Stocks to Watch: Check out the companies making headlines before the opening bell.
Tata Steel: The steel maket to amalgamate seven group companies with itself. Tata Steel’s board has approved the scheme of amalgamation between seven of its group companies and itself, as per the company’s exchange filing. These are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF Limited, the Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.
Mahindra & Mahindra: The automobile company is in talks with global investors to raise between $ 250 million and $ 500 million to accelerate its plans to build electric vehicles (EVs), the Reuters said quoting source with direct knowledge of the matter.
Reliance Industries: Reliance New Energy to buy 20% stake in US-based Caelux for $ 12 million. Reliance New Energy, a wholly-owned subsidiary of Reliance Industries on September 23 announced investment of $ 12 million into US-based Caelux to acquire 20 percent stake. Reliance New Energy (RNEL) and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of latter’s technology, Reliance said in an exchange filing. Caelux is involved in development of perovskite-based solar technology.
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Century Textiles and Industries: Birla Estates, realty arm of Century Textiles and Industries, has acquired 10 acre land parcel in Bengaluru. The company expects revenue potential of Rs 900 crore through a development of 1 million square feet facility.
Kirloskar Industries: The company has announced the proposed divestment of its 17.41% stake in Swaraj Engines (SEL) to Mahindra & Mahindra (M&M). The divestment has been proposed through inter-se transfer amongst the promoter through off-market transaction, at a price of Rs 1,400 per share.
Hero MotoCorp: The company has raised the ex-showroom prices of its motorcycles and scooters, with immediate effect. The price revision has been necessitated to partially offset the impact of cost inflation. The price revision will be up to Rs 1,000 and the exact quantum of increase will vary with model and market.
Zydus Lifesciences: The company has entered into share purchase, subscription and shareholder’s agreement (SPSSA) to acquire upto 11.86% stake in AMP Energy Green Nine. With this, it will set up captive wind solar hybrid power project in Gujarat.
Somany Ceramics: The company has decided to sell its entire equity stake in subsidiary Amora Ceramics (ACPL) for Rs 3.62 crore. Amora Ceramics will cease to be the subsidiary of the company after completion of disinvestment.
Trident: The company has completed solar power project of 8.87 MWp at Budhni, Madhya Pradesh out of which commissioning of 5.48 MWp solar power plant (phase I) for captive use has been successfully completed and the remaining 3.39 MWp solar power plant (Phase II) is expected to be commissioned within next 15 days. Moving towards a greener planet, the Group aims to use renewable and clean energy for reducing carbon emission.
Bombay Dyeing & Manufacturing Company: The board of directors of the company has given approval for raising of funds up to Rs 940 crore through rights issue.
Cipla: The pharma company has received Establishment Inspection Report (EIR) for its Indore plant, indicating closure of the inspection. The United States Food and Drug Administration (US FDA) at Indore plant has conducted product specific pre-approval inspection (PAI) during June 27 and July 1.
Udaipur Cement Works: The company will raise Rs 350 crore by issuing non-convertible debentures on private placement basis. The tentative date of allotment for 3,500 NCDs of face value of Rs 10 lakh each is October 7 and the maturity will be on March 16, 2025, while the initial coupon rate is 7.45% per annum.
Shilpa Medicare: The company in a BSE filing said its analytical services division at Nacharam, Telangana has received Establishment Inspection Report from US Food and Drug Administration. The USFDA has conducted inspection during April 26 to April 29. This is the first US FDA inspection of this facility. The facility is identified as testing laboratory in numerous ANDAs filed by Shilpa Medicare (parent organization) and its agreed parties. The FDA clearance on the facility will enable the company to test and release batches into US from this facility.
Moneycontrol News
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