Stocks In the News: Check out the companies making headlines before the opening bell.
Wipro: The company collaborated with University of South Carolina and Indian Institute of Technology, Patna to advance artificial intelligence (AI)-led innovation.
Lupin: The company has signed a definitive agreement with Anglo-French Drugs & Industries for acquiring a portfolio of brands. This will strengthen presence in vitamins, minerals and supplements and central nervous system segments.
Dr Reddy’s Laboratories: The company has entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus in India. The acquisition cost is $ 61 million. Cidmus is indicated for heart failure patients with reduced ejection fraction.
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte Ltd has acquired a 70 percent stake in United Kingdom-based EBCO for 1,163,070 pounds. EBCO provides smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie-ups with most major dealers across the United Kingdom and is the exclusive distributor of Corratec e-bikes in the country. In addition, TVS Motor registered sales of 3.07 lakh units in March 2022, down from 3.22 lakh units sold in the same month last year.
Eicher Motors: Motorcycles sales (Royal Enfield) in March 2022 increased two percent to 67,677 units year over year, but in FY22 sales declined two percent to 6.02 lakh units from previous year.
INOX Leisure: CRISIL has revised its rating outlook on long term bank facilities of the company from ‘A+/Stable’ to ‘A+/Watch Positive’ and revised the short term rating from ‘A1’ to ‘A1/Watch Positive’.
Hero MotoCorp: The company sold 4.50 lakh units of motorcycles and scooters in March 2022, down from 5.76 lakh units in the corresponding month last year. In FY22, sales dropped to 49.44 lakh units from 57.91 lakh units in the previous year.
Jubilant Pharmova: The company has entered into share purchase agreement and share subscription and shareholders agreement for acquiring equity and preference shares of SPV Laboratories (Greencure), the herbal and ayurveda formulations company. The cost of acquisition is Rs 8.75 crore for acquiring 25.21 percent stake.
Karnataka Bank: The lender clocked 6.27 percent year on year growth in core deposits at Rs 80,385 crore for the year ended March 2022 and gross advances during the period grew 9.5 percent to Rs 57,726 crore. The share of CASA (current account and savings account) to total deposits increased to 32.97 percent as of March 2022 from 31.5 percent a year ago. The private sector lender expects 12 percent growth in deposits and about 17 percent in gross advances for FY23.
JSW Energy: Subsidiary JSW Neo Energy has entered into a memorandum of understanding with the government of Chhattisgarh for setting up a 1,000 megawatt hydro pumped storage project (Hasdev Bango Pumped Storage Project) in the state.
HG Infra Engineering: Subsidiary HG Raipur Visakhapatnam OD-5 has received a letter from National Highways Authority of India for noting of financial close with effect from March 25 for the project (costing Rs 1,338.27 crore) in Odisha.
GOCL Corporation: The company has received a notice of demand of Rs 45.72 crore from the income tax department. This notice is in connection with a joint development agreement for the land at Kukatpally, Hyderabad pertaining to assessment year 2013-14. But as per the company, the notice is not tenable in law.
Bharat Dynamics: The company recorded a turnover of Rs 2,700 crore (provisional and unaudited) for FY22, against Rs 1,913.76 crore in the previous year.
Alkem Laboratories: ISP Chile (Public Health Institute of Chile) had conducted an inspection at the company’s manufacturing facility at Daman, India from March 28 to April 1. No observations critical to good manufacturing practices were detected.
Piramal Enterprises: The company appointed Shikha Sharma as non-executive non-independent director on the board.
NMDC: The company clocked nearly nine percent year on year growth in iron ore production at 4.98 million tonnes for March 2022 while sales grew 3.2 percent to 4.21 million tonnes in the period. In the financial year FY22, iron ore production increased 23.4 percent to 42.15 million tonnes and sales rose 22.4 percent to 40.7 million tonnes.
Mangalam Cement: Promoter Vidula Consultancy Services acquired one lakh shares in the company via open market transactions on March 31. With this, its shareholding stands at 10.28 percent, up from 9.92 percent.
Angel One: The company announced its fourth interim dividend for FY22 at Rs 7 per share. The record date for determining the eligibility of shareholders for payment of the interim dividend is April 11.
Lemon Tree Hotels: The company has signed a licence agreement for a 47 room hotel at Jaipur, Rajasthan under its brand Keys Lite. The hotel is expected to be operational by December. Carnation Hotels, hotel management arm of the company, will be operating and marketing this hotel.
Rashtriya Chemicals & Fertilizers: The company achieved the highest ever industrial products division (IPD) sales turnover of Rs 2,424.70 crore in FY22, registering a 114 percent growth from Rs 1,133.89 crore in the previous year.
Moneycontrol News
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