Stocks In the News: Check out the companies making headlines before the opening bell.
Wipro: Board approves interim dividend. The board approved an interim dividend of Rs 5 per equity share of par value Rs 2 each for the financial year 2021-22.
GAIL (India): Company to consider buyback. The state-owned natural gas distribution company on March 31 will consider the proposal of buyback of fully paid-up equity shares.
PVR and INOX | Top multiplex players on March 27 announced merger after the Board of Directors of PVR Limited and INOX Leisure Limited at their respective meetings, approved an all-stock amalgamation of INOX with PVR.
Adani Enterprises: Subsidiaries win bids for coal blocks in Odisha and MP. Subsidiaries Mahanadi Mines and Minerals Pvt Ltd and MP Natural Resources Pvt Ltd are declared as successful bidders for Bijahan and Gondbahera Ujheni East coal blocks in Odisha and Madhya Pradesh respectively, by the government of India. Revenue sharing with the government will be 14 percent for Bijahan coal block and five percent for Gondbahera Ujheni East coal block.
Zomato: Completed investment in Mukunda Foods. The food delivery giant has completed the investment in Mukunda Foods by way of subscription of 13,289 Series B 1 compulsorily convertible preference shares (CCPS) and 10 equity shares.
Bharti Airtel: To acquire 4.7 percent stake in Indus Towers. The telecom operator will acquire around 4.7 percent stake in Indus Towers from Euro Pacific Securities, an affiliate of Vodafone Group Plc, at a price of Rs 187.88 per share. The total transaction cost stands at Rs 2,388.06 crore.
Indiabulls Housing Finance: Board approved issue of NCDs. The board approved the public issue of non-convertible debentures worth Rs 1,000 crore, which is within the shelf limit of Rs 1,400 crore. The actual public issue is worth Rs 100 crore, with an option to retain oversubscription of up to Rs 900 crore.
Gujarat Ambuja Exports: CFO of the company resigns. Mehul Shah has resigned as chief financial officer. The company has appointed Giridhar Nagaraj as the new CFO.
Emami: Acquired Dermicool brand. The company has acquired Dermicool, one of the leading brands in prickly heat powder and cool talc category, from Reckitt Benckiser Healthcare (India). The acquisition cost of Rs 432 crore has been funded through internal accruals.
Sagar Cements: Premji Invest acquired stake for Rs 350 crore. The board has approved the issuance of 1,32,07,548 equity shares to PI Opportunities Fund, an affiliate of Premji Invest, an investment arm of Azim Premji’s endowment and philanthropic initiatives, at an issue price of Rs 265 per share. This transaction will fetch the company Rs 350 crore which will largely be utilised for organic and inorganic expansion plans and general corporate purposes.
Exide Industries: Incorporates a subsidiary to manufacture lithium ion cells. The automotive battery manufacturer has incorporated a wholly owned subsidiary – Exide Energy Solutions – to set up a multi-gigawatt lithium ion cell manufacturing facility in India. The main aim of the subsidiary is to carry on the business of manufacturing battery cells of advanced chemistry and form factor.
Sun Pharmaceutical Industries: Submitted data of phase three clinical trials for treatment of acne. The company’s wholly owned US subsidiary presented data from two pivotal phase three clinical trials of WINLEVI (clascoterone) cream 1% for the topical treatment of acne vulgaris (acne). The results, which showed favourable safety and efficacy data in patients 12 years of age and older with acne, were reported on Friday in a poster podium presentation at the American Academy of Dermatology (AAD) 2022 Annual Meeting in Boston, Massachusetts. Topical androgen receptor inhibitor, WINLEVI, was approved by the US Food and Drug Administration (FDA) in August 2020.
Shiva Cement: Received environmental clearance for expansion of clinker facility. The company has received environmental clearance for expansion of clinker capacity to three million tonnes per annum and cement to two mtpa along with installation of 12 megawatt of waste heat recovery power generation system. The environmental clearance was also received for proposed limestone mine (Khatkurbahal North) block with production capacity of limestone 1.6 mtpa and mineral reject 0.035 million tpa, top soil 0.033 mtpa and waste 3.875 mtpa with proposed crusher and screen with capacity of 800 tph limestone.
IndiaMART InterMESH: Company to acquire stake in Finlite Technologies. The company has entered into an agreement to invest for 51.09 percent stake in Finlite Technologies, an internet based accounting software solution firm.
Triveni Turbine: Rating upgrade. ICRA has upgraded the long term rating of the company’s fund-based working capital limits to AA from AA-, with positive outlook.
Moneycontrol News
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