Buzzing Stocks: Tata Steel, Wipro, RPP Infra, Fortis Healthcare, others in news today

Tata Steel: Global credit rating agency Moody’s has upgraded the corporate family rating of Tata Steel from Ba1 to Baa3, and changed the outlook from Positive to Stable. The rating agency expects company’s profitability to increase even as softer steel prices dent revenues, and company to maintain conservative financial policies with a well balanced capital allocation and financial metrics appropriate for its Baa3 rating.

Wipro: The IT services company announced the sale of land admeasuring 14 acres and 02 cents, in Chennai, together with a 20-year-old building for Rs 266.38 crore. The company executed sale deed on September 25 and Casagrand Bizpark was the buyer.

Fortis Healthcare: The company has received approval from the board of directors to enter into a Share Purchase Agreement for acquiring 99.9% stake in Artistery Properties. Enterprise value of the stake buy is Rs 32 crore. Artistery owns a land and building adjacent to Fortis Hospital at Anandpur in Kolkata. The building is fully constructed with all statutory compliances in place and with minimal customisation and re-layout, it can be utilised for accommodating OPD, diagnostics and day care services, relocated/shifted from the main building of Fortis Anandpur Hospital.

HDFC Asset Management Company: HDFC AMC has invested Rs 25 crore in its subidiary HDFC AMC International (IFSC) and continued to hold 100% stake in subsidiary.

Bannari Amman Spinning Mills: Shareholders have given approval for reappointment of S V Arumugam as Managing Director of Bannari Amman Spinning Mills, for three years with effect from June 27, 2023 to June 26, 2026. They also approved an appointment of C Sivasamy as an Independent Director of the Company for 5 consecutive years with effect from June 28, 2023 to June 27, 2028.

GR Infraprojects: The bids for 2 ropeway projects won by GR Infraprojects are annulled by National Highways Logistics Management. In February 2023, GR Infraprojects was emerged as L1 bidder for development, operation and maintenance of ropeways contract worth Rs 3,613 crore in Uttarakhand on Hybrid Annuity Mode.

KM Sugar Mills: Shareholders have approved the reappointment of L K Jhunjhunwala as Chairman, Aditya Jhunjhunwala as Managing Director, Sanjay Jhunjhunwala as Joint Managing Director, and SC Agarwal as Executive Director of the sugar firm, with effect from April 1, 2024 for three years.

Ujjivan Small Finance Bank: SMC Global Securities announced a strategic partnership with Ujjivan Small Finance Bank to offer online trading services to the bank’s customers. This association will offer services comprising savings, demat and trading accounts, to bank’s customers. The collaboration will enable SMC Global to expand its client base by tapping into Ujjivan SFB’s extensive pan-India presence, serving over 76 lakh customers.

RPP Infra Projects: The company has received a letter of acceptance for road and drain works-1 for CBR project of CPCL at Nagapattinam, Tamilnadu at a contract price of Rs 300.44 crore. Further, the contract worth Rs 90.18 crore for provision of civil works and allied services for engine test facility along with ancillary work for GRTE at Rajankute, Bengaluru. It also received contract worth Rs 16.88 crore for construction of storm water drain from Thoothukudi city Municipal corporation, Tamilnadu.

Welspun Corp: Subsidiary Sintex BAPL has entered into an MOU with the Telangana government to set up a manufacturing unit in the state with upto Rs 350 crore investment. The proposed project is under the state government’s incentive scheme and will be manufacturing water tanks and PVC pipes & fittings. The total investment will spread over next three financial years.

Delta Corp: Ace investor Ashish Rameshchandra Kacholia has sold 15 lakh shares, which is equivalent to 0.56% of total paid up equity, via open market transactions at an average price of Rs 144.65 per share.

Sheela Foam: The polyurethane foams manufacturer has closed its qualified institutions placement (QIP) on September 25, and has allocated 1.1 crore equity shares at an issue price of Rs 1,078 per share, a discount of 4.94% to the floor price of Rs 1,133.99 per share. With this, the company raised Rs 1,200 crore.

Madhusudan Masala: The spices maker will list its equity shares on the NSE Emerge. The issue price is Rs 70 per share. Its equity shares will be available for trading in trade-for-trade segment.

Kundan Edifice: The light-emitting diode (LED) strip lights manufacturer will debut on the NSE Emerge on September 26. The issue price is Rs 91 per share. Its equity shares will be available for trading in trade-for-trade segment.