Buzzing Stocks: LIC, GMR Airports, Bata, Lupin, MOIL, Allcargo Gati and others in news

LIC: The company got an exemption from the Department of Economic Affairs to achieve the 25 percent minimum public shareholding threshold within 10 years of listing in 2032. The department termed the decision “public interest”.

GMR Airports Infrastructure: Subsidiary GMR Airports has entered into a binding agreement with the National Investment and Infrastructure Fund (NIIF) to invest Rs 675 crore in the upcoming airport at Bhogapuram, Andhra Pradesh. This is NIIF’s second investment in a GMR airport after their investment in Goa International Airport.

Bata India: The company announced Pankaj Gupta, Head of Retail and Franchisee Operations, will resign from the post and move to a global position in the Bata Group, effective March 1, 2024. Badri Beriwal, chief strategy and business development officer of the company, will additionally be leading the retail business, including Bata, Hush Puppies, and franchise operations of the company.

MOIL: The company announced that production by December 20 crossed 16 lakh metric tonnes in CY2023. The company said this figure is 26 percent higher than the previous high in 2019.

Scooters India: The company released a letter of offer for delisting their shares from the stock exchange. The delisting offer will open on December 26, 2023, and close on April 8, 2024. The last date for verification and acceptance of shares by the acquirer is April 18, 2024.

Lupin: LupinLife, the consumer healthcare business of Lupin, launched Softovac Liquifibre, a 100 percent Ayurvedic liquid laxative. With this, the company enters the Indian liquid laxative market with this product, which is a formulation of Isabgol fibre in liquid form and natural actives such as sonamukhi, harad, mulethi, saunf, amaltas, and gulab dal.

Allcargo Gati: The logistics company has received approval from the Board of Directors for raising funds up to Rs 500 crore. This is growth capital for expansion, capex, working capital, etc.

Medplus Health Services: The subsidiary company has received an order from the Drugs and Control Authority on suspension of drug licences for five days from the date of receipt of the order due to violations of various conditions of licences.

Onward Technologies: Kotak Mahindra Life Insurance Company has picked up 1,59,699 equity shares in Onward at an average price of Rs 620.75 per share. However, promoter Jigar Harish Mehta sold 2 lakh shares at a price of Rs 619.1 per share, and Onward Software Technologies offloaded 2 lakh shares at a price of Rs 620 per share.

Ami Organics: Valuequest Investment Advisors, Morgan Stanley Asia Singapore Pte, Malabar India Fund, ICICI Prudential Mutual Fund, Goldman Sachs Investments Mauritius I, and BofA Securities Europe SA bought 32,48,500 equity shares in Ami Organics via open market transactions at a price of Rs 1,030 per share, which amounted to Rs 334.6 crore. However, high-net-worth individual Girishkumar Limbabhai Chovatia exited the company by selling his entire personal shareholding of 19,70,430 shares at a price of Rs 1,030.12 per share, while Kiranben Girishbhai Chovatia sold 18,40,000 shares and Dhwani Girishkumar Chovatia offloaded 7,89,570 shares at an average price of Rs 1,030 per share.

ADF Foods: The company invested Rs 5 crore in subsidiary Telluric Foods India through 50 lakh Optionally Convertible Redeemable Preference Shares (OCRPS). Telluric Foods India will give Rs 2.5 crore as a working capital loan to its subsidiary, Telluric Foods, for its e-commerce business.

Suven Pharmaceuticals: The company announced that Himanshu Agarwal will be appointed as CFO of the company on January 2, 2024. He will be replacing Subba Rao Parupalli, who tendered his resignation earlier. Himanshu Agarwal previously worked with Akzo Nobel India, Astra Zeneca Pharma, and Bennett & Coleman.

Mitshi India: The company announced that Rinku Niket Patel resigned from the post of Chief Financial Officer due to personal reasons. The company said they are in the process of finding a new CFO.

360 ONE WAM: The company has entered into a share purchase agreement with MAVM Angels to acquire the rest of the 9 percent stake and make the company a wholly owned subsidiary of the company. 360 ONE WAM acquired a 91 percent stake in the company in November 2022.

Commercial Syn Bags: The company announced to acquire 500 shares of GBP 1.00 each, constituting aggregate 50 percent of the share capital of Smartlift Bulk Packaging for GBP 21,75,000. The equivalent INR will be paid based on conversion rates on the date of payment.