Stocks that will see action today

Biocon Biologics Limited (BBL), a subsidiary of Biocon Ltd, and Serum Institute Life Sciences Private Limited (SILS), a subsidiary of Serum Institute of India Pvt Ltd today announced a strategic alliance.

Under the terms of the agreement, BBL will offer approximately 15 per cent stake to SILS, at a post-money valuation of about $4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialisation rights of the SILS vaccine portfolio (including Covid-19 vaccines) for global markets.

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Pursuant to the terms of the agreement, BBL will generate a committed revenue stream and related margins, commencing H2, FY23. Adar Poonawalla will have a Board seat in Biocon Biologics Limited.

TVS Motor Company has announced a partnership with EGO Movement as a majority shareholder, in an all-cash deal through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd.

The partnership is in line with TVS Motor Company’s commitment to building an aspirational product portfolio while nurturing sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape.

Kotak Mahindra Group has acquired the vehicle financing loan portfolio of Volkswagen Finance Private Limited (VWFPL), the Indian captive financing arm of Volkswagen Group. Kotak Mahindra Prime Limited (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio of VWFPL.

Also read: Stocks that will see action today

Intellect Design Arena has signed a large multiple-year digital transformation destiny deal with Resurs Bank, a Nordic bank with Market leadership in Sales Finance business in Sweden, Norway, Denmark and Finland. The bank has chosen Intellect to implement Intellect Digital Core (IDC) and iKredit360. The contract was signed in Helsingborg, Sweden.

Mahindra and Mahindra Ltd , has announced that its subsidiary Erkunt Traktor Sanayi A.S. (Erkunt), will acquire the Agriculture Machinery business from Hisarlar Makina Sanayi ve Ticaret Anonim Şirketi (Hisarlar), also a subsidiary of the company.

In a reverse deal, Mahindra Overseas Investment Company (Mauritius) Limited (MOICML), a wholly owned subsidiary of the company, and Erkunt have agreed to sell their entire stake of 94.3 per cent in Hisarlar, for an aggregate consideration of Turkish Lira 6.6 million (equivalent to approximately ₹5.6 crore).

As part of the restructuring its subsidiaries in Turkey, Mahindra Group will exit Hisarlar’s Metal Fabrication business. While, Erkunt will acquire the Agricultural Machinery business of Hisarlar, including select related assets, Intellectual Property and Brand use rights.

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Mahindra Group, through Erkunt will continue to stay invested in the core business of Agricultural Machinery products ranging from soil tillage to post harvest segments. In addition, Erkunt will acquire select cabin manufacturing assets of Hisarlar.

Balkrishna Industries Ltd have commenced the trial production at Green Field Project located at F-20 – Waluj, Aurangabad, Maharashtra with an installed capacity of 30,000 MT per annum along with warehousing facility for raw materials and finished goods. The planned small co-generation plant has not been installed.

Shreyas Shipping & Logistics Ltd has signed a Memorandum of Agreement (MOA) for acquisition of one Bulk carrier of 34250 DWT and will be delivered to us between October 15, 2021 to November 15, 2021.

Cosmo Films: The Board of Directors of Cosmo Films Ltd at its meeting held September 16, 2021, has approved the proposal for setting up of new production line for BOPP (Biaxially Oriented Poly Propylene) Film at Aurangabad, Maharashtra with rated capacity of 67KL MT annually. This line will require investment of about ₹350 crore to be funded through internal accruals and debts. This line is estimated to be commissioned by 2024-25.

Indiabulls Housing Finance Limited has launched $200 million foreign currency convertible bonds issue. The board has approved the floor price for the Issue as ₹231.48 per FCCB. The FCCBs are not, and are not expected to be, rated by any rating agency.

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Abhay Bhutada, Managing Director of Poonawalla Fincorp, has resigned from the Board of the Company with immediate effect from September 16, and the Board of Directors of the Company has accepted Mr Abhay Bhutada’s resignation. Consequently, Abhay Bhutada ceases to be a Director and Key Managerial Personnel of the Company, it further said.

EKI Energy: Due to delay in the process of due diligence of SustainPlus Rise Private Limited (“the investee company”) before acquisition of shares of the said investee company, the Board of Directors of EKI Energy Services Ltd has decided to extend the time line to acquire the shares of the investee company. The revised indicative timeline to complete the transaction with investee company shall stood at October 15, 2021.

Ambalal Sarabhai Enterprises: CDSCO Cosara Diagnostics (a joint venture company of Synbiotics, a wholly owned subsidiary of Ambalal Sarabhai Enterprises and Co-Diagnostics Inc, USA) has received regulatory approval from (Central Drugs Standard Control Organisation) to manufacture and sell Saragene dengue test kit.

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