land parcel in Chennai to a prominent healthcare and educational group in South India. Shriram Properties remains focused on residential development, with an emphasis on mid and mid-premium segments, and plans to utilize the monetization proceeds for future growth.
Hindalco Industries
The Ministry of Coal has allocated the Meenakshi coal mine in Odisha to the Aditya Birla Group company. The Meenakshi coal mine is a fully explored block with a peak-rated capacity (PRC) of 12 million tonnes per annum and geological reserves of 285.23 million tonnes.
Mazagon Dock Shipbuilders
The company has secured a contract worth approximately Rs 1,990 crore from the Defence Ministry for the construction of an Air Independent Propulsion (AIP) plug for DRDO and its integration.
ITC
The National Company Law Tribunal (NCLT), Kolkata, has sanctioned the scheme for demerging ITC’s hotels business, effective December 16. ITC Hotels will be listed within 60 days of receiving the NCLT order. The record date is set as January 6, 2025, to determine ITC shareholders eligible for equity shares of ITC Hotels under the demerger. ITC and ITC Hotels will execute a Trademarks License Agreement, and ITC Hotels will receive Rs 1,500 crore from ITC post-demerger.
Rail Vikas Nigam
RVNL has emerged as the lowest bidder for a Central Railway project worth Rs 137.16 crore. The project involves the design, supply, erection, testing, and commissioning of a 132/55 KV traction substation in the Bhusaval-Khandwa section of Central Railway.
CESC
The company’s subsidiary, Noida Power Company, has issued a Letter of Award to Purvah Green Power for the supply of 300 MW wind-solar hybrid power on a long-term basis. Purvah Green Power is also a subsidiary of CESC.
Tanvi Foods (India)
The company has renewed its food facility registration with the US Food & Drug Administration (USFDA) under the Federal Food, Drug, and Cosmetic Act. This registration covers the manufacturing of ready-to-cook frozen snacks and other food items at its new Seetharampuram, Andhra Pradesh plant. The approval, previously valid until December 31, 2024, has been extended for two more years, until December 12, 2026.
Dhanlaxmi Bank
The Reserve Bank of India (RBI) has approved the appointment of P Suriaraj as Executive Director of Dhanlaxmi Bank for three years.
Jubilant Ingrevia
The company’s subsidiary, Jubilant Infrastructure, announced its Board’s approval to purchase a 6.67% equity stake in Forum 1 Aviation from Hero Fincorp and Sunil Kant Munjal. After this acquisition, Jubilant Infrastructure will hold a 15.79% equity stake in Forum 1 Aviation.
Adani Green Energy
Amit Singh, the current CEO of Adani Green Energy, will step down on March 31, 2025, to take on the role of CEO for the Adani Group's International Energy Business. Ashish Khanna, currently CEO of the International Energy Business, will succeed him as CEO of Adani Green Energy effective April 1, 2025.
Aerpace Industries
AerVolt has secured an order worth Rs 97.5 crore for the supply of 50 MWp high-efficiency 595 Wp TOPCon technology smart solar panels. Delivery of the 595 Wp TOPCon bifacial solar panels for this tender is scheduled to begin in April 2025.
Coforge
The board has approved the scheme of amalgamation of Cigniti Technologies with Coforge. Currently, Coforge holds 54% of Cigniti's expanded share capital. Cigniti shareholders will receive one equity share of Coforge for every five shares held.
PNC Infratech
The company has received in-principle approval from the National Highways Authority of India for the transfer of 100% of the stake held by its subsidiary, PNC Infra Holdings, in PNC Chitratlurga Highways (special purpose vehicle) to Highways Infrastructure Trust.
Fortis Healthcare
The board has approved the appointment of Leo Puri as an Additional Independent Director, and he has also been designated as the Chairman, effective December 27.
Utkarsh Small Finance Bank
The board has approved the sale of NPA and written-off loans to an Asset Reconstruction Company (ARC), including unsecured stressed microfinance loans of Rs 355 crore. The reserve price for stressed microfinance loans is set at Rs 52 crore.
SJVN
The board has appointed Sanjay Kumar as Chief Financial Officer (CFO) of the company, effective January 1, 2025.
Dear Viewers,
Good Morning. Indian market is expected to open flat positive. Asian markets are trading flat. US market closed positive in the last trading session.
