Stocks to Watch: Check out the companies making headlines before the opening bell.
Dr Reddy’s Laboratories: Dr Reddy’s Labs acquired branded and generic injectable product portfolio from the US-based Eton Pharma. It acquired the Eton’s portfolio for an upfront payment of approximately $ 5 million in cash, plus contingent payments of up to $ 45 million.
Axis Bank: The Reserve Bank of India has approved the re-appointment of Rajiv Anand as the Deputy Managing Director of Axis Bank. The re-appointment will be for a period of three years.
GE T&D India: ICRA downgrades long-term credit rating. ICRA has downgraded the long-term rating of the fund based and non-fund based facilities of the company to A from A+ with negative outlook, due to decline in company’s financial performance.
Repco Home Finance: Invesco MF offloads 7.13 lakh shares in Repco Home Finance. Invesco MF through its Invesco India Multicap Fund sold 3,73,659 equity shares in the company and Invesco Tax Plan offloaded 3,39,349 equity shares at an average price of Rs 117 per share.
Zomato: Zomato board approves acquisition of Blinkit Commerce in an all-stock deal. The food delivery company informed exchanges that the board has given its approval for acquisition of up to 33,018 equity shares of quick commerce company Blinkit (formerly known as Grofers India) for Rs 4,447.48 crore in an all-stock deal. The acquisition is at a price of Rs 13,46,986.01 per share. This acquisition is in line with its strategy of investing in the quick commerce business.
Autolite (India): Autolite board to be authorised to dispose-off non-performing assets. As the company has decided to restructure its business, the board will be authorised to dispose-off the land, building, undertaking and other non-performing assets (NPA). The board will also be authorised to enter into joint venture either for business or for the real estate business with the interested parties and to take such act as may be necessary for the revival of business.
CSB Bank: CSB Bank appoints Bhama Krishnamurthy as part-time chairperson. The bank in its BSE filing said the board has appointed Bhama Krishnamurthy as the part-time chairperson of the bank. This appointment is subject to the approval of Reserve Bank of India.
Hindustan Media Ventures: Hindustan Media Ventures CFO resigns. Sandeep Gulati has resigned as Chief Financial Officer of the company, in order to pursue opportunity outside HT Group.
Federal Bank: Federal Bank to consider fund raising on June 30. The private sector lender said the board will hold a meeting on June 30 to consider proposals for raising of funds through issuance of securities. The board will also consider convening a general meeting to seek approval of the shareholders for fund raising proposals.
Kiri Industries: Kiri Industries acquires 81% stake in Indo Asia Copper. The company is acquiring 81% equity stake of Indo Asia Copper. Accordingly, Indo Asia Copper has become a wholly-owned subsidiary of the company.
Zenlabs Ethica: Zenlabs Ethica to consider downward & upward integration on July 4. The company’s board of directors will meet on July 4 to consider downward integration in the form of acquisition(s) or business synergy(s) opportunities in overseas and domestic markets for sales growth; upward integration in the form of acquisition(s) of manufacturing facilities; and setting up and review of standard operation processes and best business practices.
Welspun Corp: Welspun Corp bags Rs 600 crore worth orders. The company has secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the USA across the oil & gas and water sector. These include, receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia.
SIS: SIS to consider share buyback proposal on June 29. The company said the board will meet on June 29 to consider the proposal for buyback of the equity shares of the company.
Gufic Biosciences: ICRA upgrades credit rating on Gufic Biosciences. ICRA has upgraded its long term rating on the bank facilities of the company to BBB+, from BBB, with stable outlook, and short term rating to A2, from A3+.
Hazoor Multi Projects: Hazoor Multi Projects bags work order from Gayatri Projects. The company has received work order from Gayatri Projects for Rs 220.41 crore.
Moneycontrol News
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