Buzzing Stocks: Zomato, NBCC, Sun Pharma, LTIMindtree, HFCL, others in news

Zomato: Internet Fund III Pte Ltd, a venture capital fund managed by the US-based investment management company Tiger Global Management, has exited the food delivery giant by selling entire its shareholding in the company for Rs 1,123.85 crore. The fund sold 12.34 crore shares or 1.44% stake in Zomato, through open market transactions at an average price of Rs 91.01 per share.

Sun Pharmaceutical Industries: The pharma major expects high-single-digit consolidated topline growth for FY24. The expansion of its global specialty business is expected to continue, while the research and development (R&D) spending is expected to be about 7-8 percent of sales in FY24 with an increasing share of spending in specialty R&D.

Star Health and Allied Insurance Company: ICICI Prudential Life and Fidelity cumulatively picked 3.35% shareholding in the Late big bull Rakesh Jhunjhunwala-backed health insurance company. ICICI Prudential Life Insurance Company has bought 39 lakh shares, Fidelity Investment Trust Fidelity Series Emerging Markets Fund purchased 1.23 crore shares and FGTFEBP:FIAM Emerging Markets Opportunities Commingled Pool 32.45 lakh shares in Star Health, via open market transactions, at an average price of Rs 610.20 per share. However, foreign investors Mio IV Star has offloaded 34.02 lakh shares in Star Health at an average price of Rs 610.20 per share, and University of Notre Dame DU LAC sold 1.66 crore shares at an average price of Rs 610.22 per share.

Indiabulls Real Estate: Atul Chandra is appointed as Chief Operating Officer of the real estate firm, with effect from August 28. Chandra is the senior vice-president of the company.

NBCC India: The state-owned construction company has bagged work order worth Rs 66.32 crore from Indian Medical Association. The said work order included planning, designing and execution of IMA House at Indraprastha, New Delhi. The order is expected to be executed within 30 months.

SJVN: Subsidiary SJVN Green Energy has received Letter of Awards from Assam Power Development Corporation (APDCL) for three solar power projects of cumulative capacity 320 MW. These three solar power projects will be developed on build own and operate (BOO) basis and are expected to generate cumulative 628 MUs in the 1st year and the cumulative energy generation over a period of 25 years would be about 14,591 MUs. The projects are expected to be commissioned by March 2025. The tentative cost of development of these 320 MW projects is around Rs 1,900 crore.

LTIMindtree: The technology consulting and digital solutions company has announced a strategic collaboration with SaaS company CAST AI that specialises in automated cost optimisation for customers who run their cloud-native applications on Google Cloud, AWS, and Microsoft Azure. This collaboration brings together LTIMindtree’s Infinity platform, with CAST AI’s cloud cost optimization platform to provide enterprises with a complete view of their cloud portfolio.

Bayer CropScience: Duraiswami Narain has resigned as the vice-chairman and managing director and chief executive officer of the company with effect from October 31, 2023 due to his planned repatriation to Bayer US. The company appointed Simon Weibusch as the Vice-Chairman, Managing Director and CEO with effect from November 1, 2023. Simon resigned as the Executive Director as the Whole-time Director of the company with effect from October 31, 2023.

HFCL: The Fund Raising Committee of Directors of the company has decided to launch qualified institutional placement (QIP) issue on August 28, for fund raising. The floor price for the issue has been fixed at Rs 68.61 per share.

Visa Steel: Promoter Visa Industries has bought 22 lakh shares or 1.89% stake in the high carbon ferro chrome maker, via open market transactions at an average price of Rs 14.3 per share. However, M Prasad & Co sold 16.05 lakh shares or 1.38% in the company at same average price.

Gillette India: Sharath Verma will cease to be company’s Chief Marketing Officer effective August 31 due a change in his assignment at P&G. Mukta Maheshwari will be appointed as company’s Chief Marketing Officer effective September 1.

Gokaldas Exports: The company through subsidiaries has entered into an agreement to acquire Dubai-headquartered Atraco Group (Atraco), a leading manufacturer of apparel with a strong market position and customer relationships across US and Europe. The equity value of the transaction is $55 million and the same will be funded by a mix of debt and internal accruals. The transaction is expected to be closed by Q3 FY24.

Indiabulls Housing Finance: The housing finance company has repaid Rs 1,112.5 crore of bonds, which was availed in August 2013. Debt repayment of the 10-year monies repaid on Monday and the five-year ECBs repaid last week.

Vasudhagama Enterprises: The company has acquired 13,26,538 equity shares at a price of Rs 265 per share of Digigames from its shareholders other than cash (share swap) basis. The company has issued 1,32,65,380 equity shares at a price of Rs 26.50 per share on preferential allotment basis to the shareholders of Digigames in consideration of share acquired from them. Subsequently Digigames becomes wholly owned subsidiary of the company.