Stocks To Watch
Hindustan Aeronautics
The Ministry of Defence has signed a contract worth Rs 13,500 crore with the company for the procurement of 12 Su-30MKI aircraft along with associated equipment. These aircraft will be manufactured at the Nasik division of HAL.
Ashok Leyland
The company has secured an order worth Rs 345.58 crore for supplying 1,475 BSVI diesel fuel-type passenger bus chassis to the Tamil Nadu State Transport Corporation. Meanwhile, LLC Ashok Leyland Russia, a step-down subsidiary of the company, has been voluntarily liquidated.
Godrej Industries
The company has acquired a 26% equity stake in Clean Max Kaze, a subsidiary of Clean Max Enviro Energy Solutions.
GR Infraprojects
The company has received a letter of intent for a transmission project in Karnataka. The quoted price for the project is Rs 107.7 crore per annum.
Bajel Projects
The company has received a supply of goods and services contract from Solapur Transmission (a project SPV company of Torrent Power) for EPC work for the establishment of a new 400/220KV Solapur substation.
Yes Bank
The Reserve Bank of India has approved the appointment of Manish Jain as Executive Director of Yes Bank for a period of 3 years, effective December 11.
Zomato
The food delivery giant has received an order from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra, demanding GST of Rs 401.7 crore with interest as applicable, and a penalty of Rs 401.7 crore, for the period from October 29, 2019, to March 31, 2022.
CRISIL
The Board has approved an investment of Rs 33.25 crore in Online PSB Loans, to acquire a 4.08% stake in it. The investment is subject to negotiating the definitive shareholders’ agreements.
NACL Industries
The Board has appointed Anish T Mathew as Chief Financial Officer of the company, effective December 13, after R K S Prasad stepped down as Chief Financial Officer of the company, effective December 12. As part of his transition to retirement, scheduled for March 31, 2025, R K S Prasad will continue with the company in an advisory capacity, designated as the Group Financial Advisor.
NHPC
The Board has approved the company's revised borrowing plan for raising debt up to Rs 6,900 crore for FY25, and approved the issuance of non-convertible AE-Series bonds up to Rs 2,600 crore in one or more tranches through private placement, as part of the borrowing plan for FY25.
Greenply Industries
The manufacturing operations at the MDF plant of the company’s wholly owned subsidiary Greenply Speciality Panels in Vadodara, Gujarat, have been closed effective December 11 due to the breakdown of machinery. Necessary steps are being taken to resolve the issue, and the facility is likely to resume production in the next few days.
JSW Energy
The company has clarified that its thermal plant at Ratnagiri does not have any gas storage facility and is not involved in the recent incident of gas release as reported in the media. The company prioritizes the safety and well-being of employees, the community, and the environment. It adheres to stringent safety protocols and continuously monitors operations to ensure they meet the highest standards.
NESCO
National Highways Logistics Management (the SPV of National NHAI) has declared the company as the highest bidder and has accepted the company’s proposal for developing, operating, and maintaining wayside amenities on the Hyderabad–Visakhapatnam Expressway in the Khammam–Devarapalle section on a lease basis. The estimated annualized revenue from 4 sites is Rs 300 crore from the fourth year of operations.
Stocks To Watch
Awfis Space Solutions
Bisque, Link Investment Trust, and Peak XV Partners are likely to sell a 12.2% stake in Awfis Space via block deals, as reported by CNBC-TV18 citing sources. The floor price for the deal is expected to be Rs 680 per share, with the deal size estimated at Rs 583.4 crore.
Indian Overseas Bank (IOB)
The bank has received an order from the Income Tax Department stating that the amount refundable to the bank for the Assessment Year 2015-16, including interest, is Rs 1,359.29 crore.
HG Infra Engineering
The company has received a letter of acceptance from the Ministry of Road Transport and Highways (MORTH) for a project worth Rs 763.1 crore. The project involves the improvement and upgradation of a two-lane road with paved shoulders configuration for the newly declared NH227B, Bahuvan Madar Majha to Jagarnathpur, in Uttar Pradesh under Hybrid Annuity Mode (Package VI).
LTIMindtree
The technology consulting and digital solutions company has announced a strategic partnership with GitHub, the widely adopted Copilot-powered developer platform. This partnership aims to drive scalable enterprise innovation and transform software development with advanced AI capabilities.
