Buzzing Stocks: RIL, HDFC Bank, RVNL, Cyient DLM, Tata Motors, others in news today

Reliance Industries: Reliance Industries said the board of directors of Reliance Retail has approved reduction of the equity share capital to the extent held by shareholders other than its promoter and holding company Reliance Retail Ventures. A consideration of Rs 1,362 per share, determined on the basis of valuation obtained from two reputed independent registered valuers, will be paid towards the capital reduction. RIL has fixed July 20 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as on the record date. Reliance Strategic Investments will then be renamed as Jio Financial Services (JFSL). (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

HDFC Bank: MSCI has added HDFC Bank to its Global Standard Indexes, after the merger of HDFC. Accordingly, HDFC (Housing Development Finance Corporation) is deleted from the indices. The changes in MSCI Global Standard Indexes will be effective from July 13. The Bank is going to offload 2% equity stake, the second tranche, via offer for sale in National Securities Depository (NSDL) IPO. The bank, which currently holds 8.95% stake in NSDL, had offloaded 1% stake (the first tranche) in December 2022 for Rs 110 crore at Rs 2,750 per share.

Tata Motors: The company has announced group global wholesales, including Jaguar Land Rover, for April-June quarter of FY24, at 3.22,159 vehicles, a 5% growth over Q1FY23. Global wholesales of commercial vehicles and Tata Daewoo fell by 15% YoY to 88,456 vehicles, but global wholesales of passenger vehicles increased by 8% to 1.4 lakh units in the same period. Global wholesales for Jaguar Land Rover were at 93,253 vehicles including Jaguar wholesales for the quarter at 10,324 vehicles and Land Rover at 82,929 vehicles.

Cyient DLM: The electronics manufacturing services and solutions company will be listing on the bourses on July 10. The final issue price has been fixed at Rs 265 per share.

Zydus Life Sciences: The US Food and Drug Administration has closed the pre-approval inspection (PAI) with nil observations for Zydus group’s manufacturing facility at SEZ-2, Ahmedabad. The USFDA has conducted inspection of the said facility during July 2-7.

Indian Oil Corporation: The state-owned oil marketing company has received board approval for raising up to Rs 22,000 crore through a rights issue. The board also approved a joint venture company for battery swapping business in India as a private limited company. IOC will form a 50:50 collaboration with Sun Mobility Pte Ltd Singapore (SMS) and its equity investment for the battery swapping business will be Rs 1,800 crore till FY27. The board also approved investment of $78.31 million in IOC subsidiary 10CL Singapore Pte Ltd, Singapore for acquisition of preference shares and warrants of SMS.

Vedanta: The natural resources and technology conglomerate has added semiconductors and display glass manufacturing ventures to its diversified portfolio. It has received approval from its board of directors for the acquisition of 100% in Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL) via share transfer at face value. VFSPL and VDL are wholly owned subsidiaries of Twin Star Technologies (TSTL), and TSTL is a wholly owned subsidiary of Volcan Investments, the ultimate holding company of Vedanta.

ITC: The cigarette-to-hotels-FMCG major issued clarification on media reports related to demerger of hotel business, saying it remains committed to implement its ‘asset-right’ strategy with respect to the hotels business.

Aurobindo Pharma: Subsidiary CuraTeQ Biologics has entered into an exclusive license agreement with BioFactura Inc, USA to commercialize BFI-751, a proposed biosimilar to Stelara (Ustekinumab). Ustekinumab is a recombinant monoclonal antibody which is used for treating Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis. BioFactura will receive license fees of approximately $33.5 million. The global sales reported for Stelara (Ustekinumab) is around $9.72 billion for the year 2022.

Hindustan Aeronautics: The Ministry of Defence has signed a contract with Hindustan Aeronautics for procurement of two Dornier aircraft for Indian Coast Guard (ICG) along with associated engineering support package at overall cost of Rs 458.87 crore. The aircraft will be procured under the Buy (Indian) category. The Dornier aircraft are being indigenously manufactured at HAL (transport aircraft division) in Kanpur.

Samvardhana Motherson International: The auto components manufacturer has entered into an agreement to acquire 100% stake in Rollon Hydraulics, for an equity value of Rs 103 crore. Rollon is engaged in manufacturing, assembly and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities in Bengaluru. The said transaction is expected to be closed in second quarter of FY24.

Rail Vikas Nigam: The state-owned railway company emerged as the lowest bidder for rehabilitation and up gradation from 4 to 8 laning of Chandikhole- Paradip section of NH-53 (Package-4) in Odisha on HAM mode. The cost of project is Rs 808.48 crore. The contract is expected to be executed within 24 months.

Schaeffler India: The ball and roller bearing manufacturing company said its board of directors has appointed Hardevi Vazirani, additional director designated as Director-Finance (WholeTime Director) and Chief Financial Officer of the company with effect from February 13, 2024. Satish Patel, Director-Finance & CFO of the company will be superannuating on February 12.

Power Finance Corporation: The subsidiary PFC Consulting (PFCCL) has incorporated a special purpose vehicle (SPV) – Jewar Transmission, for the transmission projects in Uttar Pradesh. The SPV, which will take up various preparatory activities of the transmission projects, has to be to transferred the successful bidder selected through International Competitive bidding process under tariff based competitive bidding guidelines for transmission service issued by the Ministry of Power.

Ramky Infrastructure: Ajay Kumar Masand has resigned as Chief Financial Officer of the company. His decision of resignation is primarily due to personal reasons.

Gujarat Alkalies and Chemicals: The company has dispatched its first consignment of purified phosphoric acid (85%) from Dahej facility.

Som Distilleries and Breweries: The company has received approval from its board members for fund raising up to Rs 141.62 crore through issue of convertible equity warrants to the promoters, promoter group and other public investors on preferential basis. It will issue up to 51.5 lakh warrants convertible in one or more tranches to equity shares at a price of Rs 275 per warrant. The board also approved raising of funds through issue of 2.5 lakh equity shares to the certain identified non-promoters of the company on preferential and private placement basis at Rs 275 per share.

Prism Johnson: The building materials company has received the board approval for definitive agreements to be executed with The Ramco Cements for sale of certain freehold land parcels of 1420.72 acres at Nandyal district in Andhra Pradesh, and also for the transfer of a mining lease to The Ramco Cements. The transfer of mining lease and land parcels to The Ramco Cements is expected to be completed by July 31, 2023.

Hindustan Zinc: The mining company has declared an interim dividend of Rs 7 per share for FY243, amounting to Rs 2,957.72 crore.