Buzzing Stocks: Jio Financial, Maruti Suzuki, Dr Reddy’s, LIC, Emami, JSW Energy and others

Maruti Suzuki India: The country’s largest car maker said its board has elevated Partho Banerjee as the head of marketing and sales function, with effect from April 1. He is currently serving as head of services. Banerjee replaced Shashank Srivastava, who was transferred from the position of head of marketing and sales to Member of the Executive Committee. Similarly, Tarun Aggarwal has been named head of engineering. Tarun replaced CV Raman, who has also been transferred to the Member Executive Committee. Aggarwal is working as executive officer and head of Powertrain vertical. The automaker also elevated Sandeep Raina as Head of Product Planning and Ram Suresh Akella as Head of Service. Besides, the company transferred Sunil Kakkar from the position of Head of Supply Chain to Head of Corporate Planning, while Deepak Thukral is designated as Head of Supply Chain and Rahul Bharti is designated as Head of Corporate Affairs.

Dr. Reddy’s Laboratories: The company has entered into an exclusive distribution partnership with Sanofi Healthcare India to promote and distribute Sanofi’s vaccine brands, including pediatric and adult vaccines, in India.

JSW Energy: The power company said the board of directors will be meeting on April 2 to consider raising funds through the issuance of eligible securities of the company via private offerings, preferential allotment basis, qualified institution placement, or any other method.

Jio Financial Services: Jio Financial currently holds a 76.98 percent stake in Jio Payments Bank (JPBL). JPBL is a joint venture of Jio Financial and the State Bank of India. Jio Financial has subscribed to 40 lakh equity shares of Rs 10 each of JPBL for cash at par, aggregating Rs 4 crore for its business purposes. After the completion of the transaction, Jio Financial’s shareholding in JPBL will increase to 77.25 percent. [Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary]

Tata Elxsi: The Tata Group company has announced a collaboration with Drager, a global leader in medical and safety technology, to advance critical care innovation in India. Drager is expanding its research and development presence by establishing a new offshore development center (ODC) at Tata Elxsi’s facility in Pune.

Biocon: The biopharmaceuticals company has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its formulation, Liraglutide, which was filed through its European partner, Zentiva. Liraglutide is a drug-device combination formulation used in the treatment of Type 2 diabetes mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high.

Life Insurance Corporation of India: The Corporation has filed an appeal before Commissioner (Appeals), Mumbai, against the order demanding GST of Rs 365.02 crore for FY18 and interest of Rs 404.77 crore along with a penalty of Rs 36.50 crore by the Deputy Commissioner of State Tax, Mumbai. LIC also filed an appeal before the Commissioner (Appeals), Ahmedabad, against the order for GST demand of Rs 191.02 crore for FY18 and FY19, along with interest and penalty of Rs 191.02 crore, by the Additional Commissioner, Central Goods & Service Tax, Gandhinagar.

Zydus Lifesciences: The US Food and Drug Administration (US FDA) has conducted an inspection at the SEZ Onco Injectable manufacturing plant in Ahmedabad. This cGMP USFDA inspection was conducted from March 18 to 27. The US health regulator closed the inspection with four observations. There were no data integrity-related observations.

NHPC: The company has received approval from the Board of Directors for raising debt up to Rs 6,100 crore during FY25 through the issuance of non-convertible corporate bonds in one or more series or tranches on a private placement basis or the raising of term loans or external commercial borrowings (ECB). Further, the board has also given its in-principle approval for the closure of Loktak Downstream Hydroelectric Corporation, a joint venture with the Manipur Government, subject to the approval of DIPAM, the Ministry of Power, and the Manipur Government.

Cyient: The engineering and technology solutions company has signed a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer. The companies will collaborate on the detailed design for manufacturing (DFM) of the rear fuselage section for the 40-seater D328eco regional turboprop aircraft.

Emami: The FMCG company has entered into a share purchase agreement with the founder and other shareholders of Brillare to acquire the remaining 4.64 percent stake. As a result, Emami’s shareholding in Brillare has increased from 95.36 percent to 100 percent, and it has become a wholly owned subsidiary of the company.

Unichem Laboratories: Santosh Mahil has resigned as chief commercial and international business development officer of the company, with effect from March 27.

Zaggle Prepaid Ocean Services: The company has re-appointed Avinash Ramesh Godkhindi as MD and CEO for two years, with effect from May 7, 2024. The re-appointment is subject to the approval of shareholders via an ordinary resolution.

Balmer Lawrie: The company has received approval from the board of directors for setting up a free trade warehousing zone in the special economic zone of the Jawaharlal Nehru Port Authority on 15 acres of land for Rs 230 crore.

Kesar Enterprises: The board has given its approval for the appointment of Sharat Mishra as Chief Executive Officer of the company, with effect from April 1, 2024. Presently, Sharat is designated as the Chief Operating Officer (COO) of the company.

