Markets

Stocks that will see action on June 22, 2022

K. S. Badri Narayanan | Updated on: Jun 22, 2022

Buzzing stocks: Hero MotoCorp, Coal India, Astral, JSW Ispat, PVR, Jain Irrigation

On completion of pre-closing conditions as per the terms of Debenture Subscription Agreement dated April 29, Astral Limited has subscribed to optionally convertible debentures of ₹194 crore issued and allotted by Gem Paints Private Limited. Further, the company has appointed majority directors on the board of Gem Paints Private Limited and Esha Paints Private Limited, as they have become subsidiary and step down subsidiary of the company.

Hero MotoCorp has further strengthened its commitment and operations in Turkiye with the introduction of Euro-5 compliant variants of its three globally popular products. Dr. Pawan Munjal, Chairman and CEO, Hero MotoCorp, hosted a business-session with the local partners of the Company in the country to share the strategy for Turkiye and introduced the three new products - the Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters.

JSW Ispat Special Products Limited is advancing the planned shutdown of the Blast Furnace, Sinter Plant and Steel Melt Shop (SMS) at Raigarh (Chhattisgarh) location and 2 furnaces of the Ferro alloys and SMS respectively at Raipur (Chhattisgarh) location for regular annual maintenance for about 25 days with effect from June 21, 2022.

Coal India Limited (CIL) held three pre-bid meetings on 14th and 17th June with prospective coal importing agencies evincing interest in pitching in, in the three international competitive bidding e-tenders that the company had floated earlier in the month for import of coal. The overseas sourcing of coal by CIL was as directed by the government.

Multiplex operators PVR and I NOX Leisure on Tuesday said that they have received clearances for their merger from bourses NSE and BSE. “The company has received observation letter with ‘no adverse observations’ dated June 20, 2022 from BSE Ltd and observation letter with ‘no objection’ dated June 21, 2022 from National Stock Exchange of India Ltd respectively in relation to the scheme of amalgamation,” said PVR in a regulatory filing.

Jain Irrigation Systems has said its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal, a move that will help the company reduce its consolidated debt by Rs 2,700 crore or around 45 per cent. Jain Irrigation’s global irrigation business has been valued at Rs 4,200 crore, of which Rs 2,700 crore will be used to repay its overseas debt and Rs 200 crore will come to the parent company, its Managing Director Anil Jain told reporters here.

Published on June 22, 2022
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