Buzzing Stocks: GR Infraprojects, BEL, Alembic Pharma, JSW Steel & others in news today

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March 31, 2023
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Jindal Steel & Power: The OP Jindal Group company has appointed Damodar Mittal & Sabyasachi Bandyopadhyay as additional directors. The appointment of both was made in the category of executive directors of the company after Dinesh Kumar Saraogi and Sunil Kumar Agrawal stepped down as directors of the company.

Global Surfaces: The engineered quartz stones manufacturer said the board will meet on April 6 to consider the setting up of a subsidiary in State of Texas, United States.

Lumax Industries: Shruti Kant Rustagi has resigned as Chief Financial Officer of the auto ancillary company after his transfer to group corporate materials function, with effect from March 31. Kenjiro Nakazono has also resigned as Executive Director – Whole Time Director of the company with effect from April 7. The board has appointed Ravi Teltia as the Vice President and Chief Financial Officer designated of the company with effect from April 1.

Tata Consumer Products: The board has approved the re-appointment of L Krishnakumar as Whole-time Director designated as Executive Director & Group CFO of the company, for seven months starting from April 1, until October 31, 2023.

GR Infraprojects: The infrastructure company has emerged as L-1 bidder for construction of 4-lane access controlled greenfield highway in Mahabubabed district, on Hybrid Annuity Mode in Telangana. The project cost is Rs 847.87 crore and the completion period is 730 days from appointed date. Further, the company has also received Letter of Award from NHAI for 4 road projects worth Rs 3,713 crore in Karnataka, Maharashtra, and Uttar Pradesh.

Aether Industries: The pharmaceutical company has executed a Letter of Intent with Saudi Aramco Technologies Company, Saudi Arabia. Aether said the Letter of Intent captured the preliminary terms regarding the finalization of a detailed licensing agreement towards the manufacturing and commercialization of the Converge polyols technology and product series, the manufacturing process. The said manufacturing process has been previously jointly developed and validated at commercial scale by Aramco and Aether.

Securekloud Technologies: Subsidiary Healthcare Triangle Inc has signed a new $3 million agreement to provide cloud DevOps managed services for a leading life sciences customer.

Muthoot Capital Services: The company has completed a securitization transaction of Rs 96.87 crore. This is the seventh securitization or direct assignment transaction carried out by the company during FY23. The entire pool is from the non – priority sector.

Narayana Hrudayalaya: The multispeciality hospital company said the board has inducted Naveen Tewari as an additional director in the capacity of an independent director. Naveen is the founder of InMobi, a mobile advertising technology company, and was board member at Paytm.

Kesar Enterprises: The distilleries company said the board has approved one-time settlement (OTS) sanctioned by UCO Bank. Company’s loan had classified as non-performing assets by UCO Bank due to non-payment of dues in time, due to financial problems being faced by the company.

Heads UP Ventures: Manish Mandhana has resigned as Chief Executive Officer of the retail company with effect from March 31. He resigned due to pursue his personal interest outside the company.

AGS Transact Technologies: The omni-channel payment solutions provider said the board has approved an appointment of Sudip Bandyopadhyay as an Additional Director in the category of non-executive, non-independent director. Anupama R Goyal resigned as non-executive, non-independent director of the company with immediate effect due to personal reasons.

Sansera Engineering: The automotive components manufacturer has entered into a definitive agreement for a strategic investment in MMRFIC Technology (MMRFIC) which manufactures sub-systems for next generation Radars by leveraging machine learning with artificial intelligence. Sansera would make an investment Rs 20 crore in MMRFIC for 21% stake.

Dynacons Systems & Solutions: The company has won contract worth Rs 106 crore from (n)Code Solutions of Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), for supply, installation, commissioning and O&M of PKI solutions, IT infrastructure components and connectivity services for e-Passport project.

Jain Irrigation Systems: Subsidiary Jain International Trading B.V. (JITBV) closed the transaction to merge international irrigation business with Rivulis. Merged entity – Rivulis – In alliance with Jain International – will create a global irrigation and climate leader – being 2nd largest in the world with $750 million in revenues. Jain (Israel) B.V. (step down subsidiary of JITBV) will hold a strategic minority stake of 18.7% in Rivulis Pte Ltd post merger.

JSW Steel declares as preferred bidder in auctions for 3 coal mines in Chattisgarh & JharkhandJSW Steel: Ministry of Coal has declared JSW Steel as a preferred bidder in an auction for two coal mines in Chattisgarh & Jharkhand. In Jharkhand, it is the preferred bidder for Sitanala coking coal block in Jharia Coalfield with projected coal resources of 108.85 million tonnes and Parbatpur Central Coking Coal Block in Jharia Coalfield with 235.718 million tonnes, while in Chattisgarh, it is the preferred bidder for Banai & Bhalumuda coal block in Mand-Raigarh coalfield with projected coal resources of 1,376.057 million tonnes.

Housing Development Finance Corporation: HDFC entered into an agreement to sell 19.35 lakh equity shares or 16.13% stake in Next Gen Publishing, for Rs 1.7 crore.

