Buzzing Stocks: Wipro, Indian Bank, Axis Bank, Mankind Pharma, others in news

Wipro: The technology services and consulting company has entered into a new agreement with RSA, one of the world’s leading general insurance companies. Wipro will help accelerate RSA’s migration to the cloud and build a compliant, secure, and scalable IT infrastructure. The three-year engagement builds on Wipro and RSA’s existing relationship, which began in 2016.

Indian Bank: The public sector lender has launched its qualified institution placement (QIP) issue on December 12. The floor price has been fixed at Rs. 414.44 per share. The Committee of Directors (Capital Raising) of the bank will be meeting on December 15 to consider the issue price of equity shares to be allotted pursuant to the proposed QIP of equity shares.

Force Motors: The automobile company has received board approval to acquire 12.21 percent shares in TP Surya, a wholly owned subsidiary of Tata Power Renewable Energy. Through this acquisition, the company is tying up with Tata Power Renewable Energy as per the Maharashtra Group’s captive arrangement for green energy under open access. TP Surya, incorporated as a special-purpose vehicle, is in the process of setting up ground-mounted solar photovoltaic power projects in Maharashtra.

Axis Bank: Private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources told Moneycontrol. Entities associated with Bain Capital are looking to sell a 1.1 percent stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share.

Mankind Pharma: Beige, an affiliate of private equity firm Chrys Capital, sold 1.79 crore equity shares in the pharma company via open market transactions. These shares were worth Rs 3,282 crore. Hema CIPEF (I) sold 56,26,167 shares at an average price of Rs 1,832.8 per share, and global private equity firm Cairnhill CIPEF offloaded 69,62,233 shares at an average price of Rs 1,832.3 per share, while Kotak Funds India Midcap Fund bought 20,29,246 shares at a price of Rs 1,832.30 per share.

Cummins India: Cummins India, in collaboration with Repos Energy, launched DATUM (data automated teller ultimate machine). DATUM is a smart fuel management system for diesel applications. Cummins will market and distribute the DATUM range of products through its vast distribution network in India. DATUM leverages sensors and digital technologies to provide real-time updates on fuel inventory and consumption across multiple installations.

Zee Entertainment Enterprises: Plutus Wealth Management LLP has bought 90 lakh equity shares, or 0.93 percent of paid-up equity, in the media and entertainment company at a price of Rs 292.34 per share.

Karur Vysya Bank: SBI Mutual Fund has bought 1.2 crore equity shares, equivalent to 1.5 percent of paid-up equity, in the bank at a price of Rs 162 per share. These shares amounted to Rs 194.4 crore.

Equitas Small Finance Bank: Ashwini Biswal has been appointed as the Chief Compliance Officer of the small finance bank for five years, with effect from January 28, 2024. Ashwini Biswal will succeed Srinivasan Krishnamurthy Purohit, who will be transitioned to a new role within the bank after the completion of his current term as Chief Compliance Officer on January 27, 2024.

CIE Automotive India: Hari Krishnan has resigned as the Chief Executive Officer (CEO) of forgings and bill forging divisions in the company, with effect from March 31, 2024. Sunil Narke has been appointed as the Chief Executive Officer of the forgings division, with effect from April 1, 2024.

Shilpa Medicare: Shilpa Medicare’s Unit VI, Bengaluru, in Karnataka, has received approval from TGA, Australia, for the manufacture, labelling, packaging, and testing of medicinal oral mouth dissolving films (wafers). This unit is engaged in the manufacture and testing of oral mouth dissolving films and transdermal patches. This unit supplies oral film products to the US and other markets. This approval will enable the company to secure approval and market its oral film products in Australia.

Allcargo Terminals: The volumes at the container freight station (CFS) increased by 2 percent YoY to 47.1 ‘000 TEUs (twenty-foot equivalent unit) in November 2023, but the same declined by 13 percent QoQ. The momentum witnessed in October 2023 was subdued in November 2023 on account of post-Christmas demand easing out, which is in line with the industry.

Laurus Labs: The US Food and Drug Administration (US FDA) has issued five observations in Form 483 for the manufacturing facility in Visakhapatnam, Andhra Pradesh, owned by Laurus Synthesis (LSPL), a wholly owned subsidiary of Laurus Labs. The inspection by the US FDA was conducted from December 4 to 12, 2023. The company will address the observations within the stipulated timelines.

KIOCL: The operation of the pellet plant unit of the company at Mangalore has been temporarily suspended with effect from December 12. The operation of the pellet plant unit was suspended due to the non-availability of iron ore fines.

Global Health: Global Health has incorporated a joint venture company, GHL Hospital, with DLF, to construct, equip, and operate super specialty hospitals, clinics, and health care centres with other related ancillary medical facilities and services.

Graphisads: The ad-tech communication solutions platform will list its equity shares on the NSE Emerge on December 13. The issue price is Rs. 111 per share. Its equity shares will be available for trading in the trade-for-trade segment.