Buzzing Stocks: SBI, Biocon, IRCTC, Sunteck Reality, NBCC, Fusion MFI, others in news

State Bank of India: The country’s largest public sector lender will be signing a 70-million-euro line of credit with German development bank KfW for supporting solar PV projects in India at the bank’s IFSC Gift City branch in Ahmedabad.

Biocon: The biopharmaceutical company said its associate Bicara Therapeutics Inc has completed its $165-million Series C financing. The proceeds of the funding will be used to support the continued advancement of Bicara’s lead product candidate, BCA101, which is currently in clinical development for multiple cancer types. After this capital infusion and post-allotment of shares by Bicara, Biocon’s shareholding in Bicara will fall below 20 percent, and as a result, Bicara will cease to be an associate company of Biocon.

Indian Railway Catering and Tourism Corporation: The hospitality and tourism subsidiary of Indian Railways is on the road to proliferate in areas of business beyond railways to promote its brand and business across the nation. At present, IRCTC is managing catering services for various ministries, government departments, autonomous bodies, including the judiciary, and universities. The company has already set up its hospitality outlets in nine such organisations.

NBCC (India): The state-owned construction company has received orders for the construction of 1,469 warehouses and other agri-infrastructure under the world’s largest grain storage plan in the cooperative sector at various locations in India. The order worth Rs 1,500 crore has been bagged from the National Cooperative Development Corporation.

Sandhar Technologies: The automotive components manufacturer has entered into an agreement to disburse the loan of 5,00,000 euros to its subsidiary, Sandhar Technologies Barcelona S.L. (STB), at an interest rate of 10 percent per annum. The loan is repayable, along with the accrued interest, on or before March 30, 2024, or such other date as may be mutually decided by the company and subsidiary.

Sunteck Realty: Promoters Starlight Systems and Satguru Infocorp Services exited the company by selling their own shareholding via open market transactions. Starlight Systems sold 30 lakh shares at a price of Rs 479.47 per share, and Satguru Infocorp Services offloaded 30 lakh shares at a price of Rs 481.65 per share, which is equivalent to 4.1 percent of paid-up equity valued at Rs 288.3 crore. However, Schroder International Selection Fund Emerging Asia bought 10,36,718 equity shares in Sunteck at a price of Rs 474.71 per share.

Fusion Micro Finance: The block deal has been launched to facilitate the sale of a 9.25 percent stake in Fusion Micro Finance held by Honey Rose Investment, an arm of global private equity firm Warburg Pincus, CNBC TV-18 reported. The deal size is valued at Rs 500 crore, with the floor price set at Rs 535 per share.

GMM Pfaudler: The Patel Family, through Millars Machinery Company, has completed the acquisition of a 1 percent equity stake in GMM Pfaudler from Pfaudler Inc. through an off-market inter-se transfer between promoters at Rs 1,700 per share. 75 percent of the amount has been paid upfront, and the remaining 25 percent will be paid on or before March 15, 2024. The Patel family’s shareholding now stands at 25.18 percent, and they remain the largest shareholder of the company.

I G Petrochemicals: IGPL Energy is incorporated as a wholly owned subsidiary of the company, with Jebel Ali Free Zone, Dubai.

Uno Minda: The company has commissioned its new automotive seating systems plant under subsidiary Uno Minda TACHI-S Seating (UMTS) in Ahmedabad, Gujarat. The plant will manufacture mechanical parts for automotive seats for passenger cars. UMTS has already received orders from OEMs and is expected to start supplies by Q4 FY24.

Gokul Agro Resources: The company said its step-down subsidiary, Maurigo Indo Holdings Pte Ltd, based in Singapore, has signed a joint venture agreement with PT Riya Pasifik Nabati and other parties, as well as a transfer and assignment of share rights agreements with PT Pasifik Agro Sentosa and PT Cipta Usaha Sejati. With the execution of these agreements, Maurigo Indo Holdings has completed the acquisition of a 25 percent stake in PT Riya Pasifik Nabati in Indonesia. Indonesia, being one of the prominent palm oil producers, will open new international markets for the group.

Escorts Kubota: Harish Lalchandani has resigned from the position of Chief Officer of the agri-machinery business division of the company due to personal reasons. The resignation has been accepted by the company, and his last working day will be February 28, 2024.