Saakshi Medtech and Panels
The company has received a Letter of Business Award (LoBA) from Mahindra & Mahindra for the supply of EV panels, including a three-year guarantee/warranty. The total order value is approximately Rs 250 crore over five years, ending in 2029.
Asian Granito India
The company has entered into a joint venture agreement with Shudh Investments and Klyn Stone of the UK to acquire shares of Klyn AGL. Klyn AGL is a joint venture company incorporated in England and Wales for the trading business of large porcelain slabs, various types of tiles, and quartz products.
Asian Paints
Life Insurance Corporation of India (LIC) has increased its stake in the company to 7.010% from 5%. LIC purchased an additional 2.009% stake through open market transactions between January 1 and December 9.
Morepen Laboratories
The company has launched LightLife, a weight management program designed to align with modern lifestyles.
NTPC Green Energy
NTPC Renewable Energy, a subsidiary of the company, has secured 500 MW of solar power capacity at a tariff of Rs 3.52 per kWh. This includes setting up an Energy Storage System (ESS) of 250 MW/1000 MWh along with the contracted solar capacity.
Ashiana Housing
The Directorate General of GST Intelligence (DGGI) conducted a search at the premises of the company's unit, Treehouse Hotel Club and Spa, Bhiwadi, on December 6. In response, the company made an interim payment of Rs 1.5 crore for a tax review. The DGGI observed that GST liability was calculated incorrectly due to an error in applying the GST rate on food and beverage billing from the restaurant.
Ujjivan Small Finance Bank
The Reserve Bank of India has approved the reappointment of Banavar Anantharamaiah Prabhakar as part-time Chairman of Ujjivan Small Finance Bank for three years, effective November 23, 2024.
Asahi India Glass
The company has signed a share purchase agreement with SPR Engenious to sell its 30% stake in TGPEL Precision Engineering for Rs 66 crore. SPR Engenious is a subsidiary of Shriram Pistons & Rings.
Hinduja Global Solutions
The Board of HGS CX Technologies Inc, a wholly owned subsidiary of Hinduja Global Solutions, has approved the merger of its five wholly owned US subsidiaries into itself. These subsidiaries include Hinduja Global Solutions LLC, HGS Digital LLC, HGS (USA) LLC, HGS Canada Holdings LLC, and Teklink International LLC.
Dear Viewers,
Greetings. Indian market is expected to open negative with a loss of more than 80 points from previous closing. Asian markets are trading mild positive. US market closed negative in the last trading session.
Stocks To Watch
RailTel Corporation of India
The company has received a work order worth Rs 78.43 crore from Bharat Coking Coal. It will provide integrated IT-based security infrastructure along with various types of services.
NMDC
The company's iron ore production increased by 5.1% YoY to 4.71 million tonnes (MT) in December 2024, compared to 4.48 MT in the same month the previous year. However, iron ore sales fell by 6.7% to 3.91 MT from 4.19 MT during the same period.
Ambuja Cements
The company received an observation letter with ‘no adverse observations’ from the BSE and a ‘no objection’ from the National Stock Exchange of India on January 1, regarding the Scheme of Amalgamation between Adani Cementation and the company.
Ugro Capital
The company has entered into a Share Purchase Agreement and Shareholders’ Agreement for the acquisition of shares in “MyShubhLife” (Datasigns Technologies), an embedded finance fintech platform based in Bangalore, from its existing shareholders. Completion of the acquisition is subject to the satisfaction of certain conditions.
Maruti Suzuki India
The company announced the production of 1,57,654 vehicles in December 2024, a 30.3% increase compared to 1,21,028 vehicles produced in the same month last year.
Ind-Swift Laboratories
The company has completed the purchase of land measuring 40 bighas at Derabassi, Punjab, for Rs 17.72 crore. The land will be utilized to set up a new formulations facility.
Deepak Spinners
Punam Chand Sharma has resigned as the Chief Financial Officer of the company, effective January 1.
Ashoka Metcast
Dipak Pandit Nikam has resigned from the position of Chief Financial Officer of the company, effective January 1, due to personal reasons.
The Ruby Mills
The company has entered into a loan agreement of Rs 250 crore with Union Bank of India.
