Buzzing Stocks: Kotak Mahindra Bank, ONGC, Whirlpool, Godrej Consumer Products, Sula Vineyards, and others in news

Kotak Mahindra Bank: The private sector lender has re-designated Shanti Ekambaram as the Deputy MD and KVS Manian as Joint MD of the bank with effect from March 1, 2024. Shanti Ekambaram and KVS Manian are currently full-time directors of the bank. The lender has appointed Devang Gheewalla as the Chief Financial Officer and Milind Nagnur as the Chief Operating Officer, with effect from April 1, 2024. At present, Milind Nagnur is the Chief Technology Officer of the bank.

Oil and Natural Gas Corporation: ONGC subsidiary Imperial Energy is incorporated in Cyprus and has a structure of step-down subsidiaries based in Cyprus and Russia. Imperial Energy has received approval from its shareholders for the merger of five companies, namely Imperial Energy Cyprus (IECL), Imperial Energy Nord (IENL), Redcliffe Holdings (RHL), Biancus Holding (BHL), and San Agio Investment (SAIL), with itself, subject to the approval of the competent court of Cyprus. Imperial Energy has a total of seven direct subsidiaries, including the remaining two: Imperal Frac Servics Cyprus (IFSCL) and Imperial Energy Tomsk (IETL). Post-merger, the number of step-down subsidiaries of ONGC in Cyprus will be reduced to 3 companies.

Whirlpool of India: The promoter is likely to sell up to a 24 percent equity stake in Whirlpool through block deals, reports CNBC-TV18 quoting sources. The total size of block deals is likely to be $450 million, and the floor price has been fixed at Rs 1,230 per share, which is a 7.6 percent discount to Monday’s closing price.

Results on February 20: ABB India, Ace Men Engineering Works, Ansal Properties & Infrastructure, Elantas Beck India, Gammon India, and IM+ Capitals will be in focus ahead of their quarterly earnings on February 20.

Godrej Consumer Products: The FMCG company, along with one of its wholly owned subsidiaries, has entered into an agreement to divest its entire stake in its wholly owned subsidiary, Godrej East Africa Holdings, Mauritius, for $3.5 million. After the completion of the deal, Godrej East Africa Holdings, along with its step-down subsidiaries DGH Tanzania, Mauritius, Charm Industries Kenya, and Sigma Hair Industries Tanzania, will cease to be subsidiaries of the company.

Piramal Enterprises: The company said the board of directors will be meeting on February 22 to consider the issue of non-convertible debentures up to Rs 100 crore along with the green shoe option to retain oversubscriptions up to Rs 500 crore on a private placement basis.

Coffee Day Enterprises: Promoter Malavika Siddhartha Hegde sold 40 lakh equity shares (equivalent to 1.89 percent of paid-up equity) in the company at an average price of Rs 64.91 per share.

Sula Vineyards: Foreign investor Morgan Stanley Asia Singapore Pte. Ltd. bought 8,65,500 equity shares in the wine producer at an average price of Rs 575 per share. However, foreign company Mousserena LP sold 29 lakh equity shares (3.4 percent of equity) in the company at an average price of Rs 575.47 per share, and Verlinvest Asia Pte Ltd exited the company by selling its entire shareholding of 70,42,275 equity shares at an average price of Rs 576.78 per share.

LTIMindtree: The technology consulting and digital solutions company has launched Navisource.AI, a GenAI-powered autonomous sourcing platform. Using the power of an AI-driven pricing and negotiation engine, the platform aims to reduce overall procurement costs by 10–15 percent.

Balrampur Chini Mills: The sugar manufacturer has announced forward integration, as well as business diversification, with its upcoming PLA (polylactic acid) manufacturing venture. With an estimated investment of Rs 2,000 crore in phases over a period of around 2.5 years, the new project is aimed at fueling India’s journey towards achieving net zero emissions by 2070. The new project is expected to be completed within 30 months, and this will mark the establishment of the first-ever industrial bioplastic plant in India.

Torrent Power: Prime Minister Narendra Modi laid the foundation stone for four projects worth Rs 25,000 crore being developed by Torrent Power in Uttar Pradesh. These projects will be developed in the areas of pumped storage hydro, green hydrogen, and solar energy generation in Uttar Pradesh.

Minda Corporation: High net-worth individual Bela Agarwal has exited the automobile ancillary company by selling the entire shareholding of 1,08,50,700 equity shares (equivalent to 4.54 percent of total paid-up equity) via open market transactions at an average price of Rs 403 per share. Motilal Oswal Mutual Fund bought 43,70,000 equity shares and Kotak Mahindra Mutual Fund purchased 36,93,700 shares at the same price.

Shilpa Medicare: Foreign portfolio investor TA FII Investors has offloaded 13.45 lakh equity shares in the pharma company (equivalent to 1.54 percent of paid-up equity) at an average price of Rs 407.05 per share.

Astra Microwave Products: The company said a wholly-owned subsidiary, namely Astra Space Technologies, has been incorporated.

Deepak Fertilisers & Petrochemicals Corporation: The industrial chemicals and fertiliser maker has entered into a long-term supply agreement for liquefied natural gas (LNG) with Equinor, an international energy company headquartered in Norway. This agreement is for annual supplies of up to 0.65 million metric tons over a period of 15 years, beginning in 2026.

CIE Automotive India: The automotive ancillary company has recorded consolidated net profit of Rs 177 crore for the quarter ended December 2023, falling 9.1 percent compared to the year-ago period despite healthy operating numbers. The fall in topline and high base due to exceptional gains in Q4CY22 impacted profitability. Revenue from operations for the quarter fell 0.3 percent to Rs 2,240.4 crore compared to the year-ago period.

NBCC India: The state-run construction company has received three work orders worth Rs 369 crore, including infrastructure development works at Rani Lakshmi Bai Central Agricultural University at Jhansi and renovation and furnishing projects at ICAI Bhawan, Noida.

Vibhor Steel Tubes: The steel tubes and pipes manufacturing company will list its equity shares on the bourses on February 20. The final issue price has been fixed at Rs. 151 per share.

Gitanjali Gems: The National Company Law Tribunal (NCLT), Mumbai, has ordered the liquidation of Gitanjali Gems and appointed Santanu T. Ray as the liquidator.

RHI Magnesita India: Vijaya Gupta has resigned as Chief Financial Officer of the company due to personal reasons. Her last working day will be May 13, 2024.

Paisalo Digital: The company said the Board of Directors will be meeting on February 22 to consider the proposal of raising funds through the issuance of equity shares in a private placement or qualified institution placement.

Himatsingka Seide: The Securities Committee of the company will be meeting on February 22 to consider the opening of the issue of non-convertible debentures (NCDs) worth Rs 97 crore to International Finance Corporation.

Magellanic Cloud: Subsidiary Scandron becomes the first company in India to receive a DGCA-type certification for its logistics drone, the CargoMax 500HE. The subsidiary has entered into a strategic partnership with CriticaLog India to offer comprehensive B2B and hub-to-hub drone delivery solutions across 160 Indian cities.