Stocks In the News: Check out the companies making headlines before the opening bell.
Axis Bank | Axis Bank will acquire Citibank’s India consumer business for $ 1.6 billion in an all cash deal, Citigroup announced on March 30. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans, Citigroup said.
ONGC | The two-day offer for sale issue will close on March 31. The Government of India has decided to exercise the oversubscription option to the extent of additional 9.4 crore equity shares, in addition to 9.4 crore equity shares of the company. Accordingly, the total offer size for sale will be up to 18.8 crore shares or 1.5 percent of total paid up equity. Data given on NSE showed that ONGC’s offer for sale received cumulative bids of 303.53 million shares against the base offered size of 84.92 million shares. With that, the OFS has oversubscribed by 3.57 times.
Nazara Technologies | Subsidiary Nazara Pte Ltd (Nazara Singapore) will invest $ 2.5 million in BITKRAFT Funds. Out of which $ 0.875 million will invest upfront while the balance investment amount of $ 1.625 million will be deployed over a period of 3 years. BITKRAFT Funds is a firm that prefers to invest in gaming, esports, and interactive media.
Tata Steel | Tata Steel transferred its entire stake in Tata Steel Special Economic Zone Limited to Tata Steel Utilities and Infrastructure Services for consideration other than cash. The company has executed asset transfer agreement for the acquisition of itemized assets from Stork Ferro and Mineral Industries Private Limited, to produce ferro alloys.
Mangalam Cement | Promoter Vidula Consultancy Services acquired 2.26 lakh equity shares in the company via open market transactions. With this, its shareholding in the company stands at 9.92 percent, up from 9.1 percent earlier.
India Glycols | The company informed that it will commission operations in a grain based distillery unit at Gorakhpur by May 15 this year as trial runs are in progress. Further, installation of a grain based distillery unit at Kashipur is in advanced stage and the same is likely to be commissioned by July 15, 2022. The delay was caused due to Covid-19 pandemic.
Max Healthcare: Private equity fund KKR will sell stake in Max Healthcare via block deal on March 31, CNBC Awaaz reported on Wednesday. The stake would be offloaded by Kayak Investment, which is the KKR-affiliated entity that has invested in the healthcare company. Kayak Investment will sell $ 500 million worth of shares, with base size of $ 375 million or Rs 2,800 crore, the news channel learnt from sources. The price band was stated as Rs 340- Rs 361 for the block deal, with up to six percent discount.
SMC Global Securities | The company has purchased a land with an area of 3020.76 square yards in the layout plan of the Mohan Co-operative Industrial Estate, New Delhi, for Rs 51.36 crore.
Narayana Hrudayalaya | The board appointed Viren Prasad Shetty as Executive Vice-Chairman of Narayana Hrudayalaya, and Dr. Anesh Shetty as the Managing Director of Health City Cayman Islands (HCCI), Cayman. Currently Viren Prasad Shetty is the Whole-time Director and Group Chief Operating Officer.
Godrej Properties | The real estate developer has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project.
Quess Corp | The board has approved transfer of digital business undertaking of the company comprising of Qjobs, Worq, and Dash as a going concern on a slump sale basis to company’s subsidiary Billion Careers Private Limited (BCPL), for Rs 5.04 crore. The company has signed the First Addendum Agreement with Stellarslog Technovation (Taskmo), Naveen Ramachandra and Prashant Janadri (Founders), under which it will make an additional investment of Rs 3.84 crore. The board also approved to re-designated Executive Chairman Ajit Isaac, to Non-Executive Chairman (Non-Executive Director) with effect from April 2022.
3i Infotech | The company has signed the Master Service Agreements (MSA) with new clients – Dhani Loans and Services (formerly India bulls Consumer Finance Limited), Amara Raja Batteries, Aavas Financiers, Erulearning Solutions, Vishal Mega Mart, and Rockman Industries. The starting contract value is Rs 10.58 crore.
Orchid Pharma | The NSE and BSE have approved amalgamation of Dhanuka Laboratories with Orchid Pharma.
Bharat Forge | Investment Committee – Strategic Business of the company will meet on April 2 to seek approval for raising funds.
Pidilite Industries | The National Company Law Tribunal has approved amalgamation of subsidiary Pidilite Adhesives into Pidilite Industries.
Sundram Fasteners | Ministry of Heavy Industries has approved the company’s application under the Component Champion Incentive Scheme of the Production Linked Incentive (PLI) Scheme for manufacturing advanced automotive technology (AAT) components. The company, out of total capital expenditure of Rs 2,000 crore planned over a period of next five years, has projected investment of over Rs 350 crore for manufacturing advanced automotive technology components.
Birla Corporation | Subsidiary RCCPL Private Limited has started clinker despatch at its 3.90 million tons greenfield integrated cement plant at Mukutban (Maharashtra).
BL Kashyap and Sons | The construction and civil engineering company has bagged new projects worth Rs 461.32 crore. Under these projects, the company will carry out civil and structural work in cities Gurugram and Bangalore in the coming months. With this new addition, the total order inflow for FY22 stands at Rs 1,217.49 crore.
Ajanta Soya | The company has completed its solar power project of 1300 KWP capacity under captive consumption of power in Rajasthan. The project is under commissioning as the company has received an office order from Jodhpur Vidyut Vitran Nigam for its synchronization and commissioning for captive use.
Moneycontrol News
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