Stocks to Watch: Check out the companies making headlines before the opening bell.
Bajaj Auto: Bajaj Auto to consider share buyback on June 14. The two-wheeler maker in its BSE filing said the board of directors on June 14 will consider a proposal for buyback of fully paid-up shares of the company. This seems to be the first buyback announcement, if any, by the company since 2000.
Dr Reddy’s Laboratories: Dr Reddy’s arm and Olema Pharmaceuticals, Inc to discover and develop novel cancer therapies. Nasdaq-listed Olema signed an exclusive collaboration and licence agreement with Dr Reddy’s subsidiary Aurigene Discovery Technologies to discover and develop novel cancer therapies. Under the agreement, Olema will make an upfront licensing payment of $ 8 million for rights to a pre-existing Aurigene programme. Aurigene will be eligible for up to $ 60 million in potential clinical development and regulatory milestones and up to $ 370 million in potential commercial milestones, as well as royalties ranging from the mid-single digit to the low double digits based on annual net sales.
Butterfly Gandhimathi Appliances: Crompton Greaves Consumer Electricals now holds 81% stake in Butterfly Gandhimathi Appliances. Crompton Greaves Consumer Electricals now holds 81 percent equity stake in the company after acquiring 26 percent stake through an open offer on June 8, up from 55 percent earlier.
Sona BLW Precision Forgings: Sona BLW Precision Forgings re-appoints Vivek Vikram Singh as managing director and group CEO. The company informed exchanges that the board has re-appointed Vivek Vikram Singh as the managing director and group CEO of the company for a period of five years starting from July 5. This is subject to the approval of shareholders.
Power Finance Corporation: PFC arm’s special purpose vehicle (SPV) to develop transmission system for evacuation of power from REZ in Rajasthan. PFC has incorporated a special purpose vehicle (SPV) – Fatehgarh IV Transmission Ltd – as a wholly owned subsidiary of PFC Consulting. The SPV will develop a transmission system for evacuation of power from REZ in Rajasthan (20 gigawatt) under Phase-III-Part-A1.
Kiri Industries: LGOF Global Opportunities cuts stake in Kiri Industries. LGOF Global Opportunities sold 6,901 equity shares in the company via open market transactions on June 7. With this, its shareholding in the company stands reduced to 5.999 percent, down from 6.012 percent earlier.
Asian Granito India: Asian Granito India appoints Mehul Shah as new chief financial officer. The company informed exchanges that the board has appointed Mehul Shah as new chief financial officer from June 10 after Amarendra Kumar Gupta tendered his resignation.
HFCL: HFCL bags Rs 73.39 crore orders for supply of unlicensed band radios (UBRs), optical fibre cables. The company has received two orders worth Rs 73.39 crore: One of Rs 51.09 crore from one of the leading private telecom operators of the country for supply of UBRs along with accessories. The other order worth Rs 22.30 crore has been bagged from one of the leading engineering, procurement and construction players of India for supply of optical fibre cables.
Escorts: Escorts now known as Escorts Kubota. The company is now renamed as Escorts Kubota, for which it has received requisite approvals. Kubota has increased its equity stake in Escorts to 44.8 percent by subscribing to new equity shares and through an open offer to public shareholders of Escorts. Kubota has also become a joint promoter of the company along with existing promoters, the Nanda family, whose shareholding in the company remains unchanged.
Oriental Aromatics: Oriental Aromatics arm gets environmental clearance for project. The company’s subsidiary Oriental Aromatics & Sons has received an environmental clearance for its proposed project for manufacturing speciality chemicals and chemical intermediates at additional MIDC Mahad, Maharashtra.
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