Stocks

Stocks that will see action on November 24

Our Bureau | Updated on November 24, 2021

Buzzing stocks: Siemens, IPCA Lab, Lyka Labs, Bharti Airtel, Zee Entertainment, Patel Integrated, Poonawalla Fincorp, Affordable Robotic, HFCL

IPCA Laboratories Ltd (IPCA) continued to acquire more shares of another listed pharmaceutical company Lyka Labs Ltd for the second day. IPCA purchased 1,774,142 equity shares of Lyka Labs Ltd through market purchase on Nov 23, 2021 at a price of ₹126.11 a share. In the last two trading sessions IPCA has purchased 2,824,142 equity shares which is almost 9.84 per cent stake in the company.

Bharti Airtel: Moody's Investor Service has changed Bharti Airtel’s outlook to positive from stable. It affirmed Bharti Airtel’s long-term corporate family rating at Ba1. Positive outlook reflects Airtel’s improving operating performance and credit metrics, Moody’s said.

Poonawalla Fincorp: Sanjay Chamria has stepped down as the Executive Vice Chairman of Poonawalla Fincorp Limited after serving as the co-founder since inception of the Company. Throughout the years the company has seen several highlights, one of the biggest being the investment by Rising Sun Holdings Private Limited and Adar Poonawalla joining the board as the Chairman. This investment has increased the shareholder value and has poised the Company to achieve robust growth and herald a new journey under the new management and the new promoter. With the new leadership team having taken full charge under the chairmanship of Adar Poonawalla, the new promoter, Chamria has decided to step down as the Executive Vice Chairman and also from the Board of the Company

Zee Entertainment: The merger of Zee Entertainment Enterprises (ZEE) and Sony Pictures Networks India (SPN) is on track and "in the final stages of stitching up", disclosed Punit Goenka, MD & CEO, ZEE on Tuesday.

Bharat Forge has informed the exchanges that its arm Kalyani Powertrain has hiked stake in electric two-wheeler maker Tork Motors to 60.66 per cent through conversion of debentures into equity shares.

Affordable Robotic & Automation Ltd's subsidiary ARAPL Raas Private Limited in the Extra-Ordinary General Meeting has approved to issue and allot 2,222 equity shares having face value of ₹10 at a premium of ₹22,490 each, aggregating to about ₹5 crore on preferential basis through private placement to Vijay Kedia.

After obtaining necessary approvals, Sambandam Spinning Mills Ltd has disposed left out balance of its non-core asset - unusable and non productive vacant land. The total consideration received was ₹7.37 lakh. The land was purchased long ago for windmill power project, but it is not used for such project and it became vacant unusable land, a non-core asset with nil revenue generation.

Shareholders of Forbes & Company has approved the composite scheme of arrangement between Requisite Aquaignis Technologies, Euro Forbes Financial Services, Eureka Forbes, Forbes & Company and Forbes Enviro Solutions and their respective shareholders.

Balaji Amines had earlier announced about the DMF plant shutdown because of a minor incident and also announced that the de-bottlenecking will be done during the rectification period for increasing the production. Today the production in the DMF plant has started after carrying out all the rectifications.

Srikalahasthi Pipes has said that NCLT has approved a Scheme of Amalgamation of the company with Electrosteel Castings with effect from the appointed date of October 1, 2020.

The rights issue of Patel Integrated Logistics Ltd which opened for subscription by eligible shareholders on Tuesday has closed for subscription on Tuesday. The company has garnered subscription for 7.69 crore shares against the offer of 4 crore shares at a price of ₹2.50 a share on Application and the balance amount will be payable by the rights equity shareholders on first and final call of ₹7.50 each per rights equity share, pursuant to the Payment Schedule after payment of the Application Money.

HFCL Ltd has announced that an aggregate of 6,03,87,187 equity shares, being 100 per cent of the total pledged shares out of the Promoters' shareholding in the paid up equity shares capital of HFCL, have been released, which were pledged in favour of various lenders, as a collateral security for the credit facilities availed by HFCL. No equity share held by any of the Promoters in HFCL is pledged as on date.

Himadri Speciality Chemical: ICRA has downgraded the long-term rating to A+ from AA-, and also downgraded the short-term rating to A1 from A1+. The outlook on the long-term rating has been revised to Stable from Negative.

Results calendar: Siemens and Veritas (India) will declare their quarterly results on Wednesday.

Published on November 24, 2021

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