Buzzing Stocks: SBI, PB Fintech, PVR Inox, M&M Financial, Hero MotoCorp, others in news

State Bank of India: The country’s largest public sector lender has executed transaction documents for the purchase of 3,70,644 shares, or 6.35 percent stake, in Canpac Trends, which provides paper-based packaging solutions, for nearly Rs 50 crore. The stake will be bought at a price of Rs 1,349 per share.

M&M Financial Services: The non-banking finance company said it has received approval from the Board of Directors for undertaking the supplemental business activity of soliciting and procuring insurance business as a corporate agent in the areas of life, health, and general insurance, both group and individual. This will be subject to obtaining the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and no objection from the RBI or other regulatory authorities. Meanwhile, Rajesh Vasudevan has resigned as the chief compliance officer (CCO) and senior management personnel (SMP) of the company for pursuing certain personal interests. His resignation would be effective at the close of business hours on January 13, 2024.

Mazagon Dock Shipbuilders: The state-owned shipbuilding company has launched India’s fastest solar-electric boat, SaurShakti, in Kochi. The boat was developed through a collaboration between Mazagon Dock Shipbuilders and NavAlt Solar Electric Boat, Kochi.

PVR INOX: Plenty Private Group and Multiples Private Group are likely to sell a 2.33 percent stake in the multiplex chain, CNBC-TV18 reported, quoting sources. The offer price may be in the range of Rs 1,750–1,769.5 per share, and the offer size may be Rs 404.5 crore.

PB Fintech: The Income Tax officials visited Paisabazaar Marketing and Consulting, a wholly owned subsidiary of PB Fintech, on December 13 and 14, and inquired about certain vendors in Paisabazaar. The company has provided the information required by the IT officials and will continue to provide any further details or information that might be required by the department in the future. The business operations of Paisabazaar continue as usual and have not been impacted due to the survey proceedings.

Hero MotoCorp: The country’s largest two-wheeler maker will be buying an additional stake in associate company Ather Energy from an existing shareholder for up to Rs 140 crore. After this transaction, Hero’s stake in Ather Energy will increase to 39.7 percent from 36.7 percent. Hero will complete the acquisition of additional shares in Ather Energy by January 31, 2024. Further, Hero has appointed Vivek Anand as the Chief Financial Officer (CFO), effective March 1, 2024. Vivek was the CFO at DLF for the past 4 years. The company has also appointed Rachna Kumar as the Chief Human Resources Officer (CHRO). Rachna was holding the CHRO position at Whirlpool Asia.

Bharat Heavy Electricals: BHEL and the Central Manufacturing Technology Institute (CMTI), an autonomous institution under the administrative control of the Ministry of Heavy Industries, have entered into a Memorandum of Understanding (MoU) for collaboration on technology development in the areas of hydrogen value chain and IIoT solutions for predictive maintenance of machines and manufacturing processes.

Vedanta: The company will be meeting on December 19 to consider the proposal for the issuance of non-convertible debentures on a private placement basis as part of its routine refinancing that is undertaken in the ordinary course of business.

Fusion Micro Finance: Bajaj Allianz Life Insurance Company, Kotak Mahindra Life Insurance Company, Morgan Stanley Asia Singapore Pte, Societe Generale, Franklin Templeton Mutual Fund, and HDFC Mutual Fund have bought more than 80 lakh equity shares, or 7.92 percent stakes, in the microfinance institution via open market transactions at a price of Rs 555.6 per share, valued at Rs 444.54 crore. However, promoters Honey Rose Investment and Creation Investments Fusion, LLC sold 1,02,99,021 equity shares, equivalent to 10.2 percent of paid-up equity, in Fusion at the same price, valued at Rs 572.2 crore.

Zen Technologies: Tata AIA Life Insurance Company has purchased 20 lakh equity shares, equivalent to a 2.38 percent stake in the company, at a price of Rs 725 per share, valuing the holding at Rs 145 crore. However, promoter Tara Dutt Atluri sold 15 lakh shares, or 1.78 percent, of Zen at the same price, amounting to Rs 108.75 crore.

Gandhar Oil Refinery: The stock will be in focus ahead of the announcement of July-September quarter earnings on December 15.

LTIMindtree: The technology consulting and digital solutions company, has inaugurated a new delivery centre in Mexico City as part of expanding its presence in Latin America. The delivery centre will enable workforce transformation and localization for LTIMindtree in the Americas.

Syrma SGS Technology: The company has incorporated a wholly owned subsidiary company, namely Syrma Strategic Electronics, to carry on the business of all electronic and communication equipment and parts, components, assemblies, and subassemblies to be used in the computer and electronic industry.

Sterling and Wilson Renewable Energy: Sterling and Wilson International FZE, Dubai, the subsidiary of the company, has received a settlement amount of $30.54 million, or Rs 254.20 crore, from Jinko Solar Co. The settlement amount included a reasonable share of legal fees.

Texmaco Rail Engineering: The Ministry of Railways has awarded an order to the company for the manufacture and supply of 3,400 BOXNS waggons valued at Rs 1,374.41 crore.

Panacea Biotec: The biotechnology company has launched the fully-liquid wP-IPV-based pentavalent vaccine EasyFourPol in India. The wP-IPV pentavalent vaccine protects children against five deadly diseases: diphtheria, tetanus, pertussis, polio, and invasive infections caused by Haemophilus influenza type B. In addition, the firm announced the registration of Valganciclovir 50 mg/mL powder for oral solution by its step-down, wholly-owned subsidiary company, Panacea Biotec Germany GmbH, in Germany. Valganciclovir powder is a deoxynucleoside analogue cytomegalovirus DNA polymerase inhibitor.

Accent Microcell: The microcrystalline cellulose manufacturer will list its equity shares on the NSE Emerge on December 15. The issue price is Rs. 140 per share. Its equity shares will be available for trading in the trade-for-trade segment.

Genus Power Infrastructures: Genus Power Infrastructures’ subsidiary has received a Letter of Award (LOA) worth Rs 1,026.31 crore for the appointment of advanced metering infrastructure service providers (AMISPs), including the design of advanced metering infrastructure (AMI) systems with supply, installation, and commissioning with an FMS of about a million smart prepaid metres, system metres, including DT metres, with corresponding energy accounting on a DBFOOT basis.

Satin Creditcare Network: The microfinance institution launched its qualified institution placement (QIP) issue on December 14, with a floor price of Rs 242.81 per share. Further, the Fund Raising Committee of the company will meet on December 19 to consider the issue price of the equity shares, including a discount on the floor price.

Onward Technologies: WhiteOak Capital Mutual Fund, White Oak India Equity Fund IV, Ashoka India Equity Investment Trust Plc, and India Acorn India Acorn Fund bought 10,99,700 equity shares in the software company at a price of Rs 563.75 per share, valued at Rs 62 crore. However, promoter entity Onward Software Technologies was the seller in this deal.

Senco Gold: Oman India Joint Investment Fund II, the alternate investment fund, sold 6 lakh equity shares, or 0.77 percent stake, in the gold jewellery company at a price of Rs 746.19 per share, valued at Rs 44.77 crore. Oman India held a 3.43 percent stake in Senco as of September 2023.