Markets

Stocks that will see action on July 5, 2022

K. S. Badri Narayanan | Updated on: Jul 05, 2022

Buzzing stocks: TCS, Tata Steel Long Products, LIC, MMTC, NMDC, Cipla, Kirloskar Ferrous, Kotak Mahindra Bank, IndusInd Bank, Emami, Muthoot Fin, PTC India Financial, PTC India

Tata Consultancy Services has said a US court reduced the compensatory and punitive damages demanded from the company to $420 million in a lawsuit filed by Epic Systems Corporation. The matter relates to a US grand jury order that slapped two Tata Group companies — TCS and Tata America International Corp — with a $940 million fine in a trade secret lawsuit filed against them by Epic in April 2016.

Drug major Cipla said that it has received two observations from the United States Food and Drug Administration, which conducted a pre-approval inspection at the company's Indore plant from June 27 to July 1. It has received two observations on FDA Form 483 with respect to ANDA filed for the product to be manufactured at the plant. There is no data integrity observation. The company said that it will submit its response to the USFDA within the stipulated time.

The Reserve Bank of India has imposed a penalty of ₹1.05 crore on Kotak Mahindra Bank and ₹1 crore on IndusInd Bank for non-compliance of certain norms.

Tata Steel Long Products, a step down subsidiary of Tata Steel, has completed the acquisition of a 93.71 percent stake in Neelachal Ispat Nigam (NINL) for ₹12,100 crore. While NMDC sold its 10.10 percent stake in NINL, MMTC transferred its 49.78 percent stake to Tata Steel Long Products in the transaction.

Kirloskar Ferrous Industries has completed the upgradation of its mini blast furnace II (MBF-11) at the Koppal plant in Karnataka. The operations of MBF-11 have resumed from July 4. After the upgrade, the pig iron manufacturing capacity of MBF-11 has increased from 1,80,000 metric tonne per annum to 2, 17,600 metric tonne per annum and consequently, the company's total manufacturing capacity of pig iron has increased to 6.09 lakh metric tonne per annum.

The board of LIC has approved investment of ₹80.67 in LIC (Nepal) via rights issue. Approval has been accorded for investing in the proposed rights issue of LIC (Nepal) Ltd worth NPR 127.07 cr (INR 80.67 Crore) approximately subject to the prevalent exchange rate for infusing capital in LIC (Nepal) Ltd, it said. LIC owns 55 per cent stake in LIC (Nepal).

PTC India Financial Services Limited has informed that an Agency for Specialised Monitoring (ASM) appointed by lenders issued satisfactory report.

Muthoot Finance has said it has received an approval from Reserve Bank of India (RBI) to open additional 150 branches across the country. The non-bank lender plans to open these branches across southern and northern parts of the country, a release said.

Emami has further subscribed equity share capital of Brillaire Science Pvt Ltd ( Brillaire), subsidiary. Consequently, the company's stake in Brillaire has increased from 72.02 per cent to 77.53 per cent on Issued & Paid-up capital of Brillaire.

Marksans Pharma has said the board of directors will hold a meeting on July 8 to consider the proposal for share buyback.

Results Calendar: PTC India (FY22) and RCI Industries & Technologies Ltd (FY22)

Published on July 05, 2022
COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you