Stocks that will see action today

Chennai, September 9

Reliance-HCG

HealthCare Global Enterprises, a leading specialty healthcare service provider in India, focused on oncology, announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its 38.5 per cent stake (on paid-up capital basis and 34.5 per cent on fully diluted basis) in Strand to Reliance Industries’ group company. HCG received consideration of ₹157 crore for sale of its ownership in Strand and acquired labs and clinical research business through a Business Transfer Agreement (BTA) from Strand for a consideration of ₹81 crore with a set-off of ₹7 crore towards receivables. The transactions resulted in net cash inflow of ₹83 crore for HCG in addition to the take-over of the labs and clinical research business.

Engineers India

Chennai Petroleum Corporation has entrusted the project for execution of EPCM-1 with MPMC & EPCM-3 services for 9 MTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamilnadu, to Engineers India. The total awarded order value is ₹1,039 crore with a total project schedule of 42 months for mechanical completion.

Tourism Finance Corporation of India

The board has approved to issue and allot up to 96,55,700 shares at ₹67.50 a share to marquee investors each for an allotment size of ₹65.18 crore by way of preferential allotment including non-promoters

Bajaj Healthcare

Bajaj Healthcare, a leading manufacturer of APIs, Intermediates and formulations, has announced the launch of API and Formulation of “DGJAJ” (2-Deoxy-D-Glucose), an antiviral drug used for treating Covid patients, in collaboration with Defence Research and Development Organisation (DRDO). BHL had received a license agreement from DRDO on July 7 to manufacture and market 2-Deoxy-D-Glucose (2-DG). The production of “DGJAJ” has commenced.

Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories, along with its subsidiaries, has entered into a definitive agreement with Citius Pharmaceuticals, Inc. pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Under the terms of agreement, Dr. Reddy’s will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the CTCL (cutaneous Tcell lymphoma) indication approval and up to $70 million for additional indication approvals. Further, Dr. Reddy’s will receive certain sales-based milestones and tiered earn-out payments.

Ashoka Buildcon

Ashoka Buildcon has received the Letter of Award from Adani Road Transport in respect of the project viz. ‘Execution of Civil & associated works on Engineering, Procurement & Construction (EPC) basis of Six Laning of National Corridor NH-19 from Pangarh to Palsit in West Bengal’. The accepted EPC contract price is ₹1,567.45 crore.

HFCL

The board of HFCL has approved a proposal to raise funds to the tune of ₹750 crore. The company will seek shareholders approval during the upcoming annual general meeting for the proposal. HFCL said that it will raise the amount, “by way of private placement or preferential issue or public issue or rights issue or qualified institutional placement or through any other permissible mode and/or combination thereof, including by way of issue of equity shares/ preference shares/ bonds/ debentures/ non-convertible debt instruments/ warrants/ any other securities, subject to approval from the shareholders in the ensuing annual general meeting and other regulatory/ governmental authorities, as may be required.

ICICI Lombard

The company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.

Gokaldas Exports

Gokaldas Exports has commenced commercial production at its new manufacturing unit situated at Sathyamangala Industrial Area, Tumkur, Karnataka after successfully obtaining licences and clearances from all the relevant stakeholders. On achievement of full ramp up and productivity, the unit will contribute about 4.5 per cent to its current capacity.

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