Buzzing Stocks: Cipla, Escorts Kubota, Tata Power, Oil India, Ramco Cements, others in news

Buzzing Stocks: Cipla, Escorts Kubota, Tata Power, Oil India, Ramco Cements others in news

Stocks to watch: Check out the companies making headlines before the opening bell, on September 5, 2023.

Vishnu Prakash R Punglia: The infrastructure company will list its shares on the bourses on September 5. The final issue price has been fixed at Rs 99 per share.

Cipla: Subsidiary Cipla South Africa has signed a binding term sheet with Actor Holdings (Pty) to acquire 100% stake in Actor, which is going to strengthen its over-the-counter product portfolio. Founded in 2009, Actor is the 5th largest OTC player in the South African private market. The transaction is expected to be completed within 4 months from the date of signing of the share purchase agreement.

Hero MotoCorp: The world’s largest two-wheeler maker has received approval from the board of directors for investment of up to Rs 550 in the Rights issue of associate company Ather Energy. Post the investment, its shareholding in Ather will increase. Currently, Hero holds 33.1% shareholding in Ather.

Indian Energy Exchange: The energy exchange has achieved total electricity volume of 8,469 million units in August, growing 21% over corresponding period last fiscal. The day ahead market volume in August increased by 7.3% YoY to 3,810 million units, and the real time market volume grew by 21% YoY to 2,738 million units, while the market clearing price jumped 33% on-year to Rs 6.89 per unit.

Yes Bank: On the news that JC Flowers ARC mentioned as Yes Bank’s asset reconstruction arm, the private sector lender clarified that post the sale of the of identified loan portfolio to JC Flower ARC in December 2022, it has no further role in settlements or negotiations being undertaken by JC Flower ARC. Bank’s association with the JC Flower ARC is limited only to the extent of its current shareholding of 9.9%.

State Bank of India: Financial Services Institutions Bureau has recommended the name of Vinay M Tonse as managing director of SBI.

Escorts Kubota: The agri machinery business division of the company will be increasing the prices of its tractors effective September 16 onwards. The increase in prices would vary across models or variants and geographies.

Mahindra & Mahindra Financial Services: The non-banking finance company has recorded a 15% year-on-year growth in disbursements at Rs 4,400 crore for August. The year-to-date (till August FY24) disbursements stood at Rs 20,950 crore, up 22% over a year-ago period. The collection efficiency for August remained flat at 96% YoY, while the stage-3 and stage-2 assets continued to remain rangebound compared to June 2023.

Tata Power: Subsidiary Tata Power Renewable Energy has signed power delivery agreement (PDA) with Neosym Industry, for 26 MW AC group captive solar plant. Neosym Industry is a gray & SG Iron casting, manufacturing company in India. The project at Ahmednagar (Maharashtra) with an anticipated electricity generation capacity of 59 million units annually will start from March 2024.

Gland Pharma: Ankit Gupta has been appointed as Vice-President (strategy & investments), a senior management personnel of the company with effect from September 4. Before joining Gland, Ankit with 15 years of experience in the pharmaceutical and biotechnology industry, worked as the Vice President and Head of Corporate Development and Strategy for Strides Pharma Science.

Oil India: The state-run oil & gas company has received board approval for equity contribution of Rs 1,738 crore in joint venture company North East Gas Distribution Company (NEGDCL). In the said joint venture, incorporated for executing the city gas distribution (CGD) projects, Oil India will hold 49% shareholding and the remaining 51% stake will be held by Assam Gas Company.

Avenue Supermarts: The DMart chain operator has opened a new store at Morbi, Gujarat. As of date, the total number of stores stands at 333.

Hindustan Bio Sciences: Gali Seshavataram has resigned as Chief Financial Officer (CFO) of the company with effect from August 30.

Tata Motors: The country’s largest commercial vehicle maker has received approval from the Allotment Committee, for allotment of 4,55,218 ordinary shares to the eligible employees pursuant to exercise of stock options at an exercise price of Rs 345 per share. Post the allotment, the paid-up ordinary share capital of the company stands increased from Rs 664.42 crore to Rs 664.51 crore.

Ramco Cements: The cement company has commissioned the balance capacity of 3 MW of waste heat recovery system out of 12 MW capacity, at Kolimigundla plant. With this, total operating capacity of waste heat recovery system for the company has increased to 43 MW.

Mrs Bectors Food Specialities: The bakery products maker has appointed Arnav Jain as Chief Financial Officer, with effect from August 11, 2023. The 28th Annual General Meeting of the company will be held on September 29.

Delta Corp: Europe-based financial services group Societe Generale has bought 23.42 lakh equity shares or 0.88% stake in the casino gaming company via open market transactions, at an average price of Rs 182 per share. However, Zerodha Broking sold 25.5 lakh shares or 0.95% stake in the company at an average price of Rs 182.12 per share. Societe Generale held 1.43% stake in Delta Corp as of June 2023.

NRB Bearings: Foreign portfolio investor Acacia Partners LP sold 16.35 lakh shares or 1.68% stake in the bearing manufacturing company at an average price of Rs 269 per share. Acacia Partners LP held 2.13% stake in the company as of June 2023.

TCNS Clothing Company: Foreign portfolio investor Nalanda India Equity Fund has sold 8,89,635 equity shares in the apparel company, at an average price of Rs 370.03 per share, and another 5,09,707 shares at an average price of Rs 370.19 per share. The stake sale was equivalent to 2.2% of total paid up equity. Nalanda India had held 6.84% stake in TCNS as of June 2023.

Munoth Capital: Siddharth Jain has been designated as Munoth Capital’s MD from Non-Executive Director, and Shantilal Jain has also been designated as company’s Chairman & Non-Executive Director with effect from September 27. Siddharth Jain has resigned as company’s CEO and Shantilal Jain as CFO with effect from September 4.



News Source

#oilindia #tatapower #modernbusinessnetwork #modernusinessindia #modernbusinessamerica #modernbusinesseurope  #modernbusinessasia  #modernbusinessgulf #modernbusinessgermany  #modernbusinessworld #modernbusinesstimes #modernbusinessindiamagazine #magazine #indianmagazin

Leave A Reply

Your email address will not be published.