Stocks In the News: Check out the companies making headlines before the opening bell.
ONGC | The government proposes to sell more than 9.43 crore equity shares (0.75 percent of total paid up equity) through offer for sale on March 30 and March 31. The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing 1.5 percent stake. The floor price for the offer has been fixed at Rs 159 per share.
Hero MotoCorp | The two-wheeler maker will increase ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022, to partially offset the impact of increasing commodity prices. The price increase will be up to Rs 2,000 and the exact quantum of increase will be subject to specific model and the market.
Suraj Industries | The company informed that board has approved preferential issue of equity shares worth Rs 23.99 crore and convertible warrants worth Rs 7.99 crore. It also approved investment for up to 55 percent equity in Carya Chemicals & Fertilizers.
RSWM | The company has entered into definitive business transfer agreement with Pegasus Inland Container Depot Private Limited (PICDPL), for sale/transfer of private freight terminal (PFT) for Rs 33 crore.
Rail Vikas Nigam | The company has signed memorandum of understanding (MoU) with wholly owned subsidiary of JK Cement – Jaykaycem (Central). The MoU is for development of approximately 50 km new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.
IRB Infrastructure Developers | The board has approved an implementation of Palsit Dankuni BOT project through the company’s associate IRB Infrastructure Trust. The company is the Sponsor of the Trust and holds 51 percent in the Trust while 49 percent is held by GIC affiliates.
Can Fin Homes | The board revalidated approvals for issue of non-convertible debentures, on private placement basis up to Rs 2,265 crore.
IDBI Bank | The board has granted in-principle approval for divestment of bank’s stake up to 11.10 percent in National Securities Depository (NSDL) through market driven process, and also approved to sell bank’s entire stake in Ageas Federal Life Insurance Company to Ageas Insurance International NV (Ageas) pursuant to exercise of Call option by Ageas.
Strides Pharma Science | R Ananthanarayanan has resigned as Managing Director & CEO of the company, to pursue his personal interests outside the organization. Arun Kumar, the founder and chairperson (Non-Executive Director) of the company, has been appointed as the Executive Chairperson & Managing Director.
Coastal Corporation | The board has given its approval for fund raising up to Rs 50 crore through Rights issue.
Clean Science and Technology | The company has invested Rs 55 crore in its subsidiary Clean Fino-Chem, through rights issue.
Jindal Stainless | The board has approved re-appointment of Ratan Jindal as the Chairman and Managing Director of the company for a period of five years.
Rajratan Global Wire | Madhya Pradesh Industrial Development Corporation has revised the amount of Investment Promotion Assistance (IPA) from Rs 19.74 crore to Rs 22.92 crore under Madhya Pradesh Nivesh Protsahayan Yojana, 2014 / Investment Promotion Assistance Scheme to the company. The eligibility period of assistance is 7 years and the yearly sanctioned amount of IPA has been increased to Rs 3.27 crore from Rs 2.82 crore.
Exide Industries | The board has approved merger of subsidiary Chloride Power Systems & Solutions with the parent company Exide Industries.
InterGlobe Aviation | Jiten Chopra has resigned as Chief Financial Officer of the company. The board has approved the appointment of Gaurav Negi as Chief Financial Officer of the company
Ruchi Soya Industries | The meeting of the board of directors of the company is rescheduled for March 31 for determining the issue price and the anchor investor issue price of follow-on public offer. Earlier it was scheduled on March 29.
Lemon Tree Hotels | The company has signed a License Agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company’s brand Aurika Hotels & Resorts – Luxury. The hotel is expected to be operational by March, 2025. Carnation Hotels, a subsidiary and the hotel management arm of the company will be operating and marketing this hotel.
Welspun Corp | Associate company ‘East Pipes Integrated Company for Industry’ (EPIC) in the Kingdom of Saudi Arabia (KSA), has won an order of SAR 497 million, from Saline Water Conversion Corporation (SWCC).
State Bank of India | The board has given approval for buying 13.82 percent stake in SBI Global Factors, from existing shareholders SIDBI, Bank of Maharashtra and Union Bank of India.
Tata Consumer Products | The company announced reorganization of India and overseas business to simplify, align and synergize its business. It will buy 10.15 percent stake in Tata Consumer Products UK Group (TCP UK) for Rs 570.8 crore, from Tata Enterprises (Overseas) AG, Zug, Switzerland, a minority shareholder of TCP UK.
Moneycontrol News
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