Check out the companies making the biggest headlines before the bell
Laxmi Organic Industries | Goldman Sachs India Fund acquired 16,75,383 equity shares in Laxmi Organic at Rs 155.71 per share and Plutus Wealth Management LLP bought 15 lakh shares at Rs 155.5 per share on the NSE, the bulk deals data showed. The stock listed on bourses on March 25 at Rs 156 – a premium of 20 percent over the issue price. The stock closed 26.62 percent higher at Rs 164.60.
Somany Home Innovation | Group Atlantic, France, will invest Rs 68.3 crore for a 50 percent stake in the water heater business subsidiary of Somany Home Innovation. Subsidiary Hintastica is setting up a manufacturing plant in Telangana and the plant will be completed by March 2022, with trial runs expected to commence from May 2022. This news came in after market hours on March 25. The stock closed 2.76 percent lower at Rs 253.70 on March 25.
Sun Pharmaceutical Industries | Sun Pharma’s wholly-owned Indian subsidiary has subscribed to partnership interest in ABCD Technologies LLP, at a cost of Rs 40 crore. ABCD Technologies LLP will be renamed as IndoHealth Services LLP. The objective of the investment is to promote efficiency and good distribution practices including digitising healthcare infrastructure in India. The share of profit or loss in the target entity is up to 20 percent. This news came in after market hours so the stock did not react to the announcement. The stock closed 1.29 percent lower at Rs 577.35 on March 25.
Lupin | Along with Sun Pharma, Lupin has also agreed to subscribe to a partnership interest in ABCD Technologies LLP, at a cost of Rs 40 crore. ABCD Technologies LLP will be renamed as IndoHealth Services LLP. The objective of investment is to digitise healthcare infrastructure in India towards facilitating good distribution Practices in support of the National Digital Health Mission of Government of India. The share of profit or loss in the target entity is up to 20 percent. The stock closed 1.99 percent lower at Rs 991.80 on March 25.
Siti Networks | The company approved the acquisition of 76 percent equity stake in Meghbela Infitel Cable & Broadband through its material subsidiary, Indian Cable Net Company. Meghbela is in the process of acquisition of cable TV business in Kolkata, which will help in expansion of market in Kolkata. This news came in after market hours on March 25. The stock closed 3.49 percent lower at Rs 0.83 on March 25.
Den Networks | Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings will sell 5,54,85,048 equity shares, or 11.63 percent stake, in the company through offer for sale on March 26 and March 30. The floor price for the sale has been fixed at Rs 48.50 per share. This news came in after market hours. The stock closed 2.32 percent lower at Rs 54.80 on March 25. (Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust, which controls Network18 Media & Investments Ltd, which publishes Moneycontrol.)
Hathway Cable & Datacom | Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings will sell 33,79,83,855 equity shares, or 19.09 percent stake, in Hathway Cable through offer for sale on March 26 and March 30. The floor price has been fixed at Rs 25.25 per share. This news came in after market hours. The stock closed 3.05 percent lower at Rs 28.60 on March 25. (Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust, which controls Network18 Media & Investments Ltd, which publishes Moneycontrol.)
Rail Vikas Nigam | LIC has bought more than 18.18 crore equity shares, or 8.72 percent equity stake, in Rail Vikas Nigam via open market transaction on March 24. The government had sold over 15 percent stake in the company via offer for sale during March 24-25. This news came in after market hours so the stock did not react to the announcement. The stock closed 0.18 percent higher at Rs 27.75 on March 25.
Compucom Software | The company has won a tender and received a letter of acceptance for ‘supply and installation of computer systems, interactive panel, printer, UPS and networking and electrification, etc. in 525 government schools with 5 years on site comprehensive warranty’ for integrated scheme for computer education and information and communication technology at schools on BOOT basis from RISL. The order is worth Rs 66.99 crore.
HG Infra Engineering | The company has been declared as L-1 bidder for development of six lane Aluru – Jakkuva section of NH-130-CD road under Raipur-Visakhapatnam Economics Corridor in Andhra Pradesh on hybrid annuity mode, by National Highways Authority of India.
Punjab & Sind Bank | Public-sector Punjab & Sind Bank on March 25 said it has declared its IL&FS NPA account, with Rs 399.31 crore outstanding loan, as fraud and has reported it to the Reserve Bank, the bank said in a regulatory filing.
JSW Steel | The company is likely to close the Bhushan Power & Steel (BPSL) deal on March 26, sources told CNBC-TV18. JSW Group is expected to transfer Rs 19,350 crore to financial creditors to close the BPSL deal. It had raised Rs 2,500 crore via non-convertible debentures earlier this week to fund the deal. The company is expected to fund the deal via a mix of debt and internal accurals, sources said.
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