Stocks that will see action today (Oct 12)

KS Badri Narayanan Chennai | Updated on October 12, 2021

Focus is on Bhansali Engineering, GM Breweries, IOB, Canara Bank, PI Industries, HCL Tech, Tourism Finance Corp, Rane Madras

Indian Overseas Bank

Indian Overseas Bank is now integrated with TN Govt’s IFHRMS (Integrated Finance Human Resource Management System) portal designed for collection of all treasury receipts. IFHRMS portal is developed as a comprehensive management system by integrating Human Resources and Financial services to improve operational efficiency. Indian Overseas Bank is now authorised to collect all the receipts of Tamil Nadu Government under IFHRMS portal through both offline and online. The bank has also joined PFRDA in promoting pension and retirement planning. In this connection, IOB has launched an NPS Campaign until October 31.

Tourism Finance Corporation of India

New Delhi-based Tourism Finance Corporation of India, a financial institution, has secured ₹65.18 crore by way of preferential allotment of 96,55,700 at ₹67.50 a share. TFCI will use the funds to boost its strong position in the lending ecosystem and to accelerate its strategic priorities. TFCI provides long-term line of credit to tourism related projects and the company has a vision to play the role of an investment catalyst for the Indian tourism sector. The financing round was led by the Promoter group. Other investors included Anurag Bagaria (Chairman & CEO, Kemwell Biopharma) and PS Jayakumar (ex-MD & CEO, Bank of Baroda).

Canara Bank

Moody’s Investors Service (Rating Agency) has revised Canara Bank’s rating outlook from ‘Negative’ to ‘Stable’ while affirming the bank’s long term local and foreign currency deposit ratings at ‘Ba1’ and its Baseline Credit Assessment (BCA) at 'b1'.

Rane (Madras)

Rane (Madras), a leading manufacturer of steering and suspension products and light metal casting components has announced that the board of Directors approved the acquisition of the steering components business (SCB) of Yagachi Technologies (YTPL), a part of Hical Group. SCB manufactures steering and suspension components such as inner ball joints (IBJ) and outer ball joints (OBJ). The division’s major customers include Mando India, which in turn serve OEMs such as Hyundai, Kia, Mahindra, etc. SCB has a technical collaboration with a leading South Korean ball joint company. SCB’s revenue stood at ₹35.5 crore for FY21.

HCL Technologies

HCL Technologies (HCL), a leading global technology company, has expanded its strategic partnership with Google Cloud to jointly launch healthcare and life sciences solutions for customers. This partnership will deliver the best of HCL and Google Cloud’s deep health care and life sciences domain capabilities and investments through co-innovation and address the shifts in the industry. HCL will establish a joint center of excellence (CoE) for Google Cloud with industry subject matter experts and Google Cloud-certified ideapreneurs to deliver solutions for payer, provider, medtech and biopharma customers. HCL’s Google Cloud Native Labs will help accelerate these solutions with Google Cloud support, which is positioned to deliver solutions through its native data and AI offerings and its security capabilities across the healthcare and life sciences value chain.

PI Industries

PI Industries, has executed two joint venture agreements with Polymath Holdings, LLC for undertaking the business of manufacturing and selling the products for bio chemistry processes and bio chemical enabled pharmaceutical intermediates.

Sharika Enterprises

Sharika Enterprises has received a contract to design, supply, install, commission and maintain feeder automation system as part of distribution management system (DMS) to improve the reliability of the power distribution in Jammu and Kashmir. The contract has been awarded by General Electric Company’s India entity GE T&D India as an associate partner. The contract to Sharika Enterprises, valued at ₹42.10 crore ($5.8 million) is one of the largest feeder automation contract this year in the country.

Alembic Pharmaceuticals

Alembic Pharmaceuticals has received establishment inspection report (EIR) from US Food and Drug Administration (USFDA) for the inspection carried out by them at our new injectable facility (F-3) at Karakhadi during the period from January 28 to February 6, indicating that the USFDA finds our responses to their observations to be adequate. USFDA has also indicated that a compliance verification would be performed during re-inspection of the said facility in the next review cycle.

Results calendar

Bhansali Engineering, DRC Systems, GM Breweries, IndBank Merchant Banking, Ind Bank Housing and JTL Infra.

Published on October 12, 2021

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