Stocks In the News: Check out the companies making headlines before the opening bell.
Infosys: The company has joined Guidewire as consulting alliance member. The American insurtech company signed up the Indian IT major for its Guidewire PartnerConnect program at the select level for the Americas region. Members in Guidewire PartnerConnect Consulting offer consulting services that include business transformation and strategy, implementation and associated solution and delivery services. The stock is under pressure in the last one month due to falling tech shares globally. It declined nearly 12 percent in the last one month.
InterGlobe Aviation: Rakesh Gangwal quits IndiGo board, to cut stake over 5 years. InterGlobe Aviation Ltd co-founder Rakesh Gangwal has resigned as non-executive, non-independent director of the company with immediate effect and will pare his stake in the company over five years, ceding control to co-promoter Rahul Bhatia after a truce. The stock is volatile since last one month and gained just 2 percent in this period.
Power Finance Corporation: LIC sold 2% stake in Power Finance. Life Insurance Corporation of India sold 2.02 percent of its stake in the company through open market transactions. With this sale, LIC’s holding has gone down to 5.06 percent, from 7.09 percent earlier. The stock has been volatile since last few sessions and declined over 7 percent in the last one month.
Kansai Nerolac Paints: The company appoints Anuj Jain as MD. The company has appointed Anuj Jain for five years, subject to shareholders’ approval. The changes at board level came after the retirement of HM Bharuka as company’s vice-chairman and managing director. The stock is under pressure since last few sessions and declined nearly 20 percent in the last one month.
Goa Carbon: Resumption of Goa Carbon’s Goa unit. The Kiln was lit up after preliminary heating and commencement of feeding of raw material. The stock lost over 6 percent in the last one week.
Phoenix Mills: The company to acquire 50% stake in Classic Mall Development Co for Rs 918 crore. The Phoenix Mills Limited (PML) has announced the execution of a non?binding term sheet to acquire balance 50 percent equity stake in Classic Mall Development Company Limited (CMDCL) from Crest Ventures Ltd (CVL) and Escort Developers Private Ltd for Rs 918 crore. PML owns 50 percent in CMDCL and the rest is owned by Crest Ventures (46.35 percent) and Escorts Developers (3.65 percent). With this buying, CMDCL will become its subsidiary. The stock has risen for fifth session and gained around 6 percent in this period.
Equitas Small Finance Bank raises Rs 550 crore via QIP. Equitas Small Finance Bank has raised Rs 550 crore from the government of Singapore, Singapore’s central bank and a host of local mutual funds in the qualified institutional placement of equities. The bank sold around 102.63 million shares at Rs 53.95 a share at 5 percent discount to the floor price of Rs 56.40 a share. The share sale via QIP will reduce promoters holding to 75 percent and raise public holdings to a minimum of 25 percent. In the last one month the scrip has fallen around 10 percent.
Johnson Pharmacare: Board approves bonus share issue. The company informed exchanges that its board has approved 1:10 bonus shares, subject to shareholders approval. It said the record date will be announced in due course. The bonus will be issued out of the share premium of the company available as on March 31, 2021. As of December 31, 2021, share premium stood at Rs 94 million. The stock has fallen nearly 18 percent in the last one week.
GMDC: Gujarat Mineral gets nod to mine deeper for lignite. The government approved an amendment to its environment clearance to Gujarat Mineral Development Corp to mine up to a depth of 135 metres from its earlier approved depth of 94 metres from the lignite mines in Tadkeshwar of Surat District. The scrip surged over 44 percent in the last one month.
Escorts: The company gets Rs 1,873 crore from Kubota Corp. Escorts Ltd informed exchanges that it realised Rs 1,872.75 crore from Kubota Corp against allotting 9.36 million equity shares Earlier the CCI has approved the acquisition. The transaction involves Kubota’s acquisition of certain additional equity shares of Escorts by way of preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India’s norms. The stock has gained around 3 percent in the last two weeks.
Hazoor Multi Projects bags fresh order. The company has won an order worth Rs 6.54 crore from Varaha Infra. The work order is for completion of the remaining work at the National Highway 548-A from the section Waken Pali to two-lane with paved shoulder. The stock has fallen over 8 percent in the last two weeks.
Finkurve Financial Services: Finkurve Fin sells its entire stake in Arvog Forex. The firm informed exchanges that it sold its entire stake in Arvog Forex for an undisclosed amount to Revolut Payments India. Arvog Forex ceased to be a subsidiary of the firm from February 18. The stock traded higher from the last four sessions and gained over 29 percent in this period.
Moneycontrol News
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