Stocks

Stocks that will see action today

KS Badri Narayanan Chennai | Updated on September 13, 2021

FILE PHOTO   -  REUTERS

Focus on RIL, Reliance Infra, Ujjivan, ICICI Bank, IP Rings, SBI Life, Indiabulls Housing Finance, Cupid, Firstsource, AGC Networks

Reliance Industries: It has delayed the launch of its JioPhone Next’s release. It will be available during Diwali in November due to the current semi-conductor shortage, Jio and Google said in a statement.

Both companies have begun testing JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season. “This additional time will also help mitigate the current industry-wide, global semiconductor shortages,” the statement added.

Reliance Infrastructure: The Supreme Court upheld the arbitral award in favour of Reliance Infrastructure Limited’s subsidiary DAMEPL. Delhi Metro Rail Corporation is directed to pay damages of ₹2,950 crore plus interest up to the date of payment to DAMEPL. The proceeds from the arbitral award to be used for debt reduction, it said.

Also read: Domestic markets likely to open on negative note

Ujjivan Financial Services: The Board of directors of Ujjivan Financial Services Ltd, based on the recommendation of the Nomination and Remuneration Committee, has considered and unanimously approved the appointment of Sanjeev Barnwal, as Chief Executive Officer (CEO) effective from September 10.

He will continue to be the Company Secretary (CS) and Key Managerial Personnel (KMP) of the Company. Ms. Carol Furtado who was recently appointed as the CEO effective from August 13, 2021 resigned from the Company effective from August 25, 2021 to take up a larger role at our subsidiary, Ujjivan Small Finance Bank Limited.

ICICI Bank: ICICI Lombard General Insurance has ceased to be a subsidiary of ICICI Bank, as the bank’s shareholding has come down to 48.08 per cent from 51.86 per cent after the merger of Bharti AXA General Insurance Company with the insurer. ICICI Lombard on September 8, allotted equity shares of the company to the eligible shareholders of Bharti AXA, as per the scheme of arrangement between the two insurers.

SBI Life Insurance Company: Canada Pension Plan Investment Board has offloaded 2.3 crore equity shares in SBI Life at ₹1,171.07 a share. BNP Paribas Arbitrage acquired 96,35,692 shares at ₹1,171 a share on the BSE, the bulk deals data showed. As of June 30, 2021, the Canadian pension fund body had held 28.58 million, or 2.86 per cent stake, in the SBI Life Insurance, according to the shareholding pattern, available with the stock exchanges.

The Board of Directors of Arvind SmartSpaces Limited (ASL) has approved the allotment of 68.5 lakh equity shares aggregating to about ₹85 crore to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL at the price of ₹124 a share as per SEBI ICDR Regulations 2018.

The Competition Commission of India (CCI) has given its nod for Nextbillion Technology Private Ltd, the company that owns online platform Groww, to acquire 100 per cent shareholding in Indiabulls Asset Management Company Ltd (IAMCL) and Indiabulls Trustee Company Ltd. (ITCL) for ₹175 crore.

Firstsource: Firstsource Solutions Limited, a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, has announced the launch of Firstsource Healthcare Cloud-a new, innovative platform which will support all US healthcare products with expanded access, flexibility and security capabilities. The initial roll-out will include all the US revenue cycle management and patient financial services products, with the company’s payer-oriented solutions soon to follow.

AGC Networks: Black Box Technologies Australia Pty Limited, indirect wholly owned subsidiary of AGC Networks, has entered into a share purchase agreement with KAK Nominees Pty Ltd, Cylaiako Nominees Pty Ltd and CTA Consulting Pty Ltd to acquire 100 per cent of shares of Dragonfly Technologies Pty Ltd for total consideration of approx. AUD 7.43 million.

While 50 per cent will payable at the time of closing and remaining 50 per cent on performance based earn-outs over a period of 3 years from closing. Dragonfly Technologies Pty Ltd is into the business of providing Cyber Security Solutions, Enterprise Networking Solutions and Automation & Consulting services. The acquisition is anticipated to be completed within 90 days of signing the share purchase agreement subject to approvals from Foreign Investment Review Board (FIRB).

Prakash Industries Limited has been declared as the “Successful Bidder” in respect of Bhaskarpara Coal Mine in the 12th tranche of auction of Coal Mines under Coal Mines (Special Provisions) Act, 2015 for commercial mining vide letter dated 7th September, 2021 issued by the Nominated Authority, Ministry of Coal.

Cupid Limited has received a purchase order from UNFPA to supply male condoms worth ₹11.01 crore; female condoms worth ₹3.15 crore; and to supply water-based lubricant worth ₹2.41 crore.

Rubfila International Ltd has announced the commencement of commercial production of new production line at its unit at Madathukulam, Palani Taluk, Dindigul District, Tamilnadu from September 9.

IP Rings Limited has announced the signing of the Joint Venture agreement with Eminox, United Kingdom to establish a Technical Centre Joint Venture in India. The approval authorising Ram Venkataramani, MD, IP Rings, to sign the said agreement was obtained at the Board meeting held on August 2, 2021.

Published on September 13, 2021

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