Aster DM Healthcare: Smallcap World Fund Inc., SBI Mutual Fund, Nippon India Mutual Fund, and ICICI Prudential Mutual Fund bought 3,12,71,444 equity shares (equivalent to 6.26 percent of paid-up equity) in the company at an average price of Rs 405 per share via open market transactions, valued at Rs 1,266.5 crore. However, private equity firm Olympus Capital Asia Investments sold 4,88,20,389 equity shares (equivalent to 9.77 percent of paid-up equity) in the company, amounting to Rs 1,978 crore.

Bharat Heavy Electricals: The company has received an order from Adani Power for setting up the 2×800 MW Raigarh Phase-II thermal power plant at Raigarh, Chhattisgarh.

Delta Manufacturing: The company said the board of directors has given in principle approval for a potential joint venture with Spain-based PREMO, S.L., to undertake the business of soft ferrite manufacturing. PREMO is engaged in the design and manufacturing of electronic components for various industries, including auto.

IDFC First Bank: Cloverdell Investment, which is an affiliate of Warburg Pincus, is looking to exit private lender IDFC First Bank. According to a CNBC-TV18 report, the company may sell its entire 2.25 percent stake via block deals on March 28. The offer size is likely to be Rs 1,191.40 crore, and the company is looking to sell 15.9 crore shares. The floor price was set at Rs 75 per share, implying a 4 percent discount to the current market price.

GMR Visakhapatnam International Airport Limited (GVIAL): A a step-down subsidiary of the company, has received Rs 394.88 crore from the National Investment and Infrastructure Fund (NIIF) against a subscription of 39,48,82,351 compulsory convertible debentures (CCDs) of Rs 10 each from GVIAL.

Oracle Financial Services Software: Sridhar Srinivasan, Non-Executive Independent Director, has been appointed as the Chairperson of the Board of Directors of the company with effect from April 1.

Alkem Laboratories: The US Food and Drug Administration (USFDA) conducted an inspection at the company’s manufacturing facility at Baddi during March 19–27. After the inspection, the company received Form 483 with 10 observations. This was a GMP (good manufacturing practice) as well as a pre-approval inspection. There is no data integrity observation. This inspection is part of routine business operations.

Aditya Vision: US-based Smallcap World Fund Inc. has bought 2,73,548 equity shares (2.13 percent stake) in the company at an average price of Rs 3,400 per share, valued at Rs 93 crore. However, promoters Rashi Vardhan and Sunita Sinha sold 2,81,508 equity shares (2.2 percent stake) of the company at the same price, amounting to Rs 95.71 crore.

Ethos: Invesco Mutual Fund has purchased 3,07,350 equity shares, or 1.25 percent stake, in the luxury watch retailer at an average price of Rs 2,500.05 per share via open market transactions, amounting to Rs 76.84 crore. However, promoter KDDL sold 4.05 lakh shares (1.6 percent stake) of the company at an average price of Rs 2,499.80 per share, valued at Rs 101.24 crore.

Zee Entertainment Enterprises: PPFAS Mutual Fund, through its Parag Parikh Long Term Value Fund, bought 62.22 lakh shares (0.6 percent stake) in the media and entertainment company at an average price of Rs 141.44 per share, valued at Rs 88 crore.

Vijaya Diagnostic Centre: Kotak Mahindra Mutual Fund has bought 8.1 lakh shares in the company via open market transactions. These shares were bought at an average price of Rs 630 per share, amounting to Rs 51 crore.

Union Bank of India: The Central Government has appointed Pankaj Dwivedi as the Executive Director of Union Bank for three years, with effect from March 27. Currently, Pankaj is the general manager of Punjab and Sind Bank.

Central Depository Services (India): Standard Chartered Bank sold 75 lakh equity shares in CDSL at an average price of Rs 1,688.64 per share, which amounted to Rs 1,266.5 crore.

Indostar Capital Finance: The company has reduced its stressed portfolio by approving a transaction for the sale of a SME loan portfolio amounting to Rs 39.5 crore to an asset reconstruction company. The said transaction is expected to be concluded before March 31, 2024.

Mahindra Lifespace Developers: The company has purchased approximately 2.0 acres of land in Whitefield, East Bengaluru. The land is estimated to have a developable potential of approximately 0.2 million square feet of saleable area and a gross development value of Rs 225 crore.

Texmaco Rail & Engineering: Abu Dhabi Investment Authority (Monsoon), Mahindra Manulife Small Cap Fund, Societe Generale (ODI), and Samena Special Situations Mauritius III picked 1,30,64,515 equity shares worth Rs 202.5 crore in Texmaco Rail via a qualified institution placement issue. In total, the company has raised Rs 250 crore through the allotment 1,61,29,032 equity shares to qualified institutional buyers at an issue price of Rs 155 per share.

Omfurn India: The company will make its debut on the NSE Emerge on March 28. The issue price is Rs. 75 per share.

Samhi Hotels: Foreign investor Blue Chandra Pte Ltd sold 1,01,73,756 equity shares (4.66 percent stake) in the hotel chain at an average price of Rs 206.1 per share, valued at Rs 209.68 crore. However, TT Asia-Pacific Equity Fund and Societe Generale bought 94,34,456 equity shares (4.3 percent stake) in the company at the same price.