Goa Carbon
The company has resumed operations at its Bilaspur unit in Chhattisgarh, and production has been normalized as of January 1.
Indian Bank
Shanti Lal Jain ceased to be the Managing Director and CEO of the bank, effective January 1, upon superannuation.
Dear Viewers,
Good Morning. Indian market is expected to open negative with a loss of more than 60 points from previous closing. Most of the Asian markets are holiday. US market closed negative in the last trading session.
Archean Chemical Industries
CFO R. Raghunathan has resigned, effective January 20, 2025. Natarajan Ramamurthy has been appointed as CFO, effective January 21, 2025.
Century Enka
KG Ladsaria has resigned as Chief Financial Officer of the company, effective December 31, 2024.
Bank of India
The public sector lender has raised the marginal cost of fund-based lending rate by 5–10 basis points for select tenures, effective January 1, 2025.
Prataap Snacks
The company reported a fire accident on December 30 at its manufacturing unit in Jammu. There were no casualties. The fire caused damage to inventories, machinery, building, and furniture, disrupting operations. Meanwhile, demand from the Northern market will be met by third-party units in Hisar and Karnal. The company has adequate insurance coverage.
Power Grid Corporation of India
The company has acquired Rajasthan IV 4A Power Transmission for Rs 18.37 crore. Additionally, it has transferred its 26% residual equity stake in four associate companies to POWERGRID Infrastructure Investment Trust (PGInvIT) for Rs 506.62 crore.
SBI Life Insurance Company
The Board has approved a Rs 6.60 crore investment in Bima Sugam India Federation.
GMR Airports Infrastructure
The company has issued a letter of comfort to ICICI Bank for a Rs 100 crore working capital facility being availed by its subsidiary, GMR Nagpur International Airport.
Dear Viewers,
Good Morning. Indian market is expected to open negative with a loss of more than 150 points from previous closing. Asian markets are trading mixed. US market closed negative in the last trading session.
Reliance Infrastructure
The company's subsidiary, PS Toll Road (PSTR), has received notices from Axis Bank and IDFC First Bank, invoking the right of substitution under the Concession Agreement for six-laning the Pune-Satara section of NH-44 in Maharashtra, citing alleged DSRA defaults by PS Toll Road. PSTR will seek legal advice and take appropriate steps to safeguard its interests. The financial impact on the company cannot be determined at this stage.
Reliance Industries
The company has acquired technology-driven, oncology-focused healthcare platform Karkinos for Rs 375 crore. In its filing, Reliance said its subsidiary, Reliance Strategic Business Ventures, has subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore, and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos Healthcare. Karkinos provides technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer.
Max Financial Services
The boards of Axis Max Life Insurance and Max Life Pension Fund Management have decided to discontinue the operations of Max Life Pension Fund Management as a pension fund manager. After the recent change in the corporate name from Max Life Insurance Company to Axis Max Life Insurance, the presence of two separate pension fund management entities with similar branding could lead to unintended misinterpretations among the general public and the NPS subscribers of both PFM entities. Axis Bank also has an established pension fund management company, Axis Pension Fund Management.
Alkyl Amines Chemicals
The residue tank in the derivatives plant at the company's Pune plant in Maharashtra ruptured, resulting in serious burn injuries to the attending officer due to the hot content of the residue tank. The officer succumbed to the injuries after being treated at Surya Burns Hospital in Pune. There could be a temporary disruption in operations at the affected plant. The company is taking all necessary steps to restore normal operations at the earliest. Assets at the affected plant are adequately insured, and the company is in the process of filing an insurance claim to cover the damage and losses.
Godrej Consumer Products
The public shareholding in the company has increased to 46.96% after the reclassification of promoter shareholders, with the promoter's stake now at 53.04%, compared to 63% earlier.
IOL Chemicals and Pharmaceuticals
The board has approved the sub-division (or split) of each equity share with a face value of Rs 10 into five equity shares with a face value of Rs 2 each.
Adani Enterprises
After the allotment of additional equity shares by Jhar Mineral Resources, the company's stake in Jhar Mineral Resources has been diluted to 51%. Accordingly, Jhar Mineral Resources will now be a subsidiary rather than a wholly owned subsidiary of the company.
Gujarat Fluorochemicals
The company has announced a temporary disruption of operations due to an incident at its CMS-1 plant at Dahej, Gujarat, on December 28. Four persons who were present at the plant died. All the company's assets are adequately covered under the insurance policy.
