Stocks that will see action today (December 24)

InterGlobe Aviation Ltd (IndiGo) appoints Neetan Chopra as Chief Digital & Information Officer (CDIO). He will join IndiGo from January 3, 2022. Neetan, with over 25-years’ experience will take on this newly created role. Neetan is currently the Group Chief Technology Officer at Dubai Holding and was previously a Senior VP of IT & Innovation at Emirates.

Having begun his career at Accenture Consulting in India in early 1992, Neetan moved to the UAE and joined Emirates in the year 1995 as a Senior IT Manager. From thereon, he steadily grew with Emirates before leaving them in 2018 and joining Dubai Holding as their Group CTO.

The board of Allcargo Logistics has approved the demerger of CFS/ICD business into Allcargo Terminals Ltd and demerger of equipment rental, logistics parks and other real estate assets into TransIndia Realty & Logistics Parks Limited.

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The strategic move will position the company to accelerate growth across businesses by creating independent business undertakings, with sharper management focus, better access to right capital, and greater operational and financial flexibility. Allcargo Logistics would continue to be the leader in international supply chain, express logistics and contract logistics businesses with increased focus on digitisation.

The resulting company Allcargo Terminals will be the market leader in CFS business in India and continue to expand its footprint in ICDs. Five out of seven facilities of Allcargo are already on lease and the new resulting structure will make all seven CFS/ICDs completely asset light, positioning the company strongly to drive growth with high return on capital employed.

L&T Finance Holdings Limited and HSBC Asset Management (India) Private Limited have entered into a definitive agreement whereby HSBC AMC will acquire 100 per cent equity shares of L&T Investment Management Limited, a wholly-owned subsidiary of L&TFH, which is the investment manager of L&T Mutual Fund, for an aggregate purchase consideration of $425 million (about ₹3,200 crore).

In addition, L&TFH will also be entitled to excess cash in LTIM until the completion of the acquisition. The transaction is subject to the requisite regulatory approvals.

Tata Consultancy Services (TCS) has been selected by La Mobiliere, the oldest private non-life insurer in the Swiss market, as its long-term strategic partner to drive its digital transformation agenda. La Mobiliere is pursuing a digitisation strategy and is modernizing its core business including products, core processes and digital touch points for customers, partners, and employees, to become future-ready.

Mphasis , which in 2020 had announced a deal with the specialty broking segment of The Ardonagh Group – the UK’s largest independent insurance intermediary – agreed to expand the tie-up by setting up a shared services entity to service middle and back-office functions, while applying digital transformation. To execute on this, Mphasis and Ardonagh, today signed a business venture agreement wherein, Mphasis acquires 51 per cent in Mrald Ltd, a company incorporated and registered in England and Wales, with 49 per cent of the equity remaining with Ardonagh.

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Ircon International has incorporated a wholly-owned subsidiary – Ircon Akloli-Shirsad Expressway – as a special purpose vehicle for the purpose of construction of eight lane access controlled expressway in Maharashtra on Hybrid Annuity Mode under Bharatmala Pariyojana.

ISGEC Heavy EngineeringLtd ’s wholly-owned subsidiary Saraswati Sugar Mills Ltd has commenced commercial production on December 22 at its 100 KLPD Ethanol plant, set up at Yamuna Nagar, after obtaining all statutory approvals. SSML has invested ₹178 crore (approximately) in the construction of the plant and making it operational.

Surya Roshni Ltd has obtained order worth ₹124.35 crore (excluding GST) for supply of API 3LPE Coated Pipes for LPG Pipeline Project to IHB Limited, a Joint Venture of Indian Oil, HPCL and BPCL.

Godawari Power and Ispat Limited ’s material subsidiary, Godawari Green Energy Limited (GGEL), has temporarily shut-down its operations at 50 MW Solar Power Plant at Jaisalmer for complete overhauling and major maintenance of the plant. The shutdown is expected to be completed within three to four weeks. There will not be any major financial impact on the performance of the GGEL except the loss of revenue for one month due to above shut-down, it said.

Inox Leisure has commenced the commercial operations of a multiplex cinema theatre taken on Lease basis at Dhanbad, Jharkhand. The Multiplex Cinema Theatre has four screens and 888 seats.

Man Industries India Ltd has received new orders worth approximately ₹225 crore taking the order size approximately to ₹900 crore in the current quarter. With these new orders, the unexecuted order book as on date stands at approximately ₹1,700 crore and will be executed in 6-7 months.

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GPT Infraprojects has bagged an order worth ₹56 crore from Office of the Chief Administrative Officer Construction, East Central Railway, Mahendrughat, Patna. The contract is for construction of Road Over Bridge (ROB) at Gomia. The contract is in Joint Venture of which GPT’s share is 51 per cent.

SBL Infratech Ltd has informed the BSE that it will be shortly launching its upcoming Residential Floors Project ‘Madhav Apartment’ at Uttam Nagar, New Delhi.

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