Buzzing Stocks: TCS, Lupin, HDFC Bank, Siemens, Power Finance, JSW Steel, others in news

Tata Consultancy Services: The country’s largest IT services exporter’s stock price is set to turn ex-buyback with effect from November 24. The company had approved the buyback of shares worth Rs 17,000 crore at a price of Rs 4,150 each in October. Meanwhile, Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) will also trade ex-buyback with effect from the same date.

Lupin: The pharma major has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin tablets, available in 100 mg and 300 mg strengths, to market a generic equivalent of Invokana tablets from Janssen Pharmaceuticals, Inc. in the US. Canagliflozin tablets had estimated annual sales of $561 million in the US. Canagliflozin is a sodium-glucose co-transporter 2 inhibitor indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. Meanwhile, Lupin has also received approval from the US FDA for its abbreviated new drug application for Bromfenac Ophthalmic Solution, 0.07 percent, to market a generic equivalent of Prolensa ophthalmic solution from Bausch & Lomb Inc. Lupin is the exclusive first-to-file for this product and is eligible for 180-day exclusivity.

HDFC Bank: The Reserve Bank of India has given approval for the appointment of V Srinivasa Rangan as Executive Director (whole-time Director) of the bank for three years with effect from November 23. Rangan was the Executive Director and Chief Financial Officer of the erstwhile Housing Development Finance Corporation.

Siemens: The company had received an order from the Commissioner, CGST & Central Excise, Belapur Commissionerate imposing a service tax liability of Rs 23,68,12,903. The said order also mentions the levy of appropriate interest and penalties amounting to Rs 23,68,12,903 under Section 78 of the Finance Act.

Power Finance Corporation: Power Finance Corporation, Manappuram Finance, Natco Pharma, EMS, BMW Industries, Career Point, Ddev Plastiks Industries, Esab India, Goldiam International, GPT Infraprojects, Indag Rubber, Intelligent Supply Chain Infrastructure Trust, Morganite Crucible, Nicco Parks & Resorts, Riddhi Corporate Services, Sharat Industries, Uniparts India, and Xtglobal Infotech will trade ex-dividend with effect from November 24.

JSW Steel: With the last tranche of investment of Rs 75 crore, the company has completed making the entire investment of Rs 750 crore in JSW Paints. And accordingly, JSW Paints has completed the allotment of shares. Post this allotment, the company holds 2.94 crore equity shares in JSW Paints, representing 12.84 percent of the paid-up equity capital.

LTIMindtree: The technology consulting and digital solutions company, has launched the Quantum-Safe virtual private network (VPN) link in London to secure data transmission for the approaching quantum era. LTIMindtree collaborated with its partners Quantum Xchange and Fortinet for the Quantum-Safe VPN platform.

Karnataka Bank: The private lender has announced a strategic corporate tie-up with Bajaj Allianz Life Insurance Company to distribute life insurance products to its customers. This collaboration will leverage the strength of Bajaj Allianz’s product capabilities and Karnataka Bank’s large customer base with a wide distribution of over 900 branches across India.

Prestige Estates Projects: The real estate firm has launched Prestige Glenbrook, a high-rise residential project in Bangalore’s IT Hub. The development comprises 285 apartments across two high-rise towers with a developable area of 0.7 million square feet and a revenue potential of Rs 550 crore.

Union Bank of India: ICRA has upgraded the ratings on Union Bank to AAA from AA+ due to sustained improvement in its earnings profile, driven by the decline in fresh non-performing asset (NPA) additions, healthy recoveries and upgrades, as well as the high provision coverage on legacy NPAs, resulting in a moderation in the credit costs. The agency also revised its outlook to’stable’ from ‘positive’ for the various instruments of the bank.

Vishnu Chemicals: The company has incorporated a subsidiary, Vishnu International Trading FZE, in Dubai, UAE. The new subsidiary will distribute, transmit, and sell chemicals.

NMDC: The state-owned iron ore company has fixed prices of lump ore (65.5 percent, 6–40 mm) at Rs 5,400 per tonne and fines (64 percent, -10mm) at Rs 4,660 per tonne. These prices will be fixed with effect from November 23.

Indian Hotels Company: The company has invested Rs 55 crore in the equity shares of Genness Hospitality and Rs 35 crore in Qurio Hospitality via rights issues. Being wholly owned subsidiaries, there is no change in the shareholding percentage of the company in Genness and Qurio post-the said investment.

Rategain Travel Technologies: Europe-based financial services company Societe Generale sold 6,15,945 equity shares, or 0.52 percent of paid-up equity, in the travel and hospitality software solutions provider via an open market transaction. These shares were sold at an average price of Rs 663.74 per share and amounted to Rs 40.88 crore. Societe Generale held a 1.09 percent stake in the company as of September 2023.

Home First Finance Company India: Smallcap World Fund Inc. has bought 23.95 lakh equity shares in the housing finance company via an open market transaction at an average price of Rs 870.50 per share. Fidelity Global Investment Fund Asia Pacific Equity Fund purchased 4.76 lakh shares at an average price of Rs 870 per share. Both purchases amounted to a 3.2 percent stake. However, Indian promoter True North Fund V LLP offloaded 17.88 lakh shares at an average price of Rs 871.13 per share and 16.72 lakh shares at an average price of Rs 870.40 per share, which is equivalent to 3.92 percent of total paid-up equity. Foreign promoter Aether Mauritius sold 11.92 lakh shares at an average price of Rs 870.51 per share and 11.15 lakh shares at a price of Rs 870 per share, which is equivalent to 2.61 percent of paid-up equity. A foreign company, Orange Clove Investments B.V., sold 14.9 lakh shares of Home First at a price of Rs 870.60 per share and 13.93 lakh shares at a price of Rs 870.01 per share. Orange Clove had held a 26.43 percent stake, or 2.33 crore shares, in the company as of September 2023.

Apar Industries: The company launched its qualified institution placement (QIP) issue for fund raising on November 23. The floor price has been fixed at Rs 5,540.33 per share.

Hazoor Multi Projects: Through an endorsement agreement, the work has been endorsed to the company’s subsidiary, Hazoor Infra Projects, by Arawali Kante Multi Projects and authorised by the Ministry of Road Transport and Highways. The work order includes the rehabilitation and upgrade of NH-66 (Arawali to Kante section) to four lanes in Maharashtra under NHDP-IV on Hybrid Annuity mode in Ratnagiri. The projected value of the project is Rs 1,129.81 crore.