Stocks that will see action today

KS Badri Narayanan Chennai | Updated on October 04, 2021

Focus is on NTPC, Grasim Ind, Cummins, Aurobindo Pharma, Pfizer, Sona BLW, Tech Mahindra, GR Infraprojects, Sheela Foam, PSP Projects, HealthCare Global Enterprises

Public sector power giant NTPC hopes to raise ₹15,000 crore by 2024 through the listing of its three units — NTPC Renewable Energy, North Eastern Electric Power Corp (NEEPCO) and NTPC Vidyut Vyapar Nigam. According to a senior company official, NTPC is planning to sell shares in NTPC Renewable Energy within a year. Meanwhile, it is planning initial public offerings of Neepco and NTPC NVVN by March 2024. “NTPC is also planning a stake-sale in NTPC-SAIL Power Co, which is a joint venture with Steel Authority of India (SAIL),” the official said. He added that the NTPC Renewable Energy’s target will be to have a minimum of 10 gigawatts of generation capacity by the time it is listed.

Grasim Industries: The Deputy Commissioner of Income Tax has imposed a capital gain tax on the company of ₹8,334 crore related to a sale of shares in group firm Aditya Birla Capital during tax assessment year 2018-19, it informed the exchanges. The company said it will take 'appropriate action' against the order.

Cummins India: The Ministry of Power exploring ban on DG genset in residential areas. In a draft notification, the Ministry has asked distribution licensee to supply uninterrupted power supply in metro cities to prevent use of DG sets and consumer using DG sets to endeavour to shift to cleaner technology like battery. According to analysts, this news development can have negative impact on multiples of Cummins, as it creates an uncertainty around DG market growth.

Drugmaker Aurobindo Pharma on Friday said N Govindarajan has tendered resignation as its Managing Director and as a Director on the Board. Stating that he has resigned due to personal reasons, the company said Govindarajan will be relieved from the services of the company effective from the close of business on December 31. The company said the Board also took note of the appointment of S Damodharan as Chief Operating Officer for the API vertical as well as appointment of P Yugandhar as the Chief Executive Officer of Eugia Pharma Specialities Ltd, a wholly owned subsidiary of the company focused on generic injectables and oncology business.

Pfizer has entered into a business transfer agreement with Mylan Pharmaceuticals Private Limited to transfer certain primarily off-patent branded and generic established medicines business (Upjohn Business) as a going concern to Mylan for ₹180.48 crore. The consideration for the transfer of the Upjohn Business is supported by valuation reports issued by two independent valuers. The Upjohn Business comprises of six brands - Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These along with related business assets and liabilities will transition to Mylan.

Sona BLW Precision Forgings Ltd, through its wholly owned subsidiary Sona Comstar eDrive Private Ltd (Sona Comstar), has executed a collaboration agreement with IRP Nexus Group Ltd. The initiative through International Center for Entrepreneurship and Technology (iCreate), India's technology business incubation centre, will develop, manufacture and supply a magnet-less drive motor and the matching controller for performance two-wheelers and three-wheelers for the global market.

Tech Mahindra Ltd through its wholly owned subsidiary viz., Tech Mahindra GmbH approved the proposal to acquire 100 per cent equity shares in Beris consulting GmbH. The company is headquartered in Wolfsburg Germany. Beris is an IT consultancy service provider with a strong domain expertise in the automotive industry in Germany with experience in niche techno-domain areas of CX, Aftermarket, Mobility and sharing. It was incorporated in 2013. The company has about 125+ employees. For the financial year ending December 31 2020, the company has delivered revenues of €10.1 million.

HealthCare Global Enterprises has acquired 26 per cent stake from Shiv-Sun Medical Services LLP, minority partners of HCG Sun Hospitals LLP, and executed a Deed of Retirement with Shiv–Sun and HCG Sun Hospitals LLP. Also, subsidiary HCG (Mauritius) has acquired 86,568 Preferred B Shares of Healthcare Global (Africa) from CDC Group PLC, for $554,600 and Healthcare Global (Africa) has become wholly owned subsidiary of the company.

Sheela Foam has incorporated a wholly owned subsidiary International Comfort Technologies Private Limited. Initially, ICTPL will establish two manufacturing facilities - at Medhi, Mandla, near Jabalpur and at Nandigram, Gujarat - with the object to manufacture the valued products to tap rural or semi urban market targeting consumer segment and scaleup the export and e-commerce business. The company will carry out manufacturing and selling of foam, mattresses, pillows, home comfort products, and related articles in India and overseas countries. The cost of project would be around ₹200 crore. Half of the project cost would be funded by Sheela Foam Ltd through equity/preference shares/loan and remaining would be funded by bank(s).

GR Infraprojects: Shri A.K. Singhal, Former DG(W), CPWD, the sole arbitrator in the matter of arbitration between the GR Infraprojects and the Government of NCT of Delhi, has passed arbitration award in favour of the company for ₹6.50 crore future interest at 12 per cent per annum simple interest. The company had initiated arbitration proceedings in 2019 before an arbitral tribunal against the Government of the National Capital Territory of Delhi, acting through the Executive Engineer, Public Works Department, Delhi in relation to a project in New Delhi. The company had sought a sum of ₹ 41.87 crore (including applicable interest till the date of filing of the statement of claim) for, among others, loss suffered due to under utilisation of plant and machinery for reasons attributable to NCT, Delhi.

Reliance Industries Ltd has invested ₹7.42 crore (equivalent to $1,000,000) in cash in 1,000,000 equity shares of $1 each of Reliance International Limited, a newly incorporated wholly owned subsidiary in Abu Dhabi Global Market, United Arab Emirates. RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations.

PSP Projects Ltd has emerged as the Lowest Bidder (L1 Bidder) for two projects viz. one in government and another in government residential segment totalling to ₹104.09 crore (excluding GST) in Gujarat.

KPI Global Infrastructure Ltd had received an order for executing solar power project of 12.50 MW capacity under Captive Power Producer (CPP) category from Anupam Rasayan India Limited, Surat in May, 2021. Accordingly, KPI Global has signed an Operation & Maintenance Agreement & Land Lease Agreement for the period of 25 years, aggregating amount of ₹38.97 crore with Anupam Rasayan India for 12.50 MW Solar Power Plant under CPP Category.

NIIT has acquired 70 per cent stake in RPS Consulting Private Limited. The board of NIIT approved the transaction on October 1. The remaining 30 per cent shareholding will be acquired by NIIT from the promoters of RPS Consulting in subsequent tranches based on achievement of certain financial milestones and closing adjustments in terms of the transaction documents within the next two and a half years.

RPP Infraprojects: IDBI Bank has released 40 lakh shares held by A. Nithya and P. Arulsundaram, Promoters of RPP Infra Projects, which were pledged as a collateral in respect of the working capital loan granted by the Lender to the Company.

Published on October 04, 2021

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