Stocks to Watch: Check out the companies making headlines before the opening bell.
Vedanta board meets on June 4 for proposed NCDs issue: The billionaire Anil Agarwal-owned company informed exchanges that the board meeting is scheduled to be held on June 4 with respect to its proposed fundraising of Rs 4,100 crore in one or more tranches via non-convertible debentures.
Reliance Brands and Plastic Legno SPA sign JV for toy manufacturing business: Reliance Brands and Plastic Legno SPA have signed a joint venture through which Reliance Brands will acquire a 40 percent stake in Plastic Legno SPA’s toy manufacturing business in India. Plastic Legno SPA is owned by the Sunino group with more than 25 years of toy production experience in Europe. This investment by Reliance Brands will bring in vertical integration for Reliance Brands’ toy business and help diversify the supply chain with a long-term strategic interest in building toy manufacturing in India.
Maruti Suzuki India production in May increases sharply: The country’s largest car maker produced 1,64,859 vehicles in May, up significantly from 40,924 units produced in the same month last year. The shortage of electronic components had a minor impact on the production of vehicles during the month. The production figures of May 2022 are not comparable with May 2021’s as the operations then were significantly affected due to COVID-19.
Royal Enfield sales grow 133% in May: Eicher Motors sold 63,643 units of Royal Enfield in May 2022, registering a growth of 133 percent over 27,294 units sold in same month last year when several states had imposed lockdowns. Eicher exported 10,118 units in May 2022, up by 40 percent over 7,221 units sold in corresponding month last year.
Ashish R Kacholia offloads stake in Mold-Tek Packaging: Ashish R Kacholia & PAC (Himalaya Finance and Investment Company) sold 2.25 percent equity stake in the company via open market transactions on May 31. With this, their shareholding in the firm stands reduced to 4.55 percent, down from 6.8 percent earlier.
CRISIL upgrades credit rating on Butterfly Gandhimathi Appliances: CRISIL has upgraded its long term rating on the company to ‘AA’ from ‘A-‘, and short term rating to ‘A1+’ from ‘A2+’.
Delta Corp arm commences casino operations at hotel in Goa: Subsidiary Delta Pleasure Cruise Company has commenced management of operations of a casino at the hotel The Zuri White Sands Goa, Resort and Casino at Pedda Varca Salcete, Goa. With this, Delta Corp and its subsidiaries now operate five casinos in Goa.
Promoter Jayesh P Choksi to sell 0.48% stake in Gufic Biosciences: Jayesh P Choksi intends to sell 4.68 lakh shares of his holding (representing 0.48 percent of paid-up equity) during June 2 and July 31 this year, to meet minimum public shareholding norms. Currently the promoter holding is 75.48 percent of the total shareholding, which is more than the prescribed limit of 75 percent.
Moody’s changes outlook on BPCL’s rating: Global ratings agency Moody’s has changed the outlook on BPCL’s rating from Baa3 (negative) to Baa3 (stable) in respect of issuer and senior unsecured debts foreign currency.
Knowledge Marine & Engineering Works bags contract from Dredging Corporation of India: The company has received a contract from Dredging Corporation of India for ‘capital dredging at Mangrol Fishing Harbour Phase III Part B’ for a tenure of 12 months. The project cost is Rs 67.85 crore.
Mishtann Foods secures orders from major retail stores: Mishtann Foods has seen good response for Mishtann Pink Rock Salt and has bagged orders from major retail stores for 1700 tonnes. The supply of these orders will start from July.
Moneycontrol News
