Stocks to Watch: Check out the companies making headlines before the opening bell.
Bharat Forge: Bharat Forge to consolidate electric vehicle business. The company has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain Ltd (KPL), a wholly-owned subsidiary, for a better strategic alignment. Accordingly, its investment committee – strategic business has approved the transfer of the company’s stake in Refu Drive GmbH, a joint venture, to KPL subject to receipt of necessary approval from regulatory authorities.
Oil and Natural Gas Corporation: Ministry of Petroleum and Natural Gas gives additional charge of ONGC’s CMD post to Alka Mittal for 2 months. The ministry has approved extension of additional charge of the post of chairman and managing director to Alka Mittal, director (HR), for a period of two months from July 1 to August 31, or till the appointment of a regular incumbent, or until further orders, whichever is the earliest.
Engineers India: Sanjay Jindal to be new CFO of Engineers India. The company said the board of directors has designated Sanjay Jindal, director (finance), as chief financial officer of the company in place of Vartika Shukla, CMD and additional charge director (technical). The appointment is with immediate effect for a period of five years, or till the date of his superannuation or until further orders, whichever is earliest.
Fineotex Chemical: Fineotex Chemical to consider fundraising on June 24. The company said the board will meet on June 24 to decide raising of funds by issue of shares. This is subject to shareholders’ approval and regulatory approvals.
Suven Life Sciences: Suven Life Sciences to consider rights issue on June 24. The company informed exchanges that the board of directors will meet on June 24 to consider raising of funds through issue of shares on rights basis to existing shareholders of the company.
TGB Banquets and Hotels: TGB Banquets approves CFO resignation. The company informed exchanges that the board has approved the resignation of Manish Thakkar as chief financial officer with effect from June 11. Now it is in the process of appointing a new chief financial officer.
Amit Spinning Industries: Amit Spinning Industries partially closes its manufacturing plant. The company announced partial closure of its manufacturing plant. Considering the increasing cotton prices, the management of the company has decided to run the plant at 50 percent capacity. Hence, the plant will be operative for four days in a week till further communication.
HUDCO: Fitch Ratings revises outlook on HUDCO to ‘stable’. Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation at ‘BBB-‘ level, i.e. at the sovereign level. At the same time, the rating agency has revised the outlook on HUDCO to ‘stable’ from ‘negative’. The rating action follows the change in government of India rating to ‘stable’ from ;negative’ on June 10.
Moneycontrol News
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