Markets

Buzzing stocks: ACC, Ambuja Cements, Vodafone Idea, KIMS, Maruti Suzuki, Neogen Chem, RailTel, Lupin, Dr Reddy’s, Glenmark, Triveni Engineering, HDFC Bank, Dodla Dairy, Bharat Forge, Glaxo Pharma, Fino Payments Bank, MCX

Billionaire Gautam Adani is all set to acquire Swiss cement major Holcim’s stake in Ambuja Cements and its subsidiary ACC for $10.5 billion (around ₹81,360 crore), including the open offers.

The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd’s entire stake in two of India’s leading cement companies — Ambuja Cements and ACC, the Adani group said in a statement.

United Arab Emirates-based telecoms company e& (ETISALAT.AD) has bought a 9.8 per cent stake in Vodafone for $4.4 billion, days after saying it was looking to expand into new markets and related areas such as financial technology.

e&, formerly known as Emirates Telecommunications Group, said it had made the investment to gain “significant exposure to a world leader in connectivity and digital services”, adding it had no intention of making an offer for the whole of Vodafone.

Recently, Vodafone Idea said that Centre will hold a 33 per cent stake in the company following the conversion of accrued interest liability (on deferred dues) while Vodafone and Aditya Birla group together would control 50 per cent.

Maruti Suzuki India has announced it has finalised the site for its new manufacturing plant in Haryana. The new plant will see the company invest over ₹11,000 crore in the first phase. The carmaker had in discussion with the Haryana government for investment in a new manufacturing site for its proposed capacity expansion.

The board of Neogen Chemicals Limited has approved an estimated capex of up to ₹150 crore at Dahej SEZ Plant. It plans to increase manufacturing capacity of specialty organic chemicals; to increase the capacity for manufacturing of inorganic salty organic chemicals; and setting up capacity for manufacturing Specialty Lithium Salts for electrolytes used in lithium-Ion batteries advance chemistry cells.

Lupin, Glenmark and Dr Reddy’s Laboratories are recalling different products in the US, the world’s largest market for medicines, due to deviation from standard manufacturing norms.

The board of Triveni Engineering & Industries Ltd noted that the expansion of existing distillery at Sabitgarh, District Bulandshahr, Uttar Pradesh has completed and the same is now operating at 200 KLPD. With this, the total distillation capacity of the Company has been increased to 520 KLPD.

Further expansion of distillation capacity from 520 to 660 KLPD is well on track and is expected to be completed by July 2022. The board has also approved the modernisation of three of the existing sugar units at Khatauli, Deoband and Sabitgarh, all in Uttar Pradesh at a total cost of about ₹130 crore, which would be completed by October 2022 and approved the expansion of power transmission business at a total cost of about ₹80 crore, that is expected to be completed by March 2023.

RailTel Corporation of India Ltd has received a work order from Defence R&D Organisation (DRDO) for the supply, installation, and commissioning for the enhancement of the data centre and its networking infrastructure at a total cost of ₹26.87 crore (Including GST).

Krishna Institute of Medical Sciences(KIMS) has entered into an MOU with Raj Nagarkar to set up a multi-speciality hospital — KIMS Manavata Hospital at Nashik with a total bed capacity of 325 Beds. KIMS will hold a 51 per cent stake and Raj Nagarkar will hold a 49 per cent stake in the proposed company.

The new Hospital is expected to go live tentatively by March 2024 and scaled up to full capacity over a period of time. A definitive agreement on the transaction will be signed in due course.

Reserve Bank of India has conveyed its approval to the HDFC Bank for setting up a step-down subsidiary through HDFC Securities Limited for offering broking and clearing services in the International Financial Services Centre (IFSC) at GIFT City.

Result calendar: Abhishek Infraventures, Ami Organics, AMJ Land Holdings, Bharat Forge, Century Ply, Compuage Infocom, Dodla Dairy, Fino Payments Bank, Foods Inns, Glaxo Pharma, Golkunda Diamonds, Greenply, I Power Solutions, Jet Freight Logistics, Max Ventures, MCX, Natural Biocon, Nava Bharat Ventures, Niraj Cement, Palred, Panasonic Carbon, Rane Engine, Rategain Travel, Raymond, Sagarsoft, Sathvahana Ispat, Shankara Building, Uttam Sugar, Vinyl India and VIP Industries

Published on May 16, 2022