Buzzing Stocks: M&M, HCL Tech, MOIL, Max Financial, Honasa, JSW Infra and others in news

HCL Technologies: HCL Investments UK, the step-down wholly owned subsidiary of HCL Technologies, has entered into a Memorandum of Understanding with its joint venture (JV) partner, State Street International Holdings, for selling the entire 49 percent equity stake in the JV to State Street for $170 million + net book value. The transaction is expected to be completed in the second calendar quarter of 2024.

Mahindra & Mahindra Financial Services: The non-banking finance company estimated the overall disbursement at approximately Rs. 5,300 crore in November, delivering 16 percent growth over the previous year. The disbursements for April–November 2023, at about Rs 36,000 crore, registered a growth of 16 percent YoY. The collection efficiency was at 94 percent for November, against 96 percent in the same month last year. Stage-3 and Stage-2 assets continued to remain rangebound compared to September 2023.

JSW Infrastructure: The company said its subsidiary, JSW Dharamtar, has entered into a share purchase agreement to purchase 50 percent plus 1 share of PNP Maritime Services are held by SP Port Maintenance, a Shapoorji Pallonji group company, for Rs 270 crore. PNP Port is operating multi-purpose jetties at Shahabad in Raigad, Maharashtra.

Honasa Consumer: Fireside Ventures is going to sell 61 lakh shares of Honasa Consumer, the parent company of beauty and personal care products brand Mamaearth, in a block deal on December 5, sources told CNBC Awaaz. This is a 1.9 percent stake in the company worth more than Rs 230 crore as of the last closing price. Sources said the offer floor price is in the range of Rs 368.7 to Rs 384.1, which includes a discount of up to 4 percent.

Max Financial Services: Analjit Singh, Chairman of Max Life Insurance Company, the material subsidiary of the company, has stepped down from the chairmanship and membership of the board of directors of Max Life effective December 4. Rajiv Anand, non-executive director of Max Life, nominated by Axis Bank, has been appointed as chairman of Max Life effective December 5.

Hindustan Construction Company: HCC Infrastructure Company, a subsidiary of the company, has received Rs 110 crore as earn-out money from Cube Highways and Infrastructure V Pte Ltd. for a stake sale in Baharampore-Farakka Highways (BFHL). Further, Steiner AG, Switzerland, the material subsidiary of HCC, has entered into a Share Purchase Agreement with Demathieu Bard, a company headquartered in France, for the divestment of its entire equity interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the company, for CHF 98 million (Rs 928 crore). Accordingly, Steiner Construction SA will cease to be a subsidiary of Steiner AG, Switzerland, and the company on completion of the sale or disposal.

DCB Bank: Promoter entity Aga Khan Fund for Economic Development (AKFED) has expressed its interest in investing up to $10 million by subscribing to additional equity shares of the bank. The purpose is to further strengthen the bank’s capital position and support its growth plans. A meeting of the board of directors of the bank will be held on December 8 to consider the said proposal.

Quess Corp: The business services provider has signed a Memorandum of Understanding (MoU) with the National Skill Development Corporation (NSDC), the apex skill development organisation under the Ministry of Skill Development and Entrepreneurship (MSDE), to enhance skill development and employability.

MOIL: The mini-ratna state-owned manganese-ore mining company has announced manganese ore production of 1.62 lakh metric tonnes in November, increasing 35 percent over a year-ago period. In the April-November period of FY24, manganese ore production increased 43 percent YoY to 10.9 lakh metric tonnes. Manganese ore sales in November grew by 18 percent YoY and in the April-November period by 52 percent YoY.

Brigade Enterprises: The Bengaluru-based real estate developer has entered into a joint development agreement with land owners to develop a luxury residential project spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million square feet, with a gross development value of Rs 300 crore.

RR Kabel: The wire and cable manufacturing company said the Income Tax Department officials concluded their search operations at its offices and manufacturing units on December 4. The officials started the search operations on November 29.

Bank of India: The public sector lender is likely to launch a qualified institutional placement (QIP) issue in the range of Rs 3,500–4,000 crore this week, reports CNBC-TV18, quoting sources. The base issue size may be in the range of Rs 2,000–2,500 crore, with a greenshoe option of Rs 1,500 crore.

Unichem Laboratories: The pharma company has sold the equity shares held in Optimus Drugs to Sekhmet Pharmaventures for Rs 67.47 crore.

Bannari Amman Spinning Mills: The company has received board approval for the transfer, disinvestment, and sale of the company’s equity shareholding in the subsidiary and joint venture company Young Brand Apparel, the sale of its garment unit at Palladam, Tamil Nadu, and the sale of 6.43 acres of land with a building at Perundurai. The board also approved raising funds up to Rs 200 crore via the issue of equity shares or convertible debentures through rights issues or qualified institution placement, which will be used for reducing the company’s borrowings.

Graphite India: The graphite electrode manufacturing company has entered into a definitive transaction with a cash consideration of Rs 50 crore for investment in compulsory convertible preference shares of Godi India, resulting in an equity shareholding of 31 percent in Godi India. Godi India is engaged in advanced chemistry R&D to support the manufacturing of sustainable batteries for electric vehicles and supercapacitor-based energy storage systems.

SEPC: The company has received work orders worth Rs 427.8 crore from the Drinking Water and Sanitation Department of the Government of Jharkhand. The work orders will be executed in 27 calendar months from the date of agreement, excluding three months of trial running and thereafter five years of operation and maintenance.

Gulshan Polyols: The company had participated in a tender floated by oil marketing companies (OMCs: BPCL, HPCL, and IOC) inviting various molasses and grain-based distilleries to supply ethanol under EBPP during the Ethanol Supply Year (ESY) till October 31, 2024, at their various locations across the country. Gulshan Polyols has received an order for supplying 89,404 kiloliters of ethanol from its 500 KLPD ethanol plant at Boregaon, with an estimated order value of Rs 571.5 crore.

Alembic Pharmaceuticals: The pharma firm has appointed Pradeep Chakravarty as Head of Global Quality (senior management personnel), with effect from December 4. Earlier, he was working with Lupin.

Cupid: The company has acquired a new land parcel in an industrial area near Mumbai to increase its production capabilities.

Swashthik Plascon: The company will list its equity shares on the BSE SME on December 5. The issue price is Rs. 86 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Computer Age Management Services: Promoter Great Terrain Investment has exited CAMS, the mutual fund transfer agency, by selling its entire shareholding of 97.59 lakh equity shares in the company via open market transactions at an average price of Rs 2,766.47 per share, valuing the stake at Rs 2,700 crore. However, Societe Generale, Morgan Stanley, Goldman Sachs, Abu Dhabi Investment Authority, UTI Mid Cap Fund, Sundaram BNP Paribas Select Midcap, Kotak Mahindra Mutual Fund, Birla Sun Life Mutual Fund, India Acorn ICAV, IIFL Mutual Fund, and White Oak India Equity Fund II bought 58.17 lakh equity shares in CAMS at an average price of Rs 2,766 per share, amounting to Rs 1,609.01 crore.

360 ONE WAM: ICICI Prudential Mutual Fund, through its ICICI Prudential Value Discovery Fund, bought 35 lakh equity shares, or 0.98 percent stake, in 360 ONE WAM at an average price of Rs 600 per share, valued at Rs 210 crore. However, promoters Madhu N Jain, Nirmal Bhanwarlal Jain, and Venkatraman R sold 1 crore equity shares in the company, amounting to Rs 600.13 crore.