Stocks In the News: Check out the companies making headlines before the opening bell
Wipro: Entered into long term partnership with Pandorum Technologies. The company announced a long term partnership with Pandorum Technologies to accelerate regenerative medicine with artificial intelligence.
Colgate-Palmolive: MD & CEO promoted to president of enterprise oral care in parent company. Ram Raghavan, managing director & CEO of the company has been promoted to president, enterprise oral care, for parent Colgate-Palmolive Company. Consequently, Raghavan resigned as managing director and CEO. Now the name of Prabha Narasimhan has been recommended for the post of managing director and CEO.
Britannia Industries: LIC acquired additional stake. Life Insurance Corporation acquired 1.2 lakh share in the company via open market transactions on March 9. With this, its shareholding stands at 5.02 percent, up from 4.97 percent earlier.
Ashoka Buildcon: Ashoka Belgaum Khanapur Road becomes eligible for receipt of annuity payments from NHAI. With the declaration of commercial operation date (CoD) for its hybrid annuity mode (HAM) project of National Highways Authority of India (NHAI) for six-laning of Belgaum-Khanapur section of NH-4A in Karnataka, the special purpose vehicle (SPV) Ashoka Belgaum Khanapur Road is eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every six months from the date of achievement of CoD. The SPV has received a provisional certificate for completion of 16.345 km out of total project highway length of 30.800 km.
Lupin: Launched its first reference laboratory in East India. The pharma major launched its first reference laboratory in East India, establishing its diagnostics business in Kolkata. Lupin Diagnostics is also setting up laboratories in West Bengal, Assam, Bihar, Jharkhand and Odisha to comprehensively cater to the East India region.
Shipping Corporation of India: LIC sold 2 percent equity stake. Life Insurance Corporation of India sold 2 percent equity stake in the company via open market transactions. With this, LIC’s shareholding in the company stands at 6.03 percent, down from 8.04 percent earlier.
Mold-Tek Technologies: Board to consider interim dividend. The board on March 15 will consider the interim dividend for the financial year 2021-22.
Coforge: Share sale by promoter. Promoter Hulst BV sold 30 lakh equity shares in the company at an average price of Rs 4,261.15 per share, and another 30 lakh shares at an average price of Rs 4,273.24 per share. These shares were sold via open market transactions. However, Nomura India Investment Fund Mother Fund bought 4,67,500 equity shares in the company and the average buying price was Rs 4,260.04 per share, while Societe Generale acquired 4.86 lakh shares at an average price of Rs 4,260 per share.
Futures Consumer: Company to end JV. Future Consumer said it has agreed with Fonterra Co-operative Group to wind down 50:50 joint venture – Fonterra Future Dairy. The joint venture was established in 2018.
Supreme Petrochem: Board approved expansion of plant at Nagothane. The board has approved Phase II expansion of its expandable polystyrene (EPS) plant at Nagothane, Maharashtra by 30,000 MTA. Board also approved setting of second line of extruded polystyrene board (XPS), and increasing the Masterbatch and Compounds capacity. The capital cost for these capital expenditure schemes will be met from company’s internal accruals.
Kirloskar Ferrous Industries and ISMT: Kirloskar Ferrous acquires controlling stake in ISMT. The board has allotted 15.4 crore equity shares of ISMT at a price of Rs 30.95 per share, to Kirloskar Ferrous Industries for Rs 476.63 crore. With this, Kirloskar Ferrous Industries has acquired a controlling interest and holds 51.25 percent stake in ISMT. Kirloskar Ferrous Industries has been classified as the promoter with sole control of ISMT.
Jindal Steel & Power: Declared interim dividend. The board has declared an interim dividend of Re 1 per equity share for the financial year 2021-22, and has fixed March 19 as the record date for ascertaining the eligibility of shareholders for payment of interim dividend.
Aavas Financiers: CDC Group, UK invested Rs 360 crore in the social bond program of the company. UK’s development finance institution CDC Group invested Rs 360 crore in a Social Bond program by the company. The investment will be made in form of rupee denominated bonds (Masala Bonds) and will be listed as a social bond, in alignment with the International Capital Market Association’s Social Bond Principles. The proceeds of the bonds will be used to finance the women-owned property loan portfolio, with an aim to address gender inequity in asset ownership, in India.
Moneycontrol News
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