Rajesh Gopinathan, Managing Director and CEO of Tata Consultancy Services has decided to step down from the company to pursue his other interests. The board of the company has considered his request and accepted the same. Gopinathan will continue with the company till September 15, 2023 to provide transition and support to his successor. The board has nominated K Krithivasan as the CEO Designate with effect from March 16, 2023. Krithivasan will go through a transition with Rajesh Gopinathan and will be appointed as the Managing Director & CEO in the next financial year.
Dr Reddy’s Laboratories has announced the signing of a deal to divest certain non-core brands of the company in the dermatology segments to Eris Lifesciences Limited. Under the agreement, Eris Lifesciences will be assigned the trademark of these brands by Dr Reddy’s for a consideration of ₹275 crore. As per IQVIA MAT December 2022, the divested portfolio saw sales of ₹60 crore in India.
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Lemon Tree Hotels has announced its latest signing in Rajasthan—Lemon Tree Hotel, Sri Ganganagar, Rajasthan. The property is expected to be operational by July 2026 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.
Glenmark Specialty SA, the subsidiary of Glenmark Pharmaceuticals has received acceptance from the US Food and Drug Administration (FDA) on its investigational new drug (IND) application for GRC 54276 to proceed with a Phase 1/2, first-in-human, clinical study of GRC 54276 for the treatment of patients with advanced solid tumors and lymphomas.
IndiaMART InterMESH has entered into a share purchase agreement to disinvest its entire 30 per cent stake in of Ten Times Online Private Limited. Pursuant to sale of equity shares, Ten Times would cease to be an Associate of the Company. The company has agreed to sell 18,701 equity shares for a consideration of ₹12.10 lakh.
The Board of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) has approved to acquire the remaining 50 per cent stake of Fritzmeier Motherson Cabin Engineering Private Limited from F Holdings GmbH, Austria, subject to satisfactory completion of conditions precedent. Post completion of the transaction, Fritzmeier Motherson Cabin Engineering Private Limited (FMCEL) will become wholly owned subsidiary of the company. The purchase consideration to be paid is ₹110.7 crore for acquisition of 50 per cent stake of JV partner.
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The Board of Directors of Sprayking Agro Equipment has considered and approved the issue of bonus shares in the ratio of 2:3, subject to approval of shareholders through postal ballot. The board approved the migration of company from SME platform of BSE to main board of BSE and the NSE.
Rail Vikas Nigam Limited has emerged as the lowest bidder (L1) for supply, installation, testing and commissioning of 11 KV line associated works such as 11 KV line bifurcation, 11 KV line interconnection, 11 KV line conductor augmentation, LT AB cabling augmentation and conversion of LT bare conductor to AB cabling under revamped reforms-based and results-linked distribution sector (Package-12) in Sidhi, Singrauli, Sagar, Damoh, Chhatarpur, Panna and Tikamgarh Circles of MPPKVVCL, Jabalpur Company Area. The cost of project without taxes is ₹111.85 crore.
Jubilant Ingrevia Limited has acquired 37.98 per cent stake of Mister Veg Foods Private Limited, an associate company of the company.
Vishvprabha Foods Private Limited (wholly-owned subsidiary of Vishvprabha Ventures Limited) has received a sanction letter from Bank of Maharashtra for ₹3.75-crore term loan and ₹2 crore as cash credit facility for implementation of foods projects.
The Board of Quint Digital Media Limited has approved to grant loan or give guarantee or provide security in respect of any loan granted, for an amount upto ₹50 crores to Quintillion Media Limited, a wholly owned subsidiary, at a rate of 9.25 per cent per annum.
Shri Keshav Cement & Infra Limited has announced a fund-raising initiative through a preferential issue of equity shares & equity share warrants. The company aims to raise ₹45.98 crore, comprising ₹19.65 crore by way of 15,72,000 equity shares at a price of ₹125 a share and ₹26.33 crore by way of 20,25,000 equity share warrants at a price of ₹130 each.
Moneyboxx Finance Limited, a BSE-listed NBFC that focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III cities and below, has secured ₹20 crore term loan from Maanaveeya Development & Finance Private Limited (Maanaveeya), an Indian subsidiary of Oikocredit, a 40-year-old global development financing institution. The company will utilise the funds for onward lending to the micro entrepreneurs.