Buzzing Stocks: HDFC Bank, SBI, Max Financials, Bank of India, Power Grid, others in news

SBI: The lender is picking up a 20 percent additional stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore. With this transaction, SBI’s stake in SBI Pension Funds will reach 80 percent. SBI said the RBI and PFRDA have approved the acquisition, which will be completed on December 15.

HDFC Bank: The country’s largest private sector lender has sought approval from the shareholders for the re-appointment of Sashidhar Jagdishan as the managing director and chief executive officer of the bank and the appointment of V Srinivasa Rangan as an executive director of the bank. The bank also sought approval from shareholders for the re-appointment of MD Ranganath and Sandeep Parekh as independent directors on the board.

Max Financials: The company said V Viswanand, Deputy MD, will step down from office and as a board member of Max Life after his contract expires on December 31, 2023.

Bank of India: The bank has announced a QIP with a floor price of Rs 105.42 per share. Its Capital Issue Committee is meeting on December 8 to consider and determine the issue price, including any discount.

JB Chemicals and Pharmaceuticals: Lakshay Kataria has resigned as the Chief Financial Officer and Key Managerial Personnel of the company due to personal reasons. Lakshay Kataria ceased to be the Chief Financial Officer of the company with effect from November 30.

Powergrid: The company received an LOI to establish an inter-state transmission system project for “the transmission system for the evacuation of an additional 7 GW of RE power from Khavda RE Park under Phase III Part B.” The work comprises the establishment of a new 765/400 kV switching station at Vataman in Ahmedabad district.

GRM Overseas: The company announced the appointment of Atul Garg as MD of GRM Foodkraft, a subsidiary of the company. Atul Garg will hold the post for five years.

Techknowgreen: The company secured a Rs 18 crore work order from Duet India Hotels (Navi Mumbai), surpassing the company’s FY23 turnover. The work will cover 7,285 square metres at TTC Industrial.

Axiscades Technologies: The company acquired a 100 percent stake in Epcogen for Rs 26.25 crore. Epcogen engages in engineering design and solutions for the energy space.

Force Motors: The company produced 2216 total units in November 2023. Domestic sales came in at 1732 units, while exports were at 339 units.

Gujarat Toolroom: The company appointed Asha Parmar as a full-time company secretary and compliance officer of the company. The company also appointed Rakesh Dutta as Chief Financial Officer. They also appointed Himanshu Togadiya as the secretarial auditor.

Honasa Consumer: Fireside Ventures Investment Fund I have offloaded Rs 230.15 crore worth of shares in Honasa Consumer, the parent company of the beauty and personal care products brand Mamaearth, as it sold 60.88 lakh shares in the company via open market transactions at an average price of Rs 378 per share. However, Norges Bank, on behalf of the Government Pension Fund Global, bought 24.98 lakh shares in Honasa at an average price of Rs 378 per share.

Sanghvi Motors: The company announced that the Bombay High Court rejected the appeal filed by the VAT/Sales Department against Sanghvi Motors. The Assistant Commissioner of Sales Tax slapped a demand notice against the company in 2015 for a VAT liability of Rs 120.26 crore for “transfer of the right to use the goods.”

Swan Energy: SBI Life Insurance Company bought 20 lakh shares in the company, and Europe-based financial services company Societe Generale purchased 18 lakh shares in the firm at an average price of Rs 414 per share, which in total amounted to Rs 157.32 crore. However, 2I Capital PCC sold 30 lakh shares in Swan at an average price of Rs 414 per share, Kasturi Vintrade offloaded 23,80,481 shares at an average price of Rs 432.28 per share, and Ares Diversified sold 54,99,319 shares at an average price of Rs 414.09 per share.

Snowman Logistics: Promoter and logistics services provider Gateway Distriparks has bought 8.5 lakh shares in Snowman at an average price of Rs 59.23 per share.

Sapphire Foods India: The Foreign Investor Government of Singapore has bought 20,19,694 shares in Sapphire Foods via an open market transaction at an average price of Rs 1,400 per share, whereas Arinjaya (Mauritius) sold 27 lakh shares at an average price of Rs 1,400.01 per share.

Shriram Properties: US-based private equity firm TPG Asia SF V Pte Ltd sold 1,67,56,351 equity shares in the real estate developer at an average price of Rs 113.4 per share, amounting to Rs 190.01 crore. However, Tara Emerging Asia Liquid Fund bought 8,84,956 shares in Shriram Properties at an average price of Rs 113 per share, BNP Paribas Arbitrage bought 10,77,776 shares at an average price of Rs 116.01 per share, and OHM Enterprises picked 9,90,000 shares at an average price of Rs 113.71 per share.

