Stocks that will see action today
Focus on IDFC, Aurobindo Pharma, Infosys, Jubilant Foodworks, Escorts, Jubilant Ingrevia, Adani Ports, Gujarat Sidhee Cement, Mphasis
IDFC shareholders have rejected the reappointment of Vinod Rai as Non-Independent and Non-Executive Director to the Board. In a notification to the exchanges on Wednesday, IDFC stated that the resolution “has not got the requisite majority and hence is not passed.” The decision comes after the 24th Annual General Meeting (AGM) of the firm. About, 62.3 per cent of the shareholders voted against the resolution while 37.7 per cent voted in support, data available with the exchanges showed. Last week, IDFC Group had decided to divest its mutual fund business — IDFC Asset Management Company (IDFC AMC) Ltd. IDFC AMC’s assets under management stood at ₹1,26,070 crore as of June 2021.
Aurobindo Pharma has announced that its subsidiary CuraTeQ Biologics Pvt Ltd. (CuraTeQ) has submitted marketing authorization application (MAA) to the European Medicines Agency (EMA) for BP14, an oncology biosimilar product. “The submission of BP14 MAA with EMA is an important beginning in our business evolution and positions CuraTeQ well in our mission of providing access to high quality biosimilars for cancer patients. We remain on track for filing our second product, another oncology biosimilar in the regulated markets, in this calendar year
Adani Ports and Special Economic Zone Ltd (APSEZ) has concluded the acquisition of the Government of Andhra Pradesh’s 10.4 per cent stake in the Gangavaram Port Limited (GLP) for a consideration of ₹645 crore. This concludes the ₹6,200-crore acquisition of the port on east coast by the Gujarat-based ports major. In a statement issued on Wednesday, APSEZ informed that the company’s Board of Directors and GPL have approved a merger at a swap ratio of 159:1000 shares.
Jubilant Foodwork has acquired a 25 per cent Stake In Gurugram-based food nutrient StartUp Wellversed Health Pvt Ltd for ₹10 crore. Wellversed offers a variety of food products tailored for specific nutrition and dietary needs including keto, gluten-free, vegan, high-protein, diabetic and immunity.
Gujarat Sidhee Cement Limited has announced that the cement plant of the company at Sidheegram is planning the annual maintenance shutdown of the clinker unit for annual maintenance routine jobs for a period of 17 to 20 days . The company has started the kiln from September 22 at its factory at Sidheegram, Gujarat. Production is expected to start from September 23. The company’s plant shall be fully operational by September 25.
Sharda Energy & Minerals: The Chhattisgarh State Electricity Regulatory Commission has approved provisional tariff for the 113 MW hydropower Project of Madhya Bharat Power Corporation Ltd. (a subsidiary of the company), considering 85 per cent of the cost of the project incurred as per audited accounts of the company as of March 2021 with return on equity of 15.5 per cent p.a. as per relevant regulations under the Electricity Act. The final tariff will be determined based on the cost incurred up to the date of COD, as may be approved by the Commission, following the due process of law in due course.
AIA Engineering Ltd has announced that recently South African Government has imposed 15 per cent customs duty on imports of Grinding Media from all countries except European Union and UK and under FTAs as a part of their internal policy reforms. Though it is not specific to the company or country, as a prudent practice, the company has announced about its likely impact on the company’s business. The company through its overseas subsidiary, VEGA Steel Industries (RSA) Pty Ltd, has sold approximately 4200 MT of Grinding Media in South Africa during current Financial Year.
Jubilant Life Sciences International Pte. Limited, Singapore, a wholly owned subsidiary of Jubilant Ingrevia Ltd has divested its entire 10 per cent stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on September 21 for a consideration of $18.2 million (approx ₹134.2 crore) pursuant to approval of the plan of merger between Safe Food and Packers Sanitation Services Inc Limited. The current book value of Safe Foods Investment, reflected at Fair value through Other Comprehensive Income is $6.5 million (approximately ₹47.8 crore).
Infosys, a global leader in next generation digital services and consulting, has announced a strategic collaboration with Amazon Web Services (AWS) to develop quantum computing capabilities and use cases. Infosys will use Amazon Braket to explore and build multiple use cases in quantum computing as part of Infosys Cobalt cloud offerings. Amazon Braket is a fully managed quantum computing service that helps scientists and developers get started with the technology and accelerate research and discovery.
Reports that Japanese agriculture and heavy equipment firm Kubota Corp is in talks with the Nanda family — promoters of India’s Escorts Ltd — to increase its stake and eventually become a controlling shareholder in the tractor maker and engineering construction company. Kubota in talk to buy promoters 15 per cent now and looks to acquire their entire holding valued ₹7,495 crore.
Mphasis said that it has acquired Blink UX, a User Experience research, strategy and design firm that works with world’s leading companies to create digital products, brands and experiences. Blink UX is headquartered in Seattle and has studios in Austin, Boston, San Diego and San Francisco.