Max Ventures and Industries: The company has completed transfer of 41.92 lakh equity shares or 10% stake of Max Speciality Films (MSF) to Toppan Inc, for Rs 133 crore.

Punjab National Bank has sold its entire shareholding of 10.01% in Asset Reconstruction Company (India) (ARCIL) to Avenue India Resurgence Pte Ltd. With stake sale, PNB has ceased to be a sponsor in ARCIL.

Shree Renuka Sugars: The sugar company has commenced commercial production of ethanol from expanded capacity in Athani and Munoli. It has expanded ethanol production capacity at Athani plant from 300 KLPD to 450 KLPD and at Munoli plant, from 120 KLPD to 500 KLPD.

Tejas Networks: The company has appointed Anand Athreya as the CEO and MD designate, with effect from April 3. Atherya would be appointed as CEO and MD post all regulatory and shareholders approvals. The board also appointed Alice G Vaidyan as Non-Executive, Independent (Additional) Director, while Sanjay Nayak, Chief Executive Officer and Managing Director has expressed his desire to seek voluntary retirement from the services of the company to pursue other personal interest.

CIL Nova Petrochemicals: The board members will meet on March 31 to consider the sale of or dispose off the polyster yarn unit in Ahmedabad through slump sale via business transfer agreement (BTA). This is subject to approval of shareholders of the company.

Lupin: The US Food and Drug Administration (USFDA) has issued a Form-483 with 10 observations for company’s Pithampur Unit-2 manufacturing facility. The said facility was inspected by USFDA during March 21 to March 29, 2023.

Spandana Sphoorty Financial: The company has raised $20 million via external commercial borrowings, with a tenure of 36 months. Further, the board will meet on April 4 to consider the fund raising via issue of debentures on private placement basis.

Texmaco Rail & Engineering: Hemant Bhuwania is appointed as the Chief Financial Officer (CFO) of the company with effect from April 1. AK Vijay, who is currently designated as the Executive Director & CFO, has resigned as CFO of the company with effect from April 1 and accordingly, he will continue to act as Executive Director of the Company.

Bharat Electronics: The Ministry of Defence has signed 10 contracts worth Rs 5,498 crore with Bharat Electronics for Indian Armed Forces.

Alembic Pharmaceuticals: The company has received final approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Brimonidine Tartrate ophthalmic solution. This ANDA is therapeutically equivalent to listed drug product (RLD), Alphagan P ophthalmic solution of AbbVie Inc. Brimonidine Tartrate Ophthalmic Solution is an alpha adrenergic receptor agonist indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension.

Aurobindo Pharma: The company has signed voluntary sub-licensing with Medicines Patent Pool (MPP), a UN organization, for developing and marketing Cabotegravir tablets & long acting injectables, originally developed by ViiV Healthcare, for the prevention of HIV in 90 low and middle-income countries (LMIC), including India. For the generic version of Cabotegravir, Aurobindo will utilize their vertically integrated capabilities to develop in-house API manufacturing which will enable stronger control on supply chain and cost efficiencies.

Gujarat Ambuja Exports: The company has successfully commissioned a 100 TPD sorbitol unit at existing unit of Sitarganj, in Uttarakhand, taking the sorbitol manufacturing capacity to 220 TPD at Sitarganj. With this, the company becomes the largest sorbitol manufacturer in India with a cumulative capacity of 400 TPD at 3 locations.

Power Finance Corporation: Subsidiary PFC Consulting has transferred Dharamjaigarh Transmission, Bhadla Sikar Transmission, and Raipur Pool Dhamtari Transmission, to Power Grid Corporation of India, for around Rs 38 crore.

Mahindra Lifespace Developers: Subsidiary Mahindra World City Developers has transferred land admeasuring 9.24 acres on perpetual lease within the Mahindra World City, Chennai to Alliance Budget Housing India for the development of a multi-storey residential project.

Sportking India: The company has commenced its commercial production of 63,072 spindles at its manufacturing unit in Bathinda, Punjab, for manufacturing of cotton yarn (compact).

Quess Corp: Fairbridge Capital (Mauritius), a subsidiary of private equity investment firm Fairfax Financial Holdings, has bought 66 lakh equity shares or 4.4 percent stake in Quess Corp via open market transactions at an average price of Rs 384.99 per share, amounting to Rs 254 crore. However, Smallcap World Fund Inc sold 28.46 lakh shares in the company at an average price of Rs 385 per share, Aditya Birla Sun Life Mutual Fund A/C – Aditya Birla Sun Life Tax Relief 96 offloaded 11.36 lakh shares at an average price of Rs 383.79 per share, and ICICI Prudential Life Insurance Company sold 13.49 lakh shares at an average price of Rs 385 per share.

Max Financial Services: Max Ventures Investment Holdings has sold 30 lakh shares or 0.86 percent stake in the company via open market transactions at an average price of Rs 606.6 per share, amounting to Rs 182 crore. However, Plutus Wealth Management LLP bought 20 lakh shares in the company at same price.