Stocks that will see action on April 26, 2022

BL Mumbai Bureau | Updated on: Apr 26, 2022

Buzzing stocks: Veranda Learning Solutions, Shriram Properties, BPCl, Borosil Renewables, Mindtree, Bank of Maharashtra, HSW Steel, Lemon Tree, Hubtown, Steel Exchange India, AU Small Finance Bank

Veranda Learning Solutions Limited has signed a definitive agreement to acquire T.I.M.E. (Advanced Educational Activities Pvt Ltd) for ₹287 crore. This 100 per cent acquisition will be in a phased manner with 80 per cent of the outstanding capital along with management control in phase 1, followed by the purchase of the remaining 20 per cent at the end of two years (subject to the fulfillment of closing conditions), the company said in a statement. Headquartered in Hyderabad, T.I.M.E. is a test-prep institute with a pan-India presence operating through 188 centres including franchisees spread across 98 cities in India.

Shriram Properties Limited and LOGOS, an Asia-Pacific logistic specialist, have entered into a Memorandum of Understanding (“MoU”) for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara, Kolkata, which will be developed into a Warehousing and Logistics Park by LOGOS. 

MG Motor and Bharat Petroleum Corporation Limited (BPCL) have partnered to set up charging infrastructure across the country. The partnership with BPCL will add momentum to EV adoption by expanding opportunities for intercity travel as the two entities will install EV chargers across highways and within cities, MG Motor said in a statement.

Borosil Renewables Limited (“BRL” or “Borosil”), and the Interfloat group of companies have announced the signing of a binding cash and stock deal enabling BRL to acquire a 100 per cent stake in the Interfloat Group. Interfloat Group consists of two companies – GMB Glasmanufaktur Brandenburg GmbH (GMB), based near Berlin, and Interfloat Corporation, based in Liechtenstein.

Mindtree, a global technology services and digital transformation company, and Sapiens International Corporation, a global provider of software solutions for the insurance, banking and financial services industries have announced a partnership to help insurance companies drive digital transformation. Initially designed to support insurance system implementations, the partnership will first focus on North America and subsequently grow into Europe and Asia, the companies said.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.12 crore on Bank of Maharashtra (BoM) for non-compliance with certain directions issued by the Reserve Bank of India relating to Know Your Customer (KYC), reporting of data to the Central Repository of Information on Large Credits (CRILC), and outsourcing of financial services. In a statement, RBI said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

JSW Steel on Monday denied reports that it had submitted a bid to buy Pawan Hans, which is under consideration by government authorities concerned.  “It is hereby denied that JSW Steel Ltd submitted bid for acquisition of Pawan Hans Ltd and the company has no interest in this asset,” the company said in a regulatory filing.

Lemon Tree Hotels Ltd has signed a License Agreement for a 60 room hotel at Kharar, near Chandigarh under the company’s brand “Lemon Tree Hotel”. The hotel is expected to be operational by November, 2025. Carnation Hotels Private Limited, a subsidiary and the hotel management arm of the company will be operating and marketing this hotel. 

A meeting of the Board of Directors of Hubtown Ltd is scheduled to be held on Thursday, April 28, 2022, to consider and approve the issue of Securities (convertible warrants) on preferential allotment basis to persons forming part of Promoter and Promoter Group of the company subject to the receipt of applicable regulatory, statutory and lenders approvals. The Board will also consider the proposal of raising funds visa a Rights Issue to the eligible equity shareholders of the company.

The Board of Directors of Steel Exchange India Limited, at its meeting held on April 25, 2022, has approved the appointment of A Suresh Babu as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company with effect from May 1,  2022. 

The Board of Directors of AU Small Finance Bank Limited, at its meeting held on Monday, 25th April, 2022 has appointed Kamlesh Shivji Vikamsey as Non-Executive Independent Director (Additional Director) on the Board of the Bank with effect from 25th April, 2022 for a period of three years, subject to the approval of shareholders. “The appointment is part of the Bank’s endeavour to further strengthen the Board and its Independence. With this addition, the Board of Directors of Bank has expanded to 10 members of which 8 are Independent Directors having expertise in varied fields,” the bank said in a statement.

Results calendar: Bajaj Finance, HDFC Life Insurance Company, Aditya Birla Sun Life AMC, AU Small Finance Bank, Gateway Distriparks, IIFL Securities, Sanofi India, KPIT Technologies, Tata Coffee, Tata Teleservices (Maharashtra), Macrotech Developers, Mahindra Logistics, Nippon Life India Asset Management, NELCO, Atul, Schaeffler India, Som Distilleries & Breweries, United Breweries, UTI Asset Management Company, VST Industries, D-Link (India), JK Agri Genetics, Jumbo Bag, International Travel House, Gujarat Hotels and Jindal Hotels.

Published on April 26, 2022
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