Buzzing stocks. Stocks that will see action on March 24, 2023

DIC India has expanded its printing ink capacity by 10,000 tonnes per annum with the commissioning of its fifth plant in Gujarat. The company plans to utilise it to cater to both domestic and export markets. DIC India, a leading producer of printing ink, has invested around ₹110 crore on phase one of the new plant in the Bharuch district of Gujarat, thus taking its total printing ink capacity to close to 65,000 tonnes per annum in the country.

Lupin has received tentative approval from the US FDA for its abbreviated new drug application (ANDA), Obeticholic acid tablets, which are a generic equivalent of Ocaliva tablets by Intercept Pharmaceuticals, Inc.

Also read: SGX Nifty indicates flat opening

Tata Steel has acquired the balance of 1.35 crore equity shares of Tata Steel Advanced Materials from Tata Steel Downstream Products at ₹12.81 a share, amounting to ₹17.33 crore. Following this, Tata Steel Advanced Materials has become a direct wholly-owned subsidiary of Tata Steel.

Bajaj Hindusthan Sugar Ltd on Thursday said it has acquired a 98 per cent stake in Phenil Sugars by converting existing preference shares worth ₹350 crore into equity shares. The company has converted 3.50 crore redeemable non-cumulative convertible preference shares of ₹100 amounting to ₹350.04 crore into equity shares of 35 crore equity shares of ₹10 each of PSL. After taking control of PSL, Bajaj Hindusthan may take the necessary steps to realise the amount by selling the assets of PSL in an appropriate manner and/or putting the assets to appropriate usage.

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Also read: Bajaj Hindustan Sugar buys 2 cos for ₹850 cr

The Ministry of Defence has signed two contracts worth ₹3,800 crore with Bharat Electronics for the supply of medium power radar and digital radar warning receivers (RWR) for Indian Air Force.

Ganesh Housing Corporation has entered into a definitive agreement with Monsoon India Infrastructure Direct II Limited for the acquisition of its entire 28.91 per cent stake in a subsidiary, Gatil Properties Private Limited. Accordingly, the company has already acquired 6.91 per cent shares from Monsoon and the remaining 22 per cent will be acquired by April 2023. The price at which the shares are acquired is ₹796 a share.

Vascon Engineers Ltd has bagged ₹158 crore contract from Uttar Pradesh Public Works Department (UP PWD). The work has to be completed within 18 months from the date of receipt of the letter of acceptance, according to a company filing.

The board of WS Industries India has approved a proposal for availing short-term Inter Corporate Deposit not exceeding ₹15 crore from Aadhi Enterprises Pvt Ltd, Chennai, for business purposes of the company for a period of 60 days at an interest rate of 18 per cent per annum. The board also approved a proposal for borrowing short-term loan not exceeding ₹3 crore from S. Nagarajan Promoter of the Company, for business purposes of the company for a period of 60 days at an interest rate of 18 per cent per annum.

Canara Bank, on Thursday, said it has sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner, State Bank of India (SBI) for about ₹121.29 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).

Also read: Canara Bank launches Rupay Credit Card through UPI

ESAB India Ltd proposes to procure electricity generated through solar power, from a power generating company. In this connection, the company proposes to invest 26 per cent of equity in a Special Purpose Vehicle (for a value of up to ₹1.5 crore), which will generate and supply solar power to the company.

RPP Infra Projects has received a letter of acceptance for a new order of widening the East Coast Road (ECR) for the contract price of ₹104.79 crores and is expected to be completed within 24 months from the appointed date.

Rachana-RVNL joint venture has received LOA for upgradation to six lane in Ahmedabad-Bagodara-Rajkot Road on EPC mode in Gujarat (Package-7). The project cost is ₹252.2 crore. According to the deal, Rachana Construction will hold 60 per cent of the share in the project whereas Rail Vikas Nigam’s (RVNL) share will be 40 per cent.

IDFC FHCL, a subsidiary of IDFC, has received 37.75 crore equity shares of IDFC Frist Bank on payment of the application money of ₹2,196.30 crore. With this, IDFC’s holding in IDFC First Bank (through IDFC FHCL) will go up to 39.99 per cent. In February, the board of IDFC, and IDFC FHCL had approved subscribing to 37.75 crore shares of IDFC First Bank on a preferential basis at a price of ₹58.18 a share.

Also read: IDFC to complete merger with IDFC First Bank by March-end

Shree Ajit Pulp and Paper Limited has entered into a Memorandum of Understanding (MoU) with the Government of Gujarat for expansion of Unit at Valsad, Gujarat.

The board of Himadri Speciality Chemical has given its approval for the sale of two windmills of the company at Dhule in Maharashtra. Keeping in view that the expected life of the windmills will expire soon, the company has considered selling windmills to Cleanwin Energy Nine LLP and Greenwin Energy One LLP. The sale of these windmills will have no material impact on the operations of the company, it said.

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