Buzzing Stocks: Reliance Capital, Tata Power, LIC, Kotak Bank, OIL, PowerGrid, others in news

Reliance Capital: The Competition Commission of India (CCI) has approved the acquisition of the stake in Reliance Capital by IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises LLP. Reliance Capital is undergoing insolvency resolution proceedings initiated under the Insolvency and Bankruptcy Code.

Tata Power Company: The Tata Group company has signed a share purchase agreement and acquired a 100 percent equity stake in Bikaner III Neemrana II Transmission, a project special purpose vehicle. The acquisition cost is Rs 18.6 crore. The special-purpose vehicle formed in June 2023 will build, own, operate, and transfer an electrical power transmission system between Bikaner and Neemrana in Rajasthan.

Life Insurance Corporation of India: S. Sunder Krishnan is appointed as Chief Risk Officer of the corporation with effect from December 27. Pratap Chandra Paikray has ceased as Chief Risk Officer of the LIC.

Azad Engineering: The aerospace components and turbine manufacturing company will list its equity shares on the bourses on December 28. The final issue price has been fixed at Rs. 524 per share.

IIFL Finance: Foreign investor FIH Mauritius Investment has sold 7.2 percent stake or 27 lakh shares in the company via open market transactions on June 16 and December 22. With this stake sale, FIH’s shareholding in the company dropped to 15.12 percent, from 22.32 percent earlier.

Power Grid Corporation of India: Power Grid acquired Neemrana II Bareilly Transmission (NIIBTL), the project special purpose vehicle (SPV) to establish transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D, on build, own, operate and transfer (BOOT) basis from the bid process coordinator – PFC Consulting, for Rs 18.47 crore. The project comprises of establishment of a new 765 kV D/C transmission line traversing in Rajasthan and Uttar Pradesh along with associated bay extension works. Power Grid also acquired Bikaner III Neemrana Transmission, the project SPV to establish transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-A, for Rs 18.82 crore.

Apollo Hospitals Enterprise: Apollo Home Healthcare, an unlisted subsidiary of the company, had allotted 70,73,518 equity shares at a price of Rs 22 per share, to Apollo Hospitals Enterprise, and Prathap C Reddy, promoter of the company. After the said share allotment, the company’s shareholding in Apollo Home Healthcare has been reduced to 74 percent, from the existing shareholding of 89.69 percent.

Kotak Mahindra Bank: The Reserve Bank of India has approved the appointment of C S Rajan, an Independent Director on the board of Kotak Mahindra Bank, as the part-time Chairman of the bank, for two years, with effect from January 1, 2024.

Sula Vineyards: The country’s largest wine maker said its wine tourism facilities in Nashik and Bengaluru were visited by 12,000 visitors during December 23-25. With a new single-day high revenue of Rs 85 lakh, December 24th claimed the top spot. It recorded revenue of Rs 2.28 crore during December 23-25.

Exide Industries: The company has invested Rs 40 crore in the equity shares of the wholly owned subsidiary Exide Energy Solutions. With this investment, the total investment made by the company in Exide Energy Solutions stands to Rs 1,820.01 crore. There is no change in the shareholding percentage of the company in Exide Energy Solutions post acquisition of shares.

Oil India: The state-owned oil and gas exploration company has paid the second call (Rs 27.50 per equity share) of Rs 5,50,94,75,262.50 to Numaligarh Refinery. Numaligarh Refinery has allotted 20,03,44,555 partly paid-up equity shares to Oil India under a rights issue allotment. Oil India holds a 69.63 percent stake in Numaligarh Refinery.

Coromandel International: The Tamil Nadu government temporarily suspended the operation of the Coromandel International plant at Ennore near Chennai after an ammonia leak at its facility late at night on December 26. The Tamil Nadu Pollution Control Board said no further leakage was found from the pipeline. The government has directed the company to identify and rectify damages before resuming ammonia transfer.

