Stocks that will see action today (November 3)

K. S. Badri Narayanan | Updated on: Nov 03, 2021
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Buzzing stocks SBI, Eicher, Infosys, Wipro, Vedanta, Thirumalai Chem, Spandana Sphoorty, Poonawala Fincorp, Info Edge

Vedanta: The board of directors of Sesa Mining Corporation Ltd, an indirect wholly-owned subsidiary of Vedanta, has approved the acquisition of Desai Cement Company Private Ltd for Rs 14 crore. The acquisition will enhance the group’s portfolio with cement and help develop additional synergies through vertical integration, it said.

Minda Corporation has signed an agreement to purchase 49 per cent equity shares in Minda Stoneridge Instruments for Rs 161 crore. The agreement has been executed among Minda Corporation, Stoneridge Inc., USA and Minda Stoneridge Instruments.

Infosys: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and IBM, has announced that the Finacle Digital Banking Solution Suite will be available on Red Hat OpenShift and IBM Cloud for financial services. This collaboration will help banks scale business transformation, become more agile, and power their growth with an on-demand portfolio of products and services. It will also help banks achieve seamless ecosystem connectivity and provide a world-class banking experience, and enable them to meet compliance and security requirements..

Wipro has partnered with TEOCO to develop solutions that will help communication service providers (CSPs) improve network automation, flexibility, efficiency, and reliability. Together, Wipro and TEOCO will provide CSPs comprehensive solutions to plan, analyse, optimise, and monitor next-generation networks (NGN). Wipro and TEOCO’s solutions will empower CSPs to manage their network growth, forecast their investment needs, improve operational efficiencies, and enhance network quality.

HDFC Life Insurance Company: The Competition Commission of India has approved acquisition of 100 per cent shareholding in Exide Life Insurance Company by HDFC Life Insurance Company.

Spandana Sphoorty Financial Ltd has announced a change in its leadership structure following the resignation of Padmaja Gangireddy, Founder & Managing Director. The board accepted the resignation of Padmaja Reddy with immediate effect and confirmed the hiring of an eminent industry veteran as its new Managing Director & Chief Executive Officer, and the constitution of a management committee to provide strategic direction to business operations in the interim as part of the transition plan. KR Kamath, former Chairman & Managing Director of Punjab National Bank and board member of Spandana, will chair the management committee, which also comprises two of the longest-serving company board members Abanti Mitra and Kartikeya Kaji.

Thirumalai Chemicals: The board has approved investment in a project to manufacture Phthalic Anhydride and fine-chemicals at its site in Dahej in Gujarat. This is aimed at the large markets in Western India and for regional exports. The investment will be funded by the company's internal accruals and borrowings. The project includes a 90,000 tonne per year Phthalic Anhydride unit scheduled to be commissioned in H2 FY 23-24. The project will use TCL's in-house technology.

Poonawala Fincorp: The board of directors has approved divestment of the company’s direct and indirect shareholding in Magma HDI General Insurance Company. Sanoti Properties LLP, which is held by Adar Poonawalla and Serum Institute of India Private Ltd, has agreed to acquire the stake in Magma HDI. This structure is in line with other financial services groups with NBFC and general insurance operations, and will also allow a framework for continued business relationship between PFL and Magma HDI. As part of the divestment, PFL will also divest its 48.89 per cent shareholding in Jaguar Advisory, which, consequent to the above transaction of divestment in MHDI shares, will own only cash and cash equivalent, to Celica Developers, the joint venture partner in Jaguar Advisory.

Info Edge Company has entered into an agreement to invest about Rs 41.2 crore in Metis Eduventures Private Ltd (Adda247) through a mix of primary & secondary acquisition of shares. Adda247 is an online government jobs preparation platform.

Insecticides India: The Patent Office has granted the company patent for an invention A herbicidal formulation containing 'Pendimethalin and Oxyfluorfen' for a term of 20 years from April 17, 2017 (Date of Filing).

Dynemic Products Ltd has started trial run for dye intermediates (plant 2) at its manufacturing unit in Dahej, Gujarat from November 1, 2021. The company will announce when the unit commences commercial production in due course.

PSP Projects: The company has received a Letter of Acceptance for two projects - one government project in Gujarat and another government residential project in Uttar Pradesh totalling Rs 288.27 crore.

Results Calendar: Aditya Birla Fashion Retail, Adroit Infotech, Alfa Ica, Bata India, Centrum Capital, DCM Shriram, Eicher Motors, GG Dandekar, GPT Infra, Grindwell Norton, GSPL, Gufic Bio, Gujarat Alkalies, Likhitha Infra, Mohit Industries, Pfizer, Precision Wire, RattanIndia Infra, Rushil Decor, SBI, UFlex and WPIL.

Published on November 03, 2021

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