Stocks In the News: Check out the companies making headlines before the opening bell.
Vedanta | Billionaire Anil Aagrwal-owned company has entered into certain long term power security agreements for green and renewable energy (RE) power for Hindustan Zinc, Bharat Aluminum Company and Vedanta (Jharsuguda Aluminium Operations) via captive power projects. These projects will be created through dedicated special purpose vehicle (SPV) for each entity.
Southern Online Bio Technologies | The board have resolved to disinvest 100 percent stake in company’s subsidiary Southern Biofe Biofuels. The company will receive Rs 34.32 lakh against disinvestment.
Nuvoco Vistas Corporation | The company has made timely payment of redemption amount and interest for its non-convertible debentures of Rs 400 crore.
Sterlite Technologies | The company has signed the definitive agreement to sell its 64.98 percent stake in Maharashtra Transmission Communication Infrastructure (MTCIL). Total consideration of Rs 43 crore agreed to be received in multiple tranches.
Ascensive Educare | The company has received a work order from State Urban Development Agency, West Bengal, for provision of service for skill training in apparel, tourism, electronics, management and telecommunication sector. The work order is worth Rs 2.93 crore.
Ruchi Soya Industries | The board has approved issue price at Rs 650 per equity share for its follow-on public offer.
WEP Solutions | National Company Law Tribunal has approved the scheme of amalgamation of WeP Digital Services with the company.
Mahindra Holidays and Resorts India | Subsidiary Suomen Vapaa-aikakiinteistöt Oy LKV, incorporated in Finland, has been voluntarily liquidated and has ceased to be in existence with effect from March 30, 2022.
NCC | The company along with other shareholders of NCC Vizag Urban Infrastructure (NCCVUL) has entered into a Share Purchase Agreement with GRPL Housing Private Limited (Gardencity Realty Group, Bangaluru) to sell their entire shareholding in NCCVUL to GRPL.
NR Agarwal Industries | The company informed that the completion date for sale of its Unit II to Shree Ajit Pulp and Paper is being extended by a month, up to April 30, 2022 as against March 31, 2022. The company in October 2021, had entered into a binding Term Sheet with Shree Ajit Pulp and Paper for sale of Unit II at Vapi, Gujarat
Cantabil Retail India | The company has opened 3 new showrooms and shops at different location in India during March 2022. Now total number of showrooms and shops of the company stands at 378.
OM Infra | The company has divested its stake in its subsidiary Chahel Infrastructures at approved valuation.
HG Infra Engineering | Subsidiary Gurgaon Sohna Highway Private Limited has received the provisional certificate for the project in Haryana.
Omax Autos | The company has formally closed its operation at industrial land, at Manesar in Gurgaon and Haryana. Further, the company has sold the industrial property of the said unit to Sarita Handa Exports Private Limited
Gujarat Alkalies & Chemicals | Subsidiary GACL-NALCO Alkalies & Chemicals (GNAL) has successfully completed start-up of the 200 TPD (ton per day) caustic evaporation unit (CEU) along with boiler & required utilities in the cogeneration captive power plant & has produced 100 MT Caustic Soda Lye (rayon grade 47 percent). With this, the CEU Unit has been partially commissioned. GNAL is a joint venture between the company and NALCO, which formed to set up 800 TPD caustic soda plant along with 130 MW captive power plant at Dahej
HDFC Asset Management Company | Life Insurance Corporation of India acquired 2.02 percent stake in the company via open market transactions. With this, its shareholding in the company stands at 7.02 percent, up from 5 percent earlier.
ONGC | The company says it is on its way to commercialize another basin – the Vindhyan Basin. This would be the ninth producing basin of India; the eighth by ONGC.
Vikas Ecotech | The company has paid back Rs 4.7 crore, taking the total amount of bank-debt reduced in the Phase-II to Rs 40.7 crore and the overall bank-debt reduction to Rs 62.7 crore till date. After completion of both these phases, and intended additional bank-debt repayment, bank-debt will get reduced by 55 percent from the peak exposure, paving the way towards becoming a ‘zero debt company’ in 2023.
Moneycontrol News
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