Stocks to Watch: The Sensex and Nifty benchmarks are likely to continue previous session’s gains with a positive start Thursday. As of 7:06 AM, the SGX Nifty Futures quoted 15,989 levels, signaling an upside of 33-odd points on the Nifty50.
Titan: Tata group firm Titan on Wednesday said its sales in the April-June quarter were up nearly three-fold on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year. Its network expansion and campaigns continued to progress well throughout Q1FY23, which was the non-disrupted first quarter in the last three years. Read more
Piramal Enterprises: Ajay Piramal-owned Piramal Enterprises has received shareholders’ approval to demerge its pharmaceuticals business and simplify the corporate structure. The company has received 99 per cent of votes at the shareholders meeting held on Tuesday, PEL said in a statement. Read here
Reliance: Reliance Retail has entered into a franchise agreement with Gap Inc to bring the American fashion brand to India. Gap will return to India the second time after parting ways with Arvind Fashions in 2020. Reliance Retail will be the official retailer for the fashion house in India, mixing exclusive stores and digital commerce platforms. Read more
FMCG: The edible oil industry has assured the government of further reduction in retail prices by at least Rs 10-15 a litre in the next few weeks, trade sources said.The assurance was given during a meeting that the industry had with senior officials from the food ministry on various issues concerning the edible oil industry. Read here
Syngene: After the controversy surrounding Central Drugs Standards Control Organisation (CDSCO) and Biocon Biologics emerged, another Biocon Group arm Syngene International has distanced itself from Bioinnovat Research Services, whose promoter has been mentioned in the anti-graft case. The company has terminated its retainer advisory contract with Bioinnovat recently. Read here
Tata Chemicals:The company will not set up a battery plant for electric vehicles (EVs), Tata group Chairman N Chandrasekaran said at the company’s eighty-third annual general meeting held virtually on Wednesday. Instead, the emphasis would be on expanding its current businesses for which the company would invest Rs 5,000 crore in capital expenditure (capex) in the next few years. Read more
SpiceJet: The Directorate General of Civil Aviation (DGCA) on Wednesday issued a show-cause notice to SpiceJet for its failure to establish ‘safe, efficient and reliable services’. The regulator has given SpiceJet three weeks to explain why action should not be taken against the airline. SpiceJet has denied any violations on its part and said it is committed to safe operations. Read here
NTPC/ Gujarat Alkalies: NTPC Renewable Energy (NTPC REL), a fully-owned subsidiary of NTPC, on Wednesday signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals to collaborate in setting up India’s first commercial-scale Green Ammonia and Green Methanol projects.
Power Grid: The company’s board has approved a fund raise of upto Rs 11,000 crores.
IndusInd Bank: The bank announced a strategic partnership with MoEngage, the insights-led customer engagement platform to deliver a differentiated digital experience across multiple customer journeys.
TVS Motor Company: The company has forayed into the premium lifestyle segment by launching the industry-first ‘modern-retro’ motorcycle, the TVS RONIN.
Titagarh Wagons: HDFC Asset Management Company has reportedly sold 2.15 percent stake or 25.7 lakh shares in the company via open market transactions. With this, HDFC AMC has reduced its shareholding in the company to 7.02 percent, down from 9.17 percent earlier.
Equitas Small Finance Bank: The small finance bank reported a 22 per cent on-year growth in Q1FY23 gross advances at Rs 21,699 crore and the sequential increase was 5 per cent, while deposits growth was 19 percent YoY and 8 per cent on-quarter at Rs 20,386 crore.
Deep Industries: The company has received Letter of Awards from ONGC, for charter hiring of 1000 HP mobile drilling rigs for Ahmedabad asset for a period of 3 years. The total estimated value of the said awards is $19.02 million or Rs 150.24 crore.
City Union Bank: The bank said the board of directors approved raising further capital through QIP route to the tune of Rs 500 crore subject to shareholder approval.
East West Holdings: The company has entered into Share Purchase Agreement with Unique Airfreight Express and Logistics Private Limited. It will acquire 37.5 percent stake in Unique Airfreight Express in the first tranche and the remaining 62.5 percent stake will be acquired within a period of one year. The cost of acquisition is Rs 4 crore.
PBA Infrastructure: The company said its board has approved voluntary delisting of equity shares of the company from NSE, but equity shares would remain to be listed on the BSE.
Veljan Denson: The company has signed share purchase agreement to acquire 100 percent shareholding in Adan Holdings, for 1.4 million euros. Aban holds stake in hydraulics and engineering companies in UK. The said acquisition will be completed by August 2022.
Ethos: The company has signed an exclusive distribution agreement with the globally-renowned watch and jewellery brand Jacob & Co. The partnership will unlock access to the brand’s unique collections for Ethos customers pan-India.
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