Stocks that will see action today

KS Badri Narayanan Chennai | Updated on September 14, 2021

Focus on Zee Entertainment, Wipro, MTAR, Redington, GSPL, DCM Shriram, KNR Constructions

Zee Entertainment’s (ZEE’s) largest shareholders, Invesco Developing Markets Fund and OFI Global China Fund LLC, which together hold 17.88 per cent of the total paid-up share capital of the company, in a letter on September 11, called an extraordinary general meeting (EGM) seeking removal of Punit Goenka, Manish Chokhani and Ashok Kurien as Directors of the firm, the company said in a regulatory filing on September 13. Punit Goenka is the managing director and chief executive officer of the media company. The two funds have sought to appoint six new independent directors, the filing added.

MTAR Technologies has received an export order for $29.82 million (approximately ₹220 crore) from Bloom Energy, US. This order is for export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022, the Hyderabad-based company said. This is the largest single order ever received by MTAR and demonstrates the customer confidence that the company has built over time, it further added.

Redington (India) on Monday said that its step-down subsidiary Arena Bilgisayar Sanayi Ve Ticaret A.S. (Arena), Turkey, regarding the binding Share Purchase Agreement, concluded to acquire 100 per cent shares of Brightstar Telekomünikasyon Dagitim Ltd. Sti. (Brightstar). The acquisition is subject to receiving necessary regulatory approvals, including from the Competition Board, as also fulfilment of certain mutually agreed conditions. As per the Agreement, Arena will pay $35 million in cash for acquiring Brightstar. The acquisition is likely to be completed by the end of Q3-FY 2021-22. Brightstar Turkey’s operations primarily consist of value-added distribution of leading brands of smartphones, devices, consumer electronics and accessories to telecom operator(s).

Gujarat State Petroleum Corporation Ltd has appointed Pankaj Kumar, IAS as Chairman & Managing Director on the board of the company with effect from September 8, as an Additional Director, and also as Chairman & Managing Director on the Board of the Company has been approved by the Board of Directors at its Meeting.

Nucleus Software Exports: The Reserve Bank of India on Monday announced the opening of 3rd cohort under the regulatory sandbox. Nucleus Software Exports, among six companies, has completed test phase, it said and added that eight firms were selected for test phase on cross-border payment.

Will Nifty hit 17,600 this week?

The Board of DCM Shriram has approved the proposal to acquire/buy 17.325 lakh shares of ₹10 each of Shriram Axiall Pvt Ltd, a 50:50 joint venture between the company and Axiall LLC, (US). The acquisition cost is ₹137.40 a share from Axiall LLC, being entire 50 per cent of the paid-up share capital and the deal is expected to be completed within 30-60 days.

KNR Constructions Ltd on Monday said that it has won a ₹312.79-crore road-widening project in Hyderabad. The company has received a letter of award from Hyderabad Growth Corridor Ltd for the project, it said in an exchange filing. The project involves widening of existing service roads from Nanakramguda to Kollur and Gachibowli to Shamshabad of outer ring road in Hyderabad. The project is to be completed within a period of 15 months from the date of signing of agreement.

Movers and Shakers: Stocks that will see action this week

Indokem Ltd: The board of directors of Indokem has approved a Revised Scheme of Amalgamation of Refnol Resins and Chemicals Limited with itself. The Scheme is subject to receipt of approvals of shareholders and creditors of the companies. Refinol is engaged in the business of manufacturing and marketing of resins and chemicals and the Indokem is engaged in the business of dealing in dyes, sizing chemicals, auxiliaries in textile industry and electrical capacitors. The share exchange ratio for amalgamation is fixed as 1,257 equity shares of Indokem having face value of ₹10 each fully paid up will be issued for every 1,000 shares held in Refnol having face value of ₹10 each fully paid up.

Amber Enterprises India Ltd has invested $100,000 in Amber Enterprises USA Inc and has been allotted 100,000 common stock at par value of $1 per share. Post the allotment of shares as referred above, Amber Enterprises USA Inc has now become wholly owned subsidiary of Amber Enterprises India Limited. It will increase the footprint of Amber Enterprises India Limited in foreign countries along with export turnover.

AF Enterprises has been qualified as an L1 bidder and has received a work order for FY22 from Uttar Pradesh State Agro Industrial Corporation for the supply of plastic crates.

Wipro has partnered with Tennessee-based First Horizon Bank (FHN) to transform the core banking channels and servicing capabilities of VirtualBank, an established digital bank that FHN inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

Published on September 14, 2021

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