Buzzing stocks: Berger Paints, Strides Pharma, IndInfravit, RBL Bank, FIEM Ind, Vedanta, Deepak Nitrite, Gulshan Polyols, Coal India, WS Industries, Aurionpro
Drug firm Strides Pharma Science has said its subsidiary has received approval from the US health regulator to market Ibuprofen Oral Suspension, used for the treatment of pain and fever, in the American market.
Singapore-based Strides Pharma Global Pte, a step-down wholly-owned subsidiary of the company, has received approval for its product from the US Food and Drug Administration (USFDA).
IndInfravit Trust has proposed to acquire the entire equity share capital in five special purpose vehicles — Simhapuri Expressway, Rayalseema Expressway, Mumbai Nasik Expressway) and two annuity infrastructure assets (Kosi Bridge Infrastructure Company, and Gorakhpur Infrastructure Company) — from BIF India Holdings Pte Ltd and Kinetic Holdings Pte Ltd. Both entities (BIF and Kinetic) are owned by funds managed by Brookfield Asset Management Inc and its affiliates. The payment of the proposed transaction is based on a cumulative gross enterprise value of ₹8,940.9 crore.
Berger Paints India Ltd expects a loss of between ₹75 lakh to ₹1 crore due to an accidental fire at the company’s factory at Howrah. The loss is fully covered by insurance. The total sum insured for the Howrah factory is ₹218 crore.
Lemon Tree Hotels has signed a license agreement for a 44-room hotel at Gajuwaka, Visakhapatnam, Andhra Pradesh, under its brand ‘Keys Lite by Lemon Tree Hotels’. The hotel is expected to be operational by March 2023. Carnation Hotels Private Limited, a subsidiary, and the hotel management arm of the company, will be operating the hotel.
The Reserve Bank of India has approved the appointment of R Subramaniakumar as Managing Director & CEO of RBL Bank Limited for a period of three years with effect from the date of his taking charge, under Section 35B of the Banking Regulation Act 1949. Subramaniakumar is a veteran banker with 40 years of experience. His banking career commenced with Punjab National Bank in 1980 and he headed business transformation at PNB for three years and transformed the business especially, digital, human resources, MSME, Retail, overseas operations, etc.
Fiem Industries has decided to exit from Joint Venture Company — Aisan Fiem Automotives India Pvt Ltd. Accordingly, in terms of the joint venture agreement, the company has exercised the put-option rights and offered the entire shares held by the company in the JV company to the other joint venture partner i.e. Aisan Industry Co Ltd Japan, for purchase at face value or fair market value, whichever is higher. The company had invested ₹26 crore for acquiring 26 per cent shareholding in the JV company.
Gulshan Polyols has provided an update in relation to the decision of esteemed Oil Marketing Companies (OMCs) — HPCL, IOCL and BPCL to provide monetary relief to compensate for higher input costs. The OMCs confirmed that the companies have announced a six-month relief scheme to support ethanol manufacturers who are facing high input cost, primarily on account of fuel and electricity. The relief package is applicable for all supplies of ethanol invoiced to OMCs between June 1, 2022, and November 30, 2022. The OMCs will pay the relief amount to vendors after each quarter.
Garment Mantra Lifestyle Ltd has acquired 100 per cent stake in Jannat Fabrics and Apparels Private Limited thereby making it a wholly-owned subsidiary of the company.
Vedanta Limited Iron & Steel sector has ventured into International Iron ore mining operations in Liberia, West Africa through its subsidiary WCL with the ground-breaking ceremony that was held at the Bomi iron ore mine on June 8. WCL is a wholly-owned subsidiary of Bloom Fountain Limited which is, in turn, a wholly-owned subsidiary of Vedanta Limited. WCL had signed a mineral development agreement with the government of Liberia for three Iron Ore Mining concessions in Liberia in 2011. However, the operations could not be started due to the outbreak of the Ebola epidemic. WCL is set to restart its operation in a much bigger way with further expansion potential through exploration.
WS Industries India has obtained an order for construction of Integrated Storm Water Drain Works approximately valued at ₹64.59 crore from a reputed infra player.
Deepak Nitrite, which had earlier announced with respect to fire incidence around the warehouse of the company’s manufacturing site, Gujarat, said GPCB has issued directions for the closure of the plant. The fire which included the burning of bags and products within, also caused the liberation of grey smoke thereby affecting ambient air quality in the nearby area, as per air monitoring carried out by Gujarat Pollution Control Board (GPCB). Further, a dousing of fire generated a large amount of wastewater which was non-compliant due to the usage of foam, as per samples drawn by GPCB outside the factory premises from the GIDC storm water drain.
In an urgency to shore up coal stocks at the indigenous coal-based power plants, as directed by the government, Coal India Limited (CIL) has floated two international competitive bidding e-tenders of 3 million tonnes (MTs) each to source coal from abroad. The bids are for 5,000 GAR (gross as received) quality of thermal grade coal. These two medium-term tenders for a total of 6 million tonnes (MTs) coal quantity have an option of increasing the bid quantity by 100 per cent to 12 MTs.
B&A Packaging India Ltd has been granted a patent by the Patenting Authority, government of India for an invention titled “Ultrasonic Sealing Device and Related Methods”.
Transformers and Rectifiers (India) Limited has been awarded orders of transformers for a total contract value of ₹186 crore from one of the State utility. The said orders fall under the normal course of business. The company neither has any interest in these entities that awarded the orders nor falls within related party transactions. With this order, the company’s order book as of date stands at ₹1,482 crore.
The Board of Rishi Laser has approved and executed the transaction of sale of investment representing 4.04 lakh shares in Rishi Vocational Education Private Ltd held by the company. It sold 3.05 lakh shares out of total of 4.04 lakh shares to Smita Patel (Wife of Harshad Patel) at ₹7.30 a share at a consideration of ₹22.33 lakh. The remaining 99,000 shares representing 19.90 per cent of shareholding are with the company.
Aurionpro has announced an increase in its stake in SC Soft Pte Ltd (SC Soft) up to 90 per cent with a commitment to complete acquisition of balance 10 per cent by December 31, 2022. This increase in stake enables complete management control and integration of SC Soft with Aurionpro. The deal, for the balance 49 per cent stake, is valued at $4.99 million (approximately ₹38 crore). Further, Aurionpro has also invested ₹9 crore in Aurionpro Toshi Automatic Systems Pvt Ltd and will complete acquisition of 51 per cent stake therein by the end of this month. All these acquisitions will be funded through internal accruals.