Markets

Stocks that will see action on May 23, 2022

K. S. Badri Narayanan | Updated on: May 23, 2022

Buzzing stocks: Steel companies, Infosys, Zomato, Paytm, BEL, SAIL, Wheels India, Jet Airways, Sun Pharma, Godrej Agrovet, Data Patterns, New India Assurance, Ramco Cement, Rupa

The board of Infosys - based on the recommendations of the Nomination and Remuneration Committee - has approved the reappointment of Salil Parekh as Chief Executive Officer and Managing Director of the Company from July 1, 2022 to March 31, 2027, subject to the approval of shareholders. Salil Parekh, has been the CEO & MD of Infosys since Jan 2018.

Steel companies such as Tata Steel, SAIL, JSW Steel and Jindal Steel and Power may come under pressure the Government on Saturday imposed export duties on steel products> However, the Centre also waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices.

Digital financial services firm One97 Communications, which operates under Paytm brand, on Saturday said it has formed a joint venture general insurance company in which it has committed to invest ₹950 crore over a period of 10 years. The proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing

Jet Airways India Ltd will said it got an air operator certificate from Directorate General of Civil Aviation, allowing it to restart commercial flight operations. The compny now plans to recommence operations in July-September quarter. Aircraft and fleet plan, network and other details will be available in phases over the coming weeks. The company has started posting job opportunities and its ex-employees will get a preference in hiring, according to Sanjiv Kapoor, CEO, Jet Airways.

Wheels India has drawn up plans to invest about ₹155 crore towards expansion of construction equipment and aluminum wheels business during the current financial year, according to a company official. The Chennai-headquartered manufacturer of wheels to trucks and buses, would make an additional Rs 25 crore investments to the Rs 75 crore it already made at its in new plant in Thervoy Kandigai in neighbouring Tiruvallur district for machining of large wind turbine castings.

Sun Pharmaceuticals is recalling around 10,500 bottles of a generic drug meant for the treatment of major depressive disorders in the US market following a customer complaint. According to the latest enforcement report of the US Food and Drug Administration (USFDA), the US arm of the domestic pharma major is recalling 10,548 bottles of bupropion hydrochloride extended-release tablets in the American market.

V-Sciences Investments (investment arm of Temasek Holdings) on Friday offloaded 40 lakh shares of agri conglomerate Godrej Agrovet for ₹197 crore through an open market transaction. Godrej Industries Ltd was the buyer. The shares were sold at an average price of ₹492.6 apiece.

Ganesha Ecotech Private Limited, a wholly owned subsidiary of Ganesha Ecosphere Limited, has decided to set up a spinning mill Project at Temra, Bilaspur, Rampur (UP). The estimated capital expenditure for the above project is Rs 230 crore.

The board of Shree Rama Multi-Tech Limited has approved the raising of funds, through rights issue for an aggregate amount of up to ₹80 crore to its eligible shareholders, as on the record date (to be announced subsequently).

Coromandel International Limited, leading agri solutions provider in the business of fertilisers, crop protection, biopesticides, specialty nutrients, organic fertiliser and retail, introduces 5 new products in its crop protection range: 3 Insecticides, 1 Herbicide & 1 Fungicides into their portfolio.

Results Calendar: Action Construction Equipment, Ajcon Global, Apex Frozen Foods, Bharat Electronics, Bemco Hydraulics, Bilcare, Bombay Oxygen, Burnpur Cement, Century Extrusions, Cochin Minerals, Data Patterns, Divis Lab, Dollar Industries, Graphite India, Gujarat Poly, HG Infra, Igarashi Motors, Kings Infra, Krebs Bio, Mazda, New India Assurance Co, Nilkamal, Parsoli Corp, Patel Engineering, Pitti Engineering, Pricol, Ramco Cement, Ram Ratna Wires, Repco Home, Rupa, SAIL, Saurashtra Cement, Shilpa Medicare, Suryalata Spinning, Talbro Auto, Taneja Aerospace, Thomas Cook, TN Petro, TRF, TTK Healthcare, Vandana Knitwear, Vascon Engineers, Vindhya Telelinks, Welspun Speciality, Xchanging Solutions and Zomato.

Published on May 23, 2022
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