Canara Bank: The public sector lender has given approval to initiate the process of listing its mutual fund subsidiary, Canara Robeco Asset Management Company, on the stock exchanges via an initial public offering (IPO). The modalities of listing will be decided in due course.

PVP Ventures: Ramani Sabesan has resigned as Chief Financial Officer of the company due to personal reasons, with effect from the closure of the business on December 27.

Swan Energy: Foreign portfolio investor Hypnos Fund sold 32,82,958 equity shares in the company via open market transactions. These shares were offloaded at an average price of Rs 500.58 per share, amounting to Rs 164.33 crore. The fund held 32,92,758 equity shares, or a 1.25 percent stake in Swan, as of September 2023.

Petronet LNG: Petronet LNG has executed binding transaction documents with Goplapur Ports for setting up of floating storage regasification unit (FSRU) based LNG terminal with capacity of 4 MMTPA (Phase-1), with provision for converting to 5 MMTPA land-based terminal in Odisha. PLL is in process of setting up its maiden LNG terminal on the east coast of India at Gopalpur, Odisha which would bring augmentation in overall regasification capacity in the country.

PTC Industries: The company has signed a Memorandum of Understanding (MoU) with Nasmyth (UK) for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally. The MOU will see Nasmyth and PTC work together in support of the ‘Make in India’ Atmanirbhar Bharat programme.

KPI Green Energy: Company and its subsidiary KPIG Energia has commissioned solar power projects totaling 17.35 MWp. These projects were executed on behalf of esteemed clients, namely, Jay Metal Tech, Reenam Fabrics, JPB Fibers, and Creative Technologies, as part of company’s captive power producer business segment.

Confidence Petroleum India: Confidence Enterprises, the subsidiary of Confidence Futuristic Energetech, has received Letter of acceptance from Bharat Petroleum Corporation to supply 450 numbers of CNG Type-I CNG mobile/stationary cascades for BPCL CGD projects worth Rs 67 crore. Confidence Futuristic Energetech is a subsidiary of Confidence Petroleum India.

KP Energy: The company said the Board of Directors will meet on December 30 to consider the proposal for the issue of bonus equity shares to the shareholders of the company.

South Indian Bank: The lender said the Board of Directors has approved the fund raising of Rs 1,750 crore through issue of equity shares of the bank on a right basis to its existing eligible shareholders.

GE Power India: The company has received order from NTPC for supply of generator spares and Bokaro Power Supply Company for supply of spares. Base value of the order from NTPC is Rs 10.47 crore and Bokaro Power Supply Rs 9.91 crore.

Peninsula Land: The Allotment Committee of Peninsula Land has approved the allotment of 1.5 crore equity shares for Rs 66 crore, and 77.27 lakh 0 percent unsecured compulsorily convertible debentures (CCDs) worth Rs 40 crore, to the Delta Corp Limited, a member of the promoter group of the company.

Suprajit Engineering: HDFC Mutual Fund through its several schemes bought 1.96 percent stake or 27.2 lakh shares in Suprajit via open market transactions on December 22. With this, HDFC MF’s total shareholding in the company increased to 7.03 percent, from 5.07 percent earlier.

Droneacharya Aerial Innovations: Foreign investor BofA Securities Europe SA has acquired 1.67 lakh shares in the industrial drone solutions company at an average price of Rs 187.65 per share.

Huhtamaki India: The company rolled out a voluntary retirement scheme (VRS) for certain category of its employees at its Khopoli plant, Raigad, Maharashtra. Hence, 39 employees opted for voluntary retirement involving a pay-out of approximately Rs 5.35 crore to the employees.

Ramky Infrastructure: The company has received approval from board members for sale of 100 percent shareholding in its material subsidiary, Visakha Pharmacity (formerly known as Ramky Pharma City). The successful bidder is Brij Gopal Construction Company, a related party, and the sale consideration is Rs 288.36 crore.

Cerebra Integrated Technologies: The board has reappointed V Ranganathan as Managing Director and P Vishwamurthy as Wholetime Director of the company for three years, with effect from January 1, 2024.