Stocks To Watch
Ola Electric Mobility
Anshul Khandelwal has resigned as Chief Marketing Officer, and Suvonil Chatterjee has quit as Chief Technology & Product Officer of the company, effective December 27, due to personal reasons.
Prestige Estates Projects
The south-based real estate developer has transferred three of its hospitality undertakings to its subsidiary, Prestige Hospitality Ventures, for Rs 313 crore. The hospitality undertakings include Mulberry Shades Bengaluru Nandi Hills, A Tribute Portfolio Resort; the underlying land along with all rights at Moxy Outer Ring Road; and a 57.45% equity stake in Prestige Leisure Resorts. The company is consolidating its hospitality assets under a single vertical.
Computer Age Management Services
Pullakurthi Srinivasa Reddy has resigned as Chief Technology Officer of the company, effective December 27. Furthermore, the board has approved an additional investment of Rs 8 crore in its subsidiary, CAMS Financial Information Services, through a rights issue in one or more tranches.
IL&FS Engineering and Construction Company
The company has received a sub-contracting works order worth Rs 302.82 crore related to Bhubaneswar Metro Phase-I from Ceigall India. The project involves part design and construction of the elevated viaduct, including a ramp for depot entry, as well as restoration works within the barricade of Bhubaneswar Metro Phase-I MRTS on a back-to-back basis.
Hero MotoCorp
The company has extended its partnership with Harley-Davidson Motor Company, Inc to expand the Harley-Davidson X440 into new variants and to develop and manufacture a new motorcycle.
Firstsource Solutions
The RP-Sanjiv Goenka Group company has announced a partnership with WebID Group, a leading digital identification provider. The partnership will further strengthen their trust and safety offering by enhancing platform security, optimizing the online identity process, and reducing potential fraudulent or malicious actors.
Tata Motors
The country’s largest commercial vehicle manufacturer announced a price increase of up to 2% across its trucks and buses portfolio, effective January 2025. The price increase is aimed at offsetting the rise in input costs.
JK Tyre Industries
The company has received a 30 million euro loan for the expansion of production capacities in Madhya Pradesh.
Adani Green Energy
The company's subsidiary, Adani Renewable Energy Holding Nine, has incorporated three wholly-owned subsidiary companies: Adani Green Energy Sixty Five, Adani Green Energy Sixty Six, and Adani Green Energy Sixty Seven.
Tolins Tyres
Ravi Sharma has resigned from the post of Chief Financial Officer of the company, effective December 12.
Pennar Industries
The Board has approved the company’s entry into a joint venture with Zetwerk Manufacturing Businesses to manufacture and sell solar modules and cells, including the development and operation of the manufacturing unit.
Digikore Studios
The company has launched iMadeASong.com, India’s first AI-powered music generation platform.
Dhampur Bio Organics
The Board has appointed Mohd Rizwan Khan as Vice President (Functional Head - Cane) of the company, effective December 12.
Veefin Solutions
The company, through its subsidiary Estorifi Solutions, has acquired a 50% stake in Walnut AI Pte for $2 million.
Dear Viewers,
Good Morning. Indian market is expected to open negative in gap down pattern with a loss of more than 80 points from previous closing. Asian markets are trading weak. US market closed negative in the last trading session.
Stocks To Watch
Nuvama Wealth Management
Edel Finance Company and Ecap Equities are likely to sell a 7.1% stake in Nuvama Wealth via block deals, reports CNBC-TV18, quoting sources. The floor price is expected to be Rs 6,800 per share, and the deal is likely to be valued at Rs 1,734 crore.
Gland Pharma
The pharma company has received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single-dose ampules. The product is equivalent to the reference listed drug (RLD), Vitamin K1 Injectable Emulsion of Hospira Inc. It is used in coagulation disorders caused by vitamin K deficiency or interference with vitamin K activity. The product had US sales of approximately $15 million for the 12 months ending September 2024.
Acme Solar Holdings
Acme Solar has secured a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project in the e-reverse auction held by NHPC, at a tariff of INR 4.56 per unit. This project includes a green-shoe option that could potentially expand its total capacity from the initial 250 MW to 500 MW. With this project, Acme Solar’s total capacity now stands at 6,970 MW.
