Buzzing Stocks: L&T, RIL, Power Grid, Gallant Ispat, Laurus Labs, others in news

Laurus Labs: The company will buy 37,641 equity shares in Laurus Bio Pvt Ltd from promoters and other shareholders to raise its stake to 87.58 percent. The acquisition will cost Rs 71.60 crore and will be completed within 45 days.

Larsen & Toubro: The infrastructure major has announced increase in its buyback price from Rs 3,000 to Rs 3,200 per share. Maximum number of equity shares proposed to be bought back by the company has also been reduced from 3,33,33,333 shares to 3,12,50,000 shares (2.22 percent).

Reliance Industries: Global investment firm KKR, through an affiliate, will invest Rs 2,069.50 crore into Reliance Retail Ventures, a subsidiary of Reliance Industries. This investment values Reliance Retail Ventures at a pre-money equity value of Rs 8.361 lakh crore, which makes it among the top four companies by equity value in the country. With this transaction, KKR’s shareholding in Reliance Retail Ventures will increase from 1.17 percent to 1.42 percent. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

SpiceJet: The airline said it would complete the payment of Rs 100 crore to former promoter Kalanithi Maran by September 12. It would also make a payment of $1.5 million in the Credit Suisse case in accordance with a court directive.

Lupin: The pharma major plans to enter into a business transfer agreement with subsidiary Lupin Manufacturing Solutions, to carve out two active pharmaceutical ingredients (APIs) manufacturing sites at Dabhasa and Visakhapatnam. It also plans to carve out select R&D operations, including fermentation, at Lupin Research Park, Pune. Lupin expects to get Rs 750-850 crore, subject to movement in working capital & other items.

Mishtann Foods: The company will issue up to 740,00,000 convertible equity warrants with each warrant convertible into one fully paid up equity share of the company. The warrants will be issued to non promoters for 18 months at Rs 13.50 to raise Rs 99.90 crore. Besides the company said it will als raise Rs 200 crore from promoters via convertible debt.

ICICI Bank: RBI has approved the re-appointment of Sandeep Bakhshi as Managing Director & CEO of the Bank with effect from October 4, 2023 till October 3, 2026, the company said. At the Annual General Meeting held on August 30, 2023, the Shareholders had already approved the appointment of Bakhshi for the above mentioned period.

Gufic Biosciences: The company received approval from the Therapeutic Group Administration (TGA), Australia and the National Health Surveillance Agency (ANVISA), Brazil for Parecoxib Sodium 40mg Lyophilized Powder for Injection, a selective COX-2 inhibitor, which shall be used for short-term treatment of acute pain and post-operative pain in adult patients.

Power Grid Corporation of India: The company has been declared as successful bidder under tariff based competitive bidding to establish Inter-State Transmission System Project namely “Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part C1” on Build, Own Operate and Transfer (BOOT) basis. The project comprises establishment of a new 765/400kV substation along with STATCOM at Ramgarh, 765kV D/C Transmission Line and associated bays extension works at other existing substation in the state of Rajasthan.

KIMS: The company acquired a further 13.24 percent in Kondapur Healthcare Limited for Rs 20 cr. The company is yet to commence its operations. The total equity stake as of September 11, 2023 is 19.86 percent.

Kinetic Engineering: Promoters of the company infused Rs 28 crore in the company including buying equity shares worth Rs 27.42 crore at Rs 120 per share and 80,000 Optionally Convertible Cumulative Preference Shares at Rs 120 as well.

Rainbow Children’s Medicare: White Oak Capital Management Consultants LLP now holds a total of 58,24,215 shares in Rainbow Children’s Medicare Limited, which is equivalent to 5.74% of the Company’s issued shares. This is down from 7.8 percent earlier. The fund manager sold 20,88,635 shares of the company.

Gallant Ispat: The company said its board has approved the setting up a new Direct Reduced lron (oRl) Kiln having a capacity of 1,65,000 MTPA at the Company’s manufacturing facilities at Gorakhpur, Uttar Pradesh. The project will cost rs 125 crore and money will be raised internally. Besides, the company proposes to install an additional furnace of 30 ton per heat capacity. This furnace is expected to improve production capability by 15%. The installation of this furnace will cost around Rs 25 crore and it is expected to be operational in the beBinning of calendar 2024.

DJ Mediapriot & Logistics: The company has secured orders from Bombay Mercantile Co-operative Bank Limited for printing of bank’s cheque books and pay orders. The order is worth Rs 2.3 crore.