Buzzing stocks: Reliance, HZL, Vedanta, IRCTC will see plenty of action on November 22

KS Badri Narayanan Chennai | Updated on November 22, 2021

Buzzing stocks: Reliance, HZL, Vedanta, footwear/textile cos, Sastasundar Venture, IRCTC, Laurus, Kesoram, Shilpa Medicare

Hindustan ZInc/Vedanta: The Supreme Court has permitted the government to go ahead with the proposal to divest its residual stake of 29.54 per cent in Hindustan Zinc Ltd in the open market. Hindustan Zinc is a subsidiary of the Vedanta Ltd. "The Supreme Court vide the same judgment also directed CBI to register a regular case in relation to the process followed for the disinvestment of HZL in the year 2002 by the government," the filing said.

Reliance and Saudi Aramco have mutually determined to re-evaluate the proposed investment in O2C business; 2) The current application with NCLT for segregating the O2C business from RIL is being withdrawn; and 3) Saudi Aramco and Reliance are deeply committed to creating a win-win partnership and will make future disclosures.

Sastasundar Venture: Walmart-owned Flipkart on Friday said it will acquire a majority stake in Kolkata-based Sastasundar Marketplace that owns and operates an online pharmacy and digital healthcare platform, While the deal size was not disclosed, Flipkart said it is foraying into the healthcare sector through the launch of Flipkart Health+.

Shipla Medicare: The US FDA has concluded Remote Record Review of Shilpa Medicare, Unit III, Research and Development facility situated at Dabaspet, Bengaluru, Karnataka without any objectionable conditions or observations. The review was conducted during 15-18, November 2021. Shilpa Medicare, Unit III, R&D facility is involved in development of formulations (generics, complex generics and innovative products) and providing advanced analytical services.

IRCTC: The Ministry of Railways has withdrawn its decision to terminate all existing contracts of mobile catering (currently kept in abeyance) involving the scope of work of providing cooked food to passengers prepared from base kitchens as per the existing terms and conditions. In a separate release, the ministry has conveyed the decision to resume the services of cooked food in trains.

Motherson Sumi Systems: Ningbo SMR Huaxiang Automotive Mirrors (SMR-NBHX), a 50:50 joint venture in China between Samvardhana Motherson Reflectec and Ningbo Huaxiang Electronic Co (NBHX Trim Group), has completed the acquisition of a 60 percent stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co Ltd.

Footwear/textile stocks: The government has increased the GST (goods and services tax) on finished goods such as garments, footwear and textiles from 5 per cent to 12 per cent, effective from January 1, 2022. The Central Board of Indirect Taxes and Customs (CBIC) notified the hike on November 18. Meanwhile, the GST rates for certain synthetic fibres and yarn have been decreased from 18 per cent to 12 per cent, as per the notification, thus bringing in uniformity of rates across the entire textiles sector as well as eliminating aberrations due to the inverted duty structure, which is a situation where the tax rate on inputs used is higher than the tax on the finished product.

Cadila Healthcare: Zydus Cadila has received final approval from the USFDA to market Decitabine for injection in the strength of 50 mg/vial single-dose vial. Decitabine is used to treat myelodysplastic syndromes, certain types of blood or bone marrow cancer.

Kesoram Industries: The board has approved to raise funds up to Rs 250 crore by way of equity, bond, FCCB, ADR, GDR, commercial paper and/or other debt instruments. This fundraising is primarily to retire the company's existing debt and bring down the cost of borrowing.

Amber Enterprises India informed the exchanges that the company and its subsidiary IL JIN Electronics India have received approval from the Ministry of Commerce & Industry under the Production-Linked Incentive scheme for white goods (air conditioners).

Laurus Labs has signed an investment agreement with Immunoadoptive Cell Therapy Private Limited (ImmunoACT), an advanced cell and gene therapy company, to acquire a 26.62 per cent stake (fully diluted basis) for ₹46 crore, subject to the fulfilment of certain conditions. Additionally, senior management of Laurus Labs would also invest in ImmunoACT for a 5.64 per cent stake.

Kitex Garments Ltd has incorporated a new subsidiary company under the name of Kitex Apparel Parks Limited (KAPL) to carry on the business of infant wear manufacturing and other allied activities. The company has subscribed to the shares worth ₹70 crore in KAPL divided into 7 crores shares of ₹10 each, Kitex Garments said in a stock exchange filing.

Parsvnath Developers has entered into Limited Liability Partnership Agreement. with Unity Buildwell for undertaking the development of a high-end shopping mall (project) on the land admeasuring 28,400 square meters, allotted by Delhi Metro Rail Corporation (DMRC) on BOT basis, having a potential of 4,00,000 square feet leasable area, situated at Pitampura, New Delhi through a special purpose entity - Unity Parsvnaths LLP.

HealthCare Global Enterprises has informed the exchanges that it has completed the investment of ₹33 crore to acquire 78.6 per cent stake in Suchirayu Health Care Solutions.

Bharti Airtel has hiked the prepaid tariffs effective November 26. According to an exchange disclosure on Monday,  the entry level prepaid tariffs is up 25 per cent from Rs 79 to Rs 99 and hiked prepaid tariffs by approx 20 per cent (other than entry level). Bharti Airtel also hikes tariff of data top-up plans by 20-21 per cent. This is the second hike, last was announced in July 2021

Published on November 22, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like