Reliance Power
The company's subsidiary, Reliance NU Suntech, has received a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI) in an e-reverse auction, at a tariff of Rs 3.53 per kWh. As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh, charged by solar power.
Greaves Cotton
The Board of Directors has approved the offer-for-sale of certain equity shares of company's subsidiary, Greaves Electric Mobility (GEML), in the proposed IPO of GEML.
Godawari Power Ispat
The company has entered into an agreement with GAIL (India) for the supply of RLNG gas for its upcoming pellet plant for 7 years.
Pilani Investment and Industries Corporation
The company has submitted an application to the Reserve Bank of India for converting the company from a non-banking financial company (NBFC) to a core investment company (CIC).
Varroc Engineering
The Arbitral Tribunal in Singapore has passed an order in the arbitration between VarrocCorp Holding BV (jointly with Varroc Engineering) and Beste Motors Co (jointly with TYC Brother Industrial Co, TYC). The joint venture between Varroc and TYC (Varroc TYC Corporation) was also made a party to the arbitration proceedings. As per the order, VarrocCorp Holding BV (the company’s subsidiary) will transfer its 50% shareholding in Varroc TYC Corporation (and its JV subsidiaries) to Beste Motors Co for RMB 310.5 million within 45 days of the award. The company is assessing its legal options and, based on legal advice, will decide on the appropriate course of action.
Strides Pharma Science
OneSource is in the process of filing its Information Memorandum with the stock exchanges in December 2024 and expects to receive listing approval from the exchanges during Q4FY25. OneSource has allotted one equity share of Re 1 each to Strides’ shareholders for every two equity shares of Rs 10 held by Strides’ shareholders.
Indian Overseas Bank
The bank has received an order from the Income Tax Department, stating that the amount refundable to the bank for AY 2013-14, including interest, is Rs 808.3 crore.
Vedanta
The Board will meet on December 16 to consider the fourth interim dividend on equity shares, if any, for the financial year 2024-25.
JSW Steel
The company has received a GST notice with a penalty order of Rs 64.5 crore from the Commissioner of GST and Central Excise, Belagavi division. This pertains to the non-payment of GST under the Reverse Charge Mechanism for upfront and monthly payments made to the government for mining rights between July 2017 and July 2019 in Karnataka. JSW Steel plans to challenge the penalty demand.
Reliance Infrastructure
The company's subsidiary, Reliance Velocity, has incorporated a new entity, Reliance EV Go. The subsidiary aims to manufacture, buy, sell, and deal in electric vehicles.
Dear Viewers,
Good Morning. Indian market is expected to open flat near the previous closing. Asian markets are trading mixed and negative. US market closed negative in the last trading session.
PG Electroplast
The Board has approved the issuance of 2.14 crore equity shares to qualified institutional buyers at a price of Rs 699 per share, amounting to Rs 1,500 crore.
Suraksha Diagnostic
Nippon India Mutual Fund has acquired a 5.4009% stake in Suraksha Diagnostic through open market transactions on December 5.
Torrent Power
The company has completed its Rs 3,500 crore qualified institutions placement, receiving demand of approximately 4x the base issue size from international and domestic investors. The entire issue was placed with marquee long-only investors such as SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank, and Amundi.
JSW Steel
The company reported consolidated crude steel production for November at 23.23 lakh tonnes, up 5% compared to the year-ago period. Indian operations' production was higher by 7% YoY, with capacity utilization for November at 94% for Indian operations.
Isgec Heavy Engineering
The company's non-material subsidiary, Isgec Investments Pte Singapore, has entered into a Sale and Purchase Agreement with Triumph Excel to sell its entire shareholding in its subsidiary, Bioeq Energy Holdings One, Cayman Islands, for $10 million (Rs 84.5 crore).
Cellecor Gadgets
The company has partnered with TCI Express, DTDC Express, OM Logistics, and Express Roadways to strengthen its supply chain efficiency.
IGC Industries
The Board has approved a strategic initiative involving the swapping of shares between IGC Industries and CNX Corporation, as well as a proposal to invest in the equity shares of CNX Corporation.
Gretex Corporate Services
SEBI has rejected the company's settlement application. The regulator had issued an administrative warning letter to Gretex on February 9, and the company filed a settlement application on February 12.