Stocks to watch: Shares of firms like Tata Motors, PVR, CEAT, RVNL, HDFC AMC, Adani Ent, and others will be in focus on Tuesday’s trade.
Nifty futures on the Singapore Exchange traded 50 points higher at 17,076, signalling a positive start for Dalal Street.
HDFC AMC
US-based GQG Partners, which has invested in the crisis-ridden Adani group, has sold its part stake in HDFC Asset Management Company (AMC) through open market transactions on Monday.
PVR
Foreign investor Berry Creek Investment has sold its entire stake in multiplex chain operator PVR Ltd via block deal.
Adani Enterprises
The company clarified on Monday that it has decided to keep the major equipment procurement and site construction activities on hold for its green PVC project. “We are hopeful to obtain financial closure for the project in next six months post which full-fledged procurement and construction activities at site will commence. We are committed to completing the project in an expeditious manner,” a company spokesperson said.
CEAT
Tyre maker on Monday said it has appointed Arnab Banerjee as managing director (MD) and chief executive officer (CEO) after Anant Goenka resigned. Goenka, MD and CEO of the company since April 1, 2012, expressed his desire to hand over the charge of the company to a successor, as the board may determine, with a view to focus on initiatives at the group level, the company said in an exchange filing.
Uno Minda
Auto components maker on Monday said its board has approved the acquisition of an 81.69 percent stake in Kosei Minda Aluminum Company Pvt. Ltd. and a 49.90 percent stake in Kosei Minda Mould Pvt. Ltd. from joint venture partner Kosei, Japan. The enterprise values of Kosei Minda Aluminum Company and Kosei Minda Mould considered for the purpose of the transaction are Rs 60 crore and Rs 11 crore, respectively, the company said in an exchange filing.
Dr Reddy’s Laboratories
Biotechnology company Coya Therapeutics on Monday announced a worldwide agreement with Dr Reddy’s Laboratories to in-license the proposed Abatacept biosimilar of Dr Reddy’s for the development of Coya’s combination product for neurodegenerative diseases, COYA 302. The proposed biosimilar Abatacept is a dual biologic intended to suppress neuroinflammation via multiple immunomodulatory pathways, for the treatment of neurodegenerative conditions. It is pertinent to mention that the conditions generally refer to a type of disease in which cells of the central nervous system stop working or die.
Sterling & Wilson Renewable Energy
The company on Monday said it has emerged as a successful bidder for a project worth Rs 2,100 crore. The company said it was the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW(AC) each in the proposed 1,200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park, Rann of Kutch, Gujarat.
RVNL
The company on Monday said it has signed a Memorandum of Understanding (MoU) with Noida-headquartered infrastructure and renewable firm Jakson Green for clean energy engineering, procurement and construction (EPC) projects, globally. “The partnership aims at enabling India’s decarbonising push and shall bring in synergy in designing, executing and delivering EPC projects globally by both partners. RVNL being an infrastructure giant and Jakson being into the renewable energy shall cater to the need for Giga Scale EPC clean energy projects in MENA, CIS and AP AC Countries,” RVNL said in a statement.
J Kumar Infra
Construction engineering company on Monday said it has bagged a Letter of Award from Bangalore Metro Rail Corporation Limited for a project worth more than Rs 182 crore. In a stock exchange filing, the company said the development has been received in the name of J Kumar-AICPL (joint venture). For this project, J Kumar Infra holds 55 percent of the shares which approximately amounts to more than Rs 100 crore.
RBL Bank
The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 2.27 crore on RBL Bank Ltd. for non-compliance with certain provisions. The action is based on observations regarding deficiencies in regulatory compliance in the period FY 2018-19 to FY 2021-22 and is not intended to pronounce on the validity of any transaction or agreements between the bank and its customers.
PCBL
RP-Sanjiv Goenka Group firm on Monday said its subsidiary, PCBL (TN), has commenced pre–commissioning trial run of the first phase (63,000 MT) of 1,47,000 MT greenfield carbon black manufacturing facility in Tamil Nadu.
Tata Motors
Automobile major on Monday said it has appointed Usha Sangwan as additional director and independent director of the company for 5 years, effective from May 15, 2023, until May 14, 2028. The appointment is subject to the approval of the shareholders of the company, Tata Motors said. Usha Sangwan, a PG in Economics, was the first ever woman Managing Director of LIC of India. Sangwan joined LIC in 1981 as a Direct Recruit Officer and handled various positions during her 37 years of a stint at LIC.
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