Ashok Leyland: The country’s second-largest commercial vehicle maker had invested 62.87 million pounds (approximately Rs 662.5 crore) in Optare Plc, UK, via equity shares as the first tranche. Due to the allotment by the board of directors of Optare Plc, the shareholding of Ashok Leyland in Optare Plc has increased from 91.63 percent to 92.19 percent. On November 9, Ashok Leyland decided to invest Rs 1,200 crore in Switch Mobility as equity through its holding company, Optare Plc. Optare Plc is the holding company of Ashok Leyland’s EV initiatives, Switch Mobility UK and Switch Mobility Automotive.

Sanghi Industries: Cement major Ambuja Cements has bought 13,34,95,941 equity shares (51.68 percent stake) in the company via open market transactions at an average price of Rs 121.9 per share, valued at Rs 1,627.3 crore. However, promoters Alok Sanghi, Sanghi Industries, Flarezeal Solutions LLP, Ravi Sanghi, Samruddhi Investors Services, Sanghi Polymers, and Aditya Sanghi sold 13,24,75,741 shares in the company at the same price.

Dalmia Bharat: The Board of Directors of Dalmia Cement (Bharat), the wholly owned subsidiary of the company, has appointed Puneet Yadu Dalmia as Managing Director & CEO for 5 years with effect from December 8, and Mahendra Singhi as Strategic Advisor to Managing Director & CEO with effect from December 9. The tenure of Singhi as Managing Director and CEO will successfully culminate on December 8, and thereafter, Singhi will act as Non-Executive Non-Independent Director of Dalmia Cement (Bharat) as well as Strategic Advisor to the Managing Director and CEO.

Ion Exchange (India): Ethigen Inc. filed an arbitration claim of $1.8 million (approximately Rs 149.56 crore) for damages against Ion Exchange at the International Chamber of Commerce (ICC), alleging the wrongful termination and breach of terms of the agreement by Ion Exchange. The ICC tribunal has rejected Ethingen’s claim for damages against the company and has also rejected all other claims and requests of the parties.

NLC India: The company has started bio-mass co-firing operations in its coal-based thermal power station, NLC Tamilnadu Power (NTPL), at Tuticorin.

Oberoi Realty: The Mumbai-based real estate developer has registered a conveyance deed of the land parcel of approximately 6.4 acres in its favour and also taken possession of the said property. The total consideration for the acquisition of the said property is Rs 196 crore, which has been paid in its entirety. With this, the company has completed the acquisition and consolidation of contiguous pieces of land measuring 75 acres at Pokhran, Thane, Maharashtra. The company had entered into a Memorandum of Understanding with NRB Bearings for acquiring the land at Pokhran.

Kajaria Ceramics: Kajaria Ramesh Tiles Limited, Nepal, the joint venture company has received sanction for a loan of Rs 218 crore from the Consortium of Nepalese Banks for setting up the manufacturing facility in Nepal. The company has provided a standby letter of credit (SBLC) of Rs 68.12 crore against the said loan in favour of Everest Bank, the lead bank of the consortium of Nepalese banks.

Pavna Industries: Ravindra Madan Mohan Agrawal has resigned from the post of Chief Financial Officer (CFO) of the company with effect from December 28 due to personal reasons.

SBC Exports: The company has received approval from the Board of Directors for the issue of bonus shares in the ratio of 1:2 (1 equity share for every 2 equity shares held by the existing equity shareholder of the company).

Zed Learn: Axis Bank has filed a petition under the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process (CIRP) of Digital Ventures, the wholly owned subsidiary of Zed Learn Limited, before the National Company Law Tribunal, Mumbai.

Greenpanel Industries: The operations at the MDF plant at Chittor in Andhra Pradesh have been disrupted since December 4 due to Cyclone Michaung. The company is taking adequate steps to ensure the earliest possible resumption of plant operations. During the aforesaid period, the company will continue to service the customers uninterruptedly from the inventory of finished goods, subject to logistics availability.

Deepak Chemtex: The company will list its equity shares on the BSE SME on December 6. The issue price is Rs 80 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Amic Forging: The company will debut on the BSE SME on December 6. The issue price is Rs. 126 per share. The stock will be in the trade-for-trade segment for 10 trading days.