Buzzing stocks. Stocks that will see action today: December 26, 2023

Shares of Reliance Industries will remain in focus amid media reports that the company and Walt Disney have signed a non-binding term-sheet to merge the Indian media operations.

Infosys has said that a global company has decided to terminate a multi-year contract worth $1.5 billion with it. On September 14, Infosys had said that it signed a pact with a global company to offer enhanced digital experiences alongside modernisation and business operations services leveraging Infosys platforms and AI (Artificial Intelligence) solutions. In a BSE filing on Saturday, Infosys said the global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the master agreement.

The two promoter entities of Adani Wilmar plan to sell up to 1.6 crore shares or 1.24 per cent stake in the company as part of the programme to meet the minimum public shareholding norm (75 per cent). In an exchange filing, the Gautam Adani-owned said the promoter entities - Adani Commodities and Lence Pte - had communicated their intention to divest part of their shareholding during December 26 to January 31, 2024. Currently, the promoters hold 87.94 per cent.

One 97 Communications, Paytm owner, has said that the fintech firm intends to in 2024 leverage AI-powered automation to drive efficiency and eliminate repetitive tasks. Such a strategy is expected to result in a “slight reduction” in the workforce in operations and marketing, according to a Paytm Spokesperson. “We will be able to save 10-15 per cent in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year”, the spokesperson added.

The United States Food and Drug Administration had conducted a Pre-Approval Inspection (PAI) at new injectable facility of Eugia US Manufacturing LLC (a step-down wholly owned subsidiary of Aurobindo Pharma Ltd.), situated at East Windsor, New Jersey, US, from December 11 to December 22. The inspection closed with 10 observations. The observations are procedural in nature and will be responded to within the stipulated time. The plant is yet to start commercial operations.

Tata Power has signed an Memorandum of Understanding (MoU) with the Skill Development and Technical Education Department of the Odisha government to impart industry-relevant training to students enrolled in Industrial Training Institutes (ITIs).

Jindal Steel & Power (JSP) has entered into an MoU with Rashtriya Ispat Nigam Ltd (RINL) for the operationalization of RINL’s Blast Furnace-3 (BF-3). The furnace, set to be lit up on December 30, will boost production by 2 lakh tonnes of Hot Metal per month. The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into Hot Rolled Coils from JSP’s upcoming state-of-the-art Hot Strip Mill at Angul which is slated for commissioning soon.

RITES Ltd., a prime transport infrastructure consultancy organisation, has signed an MoU with North Eastern Electric Power Corporation Limited to collaborate on consultancy works for strengthening logistical infrastructure at various hydropower stations in the region, including the Siang Basin.

The board of UPL Ltd has approved the proposal for fund raising for an amount aggregating up to ₹4,200 crore by way of issue of rights issue basis as on the record date.

Indsil Hydro Power and Manganese Ltd along with its partner, His Excellency Sheikh Salim Mustahail have signed a Term Sheet to sell their 100 per cent stake in Al Tamman Indsil Ferro Chrome LLC to LL Resources GMBH, Austria, for $38 million of which the company is entitled to 50 per cent. The date of signing of definitive agreements to be entered into between the parties will be informed in due course.

Redtape Bangla Ltd, a wholly owned subsidiary of Redtape Ltd, has entered into Strategic, Marketing & Technical tie-up with Daraz, a Bangladesh based online shopping platform for sale of Redtape Products in Bangladesh.

The board of Intellivate Capital Ventures Limited will meet on December 29 to consider and recommend a proposal for declaration of bonus shares.

Sandhar Technologies has executed a sale deed for the purchase of the factory premises on the land admeasuring 34 bigha 06 Bishwa, at Mouza Bhatian, Pragna Plassi, Nalagarh, Solan, Himachal Pardesh, for ₹19 crore. The said purchase is for the consolidation of the existing two units of the company (out of which one) is on the leased premises) and shall be used for the future expansion plan of the company.

Religare Finvest Limited (RFL), wholly owned subsidiary of Religare Enterprises Ltd, has commissioned an investigation into siphoning-off of funds from RFL by the erstwhile promoters of the Company. Pursuant to the terms agreed with respect to the recovery proceeds of CLB portfolio and FDs misappropriated by Lakshmi Vilas Bank (LVB) (now DBS), under the Upside Sharing Agreement signed by RFL with the lenders, it is imperative for RFL to keep pursuing recovery of the siphonedoff funds. Accordingly, to aid RFL to recover such funds, RFL has commissioned the aforementioned investigation.

Indo Amines has announced about the Sale of Tarapur Plant of the company situated at Plot No. K-33 admeasuring 1000 square feet situated at MIDC Tarapur, Near Sterling Hotel, Boisar, District - Palghar 401506 to Indtara Speciality Private Ltd for ₹2.40 crore.

Stelis Biopharma, an associate company of Strides Pharma Science, has said that it has received ₹395 crore on December 1 and post completion of certain actions and final adjustments, the company has further received ₹158.2 crore on December 22 for sale of Unit 3 multi-modal facility in Bengaluru. Syngene is withholding ₹10 crore, which shall be released post fulfilment of few additional conditions by Stelis. As informed earlier, gross consideration for the transaction was ₹617 crore. Post certain adjustments, the net consideration receivable was ₹563.2 crore.

Jost’s Engineering Company Limited has received redemption amount of ₹3 crore in respect of early redemption of 300 Units of Unsecured Optionally Convertible Debentures by MHE Rentals India Private Ltd.

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