Automobile stocks Maruti Suzuki, Tata Motors, M&M, Ashok Leyland, Escorts, Eicher Motors, Bajaj Auto, TVS Motor and Hero Motocorp will remain in action. Automobile firms have reported mixed sales figures for December. However, Tata Motors may remain in focus as it has displaced Hyundai from the number two position with impressive sales figures.
Reliance Industries: The board of directors has approved a proposal for issuance of senior unsecured dollar denominated fixed rate notes from time to time, for an aggregate amount of up to $5 billion in one or more tranches.
HDFC Life Insurance Company Ltd has completed the acquisition of Exide Life Insurance Company Ltd, subsequent to receiving all relevant regulatory approvals. Exide Life will operate as a wholly-owned subsidiary of HDFC Life. Pursuant to the agreement, there was a cash pay-out of Rs 726 crore and 8.80 crore equity shares at an issue price of Rs 685 a share were allotted to Exide Industries, which now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life with HDFC Life will be initiated shortly.
Natco Pharma Inc. USA , a wholly-owned subsidiary of Natco Pharma, has completed the acquisition of Dash Pharmaceuticals LLC, a New Jersey-based entity. Pursuant to this, Dash will become a 100 per cent wholly-owned subsidiary of Natco Pharma Inc. and a step-down subsidiary of Natco Pharma. The acquisition amount paid is $18 million. Dash is a front-end pharmaceutical sales, marketing and distribution entity in the US, which is expected to have net sales of approximately $15 million for the financial year ending December 2021.
Lumax Auto Technologies Ltd has amended its existing Joint Venture Agreement with Ituran Location and Control Ltd for Lumax Ituran Telematics Private Ltd. The amendment to the JV agreement is that the Chairman shall be nominated by Lumax and have the second and casting vote. Accordingly, Lumax Ituran Telematics Private Limited has become a subsidiary of the company from its existing status of Associate Company.
The board of directors of Puravankara Limited has allotted 1,800 fully paid-up debentures aggregating to Rs 180 crore.
The Board of Directors of Stove Kraft has approved an MoU between the company and METSMITH Innovations Private Ltd for the purchase of fixed assets at purchase price valued at Rs 82,67,178. Besides, the board has approved a Business Transfer Agreement between the company and SKAVA Electric Private Ltd for the acquisition of business/ undertaking as a going concern on a slump sale basis for a lumpsum consideration, without values being assigned to individual assets and liabilities. Meanwhile, the board has also approved the appointment of Balaji AS as Chief Financial Officer from January 1.
The Board of Directors Parnax Lab has approved the issue of 42.10 lakh warrants convertible into equity shares of Rs 10 each at Rs 43.50 per share to the promoter of the company on a preferential basis to repay the existing loans, to meet the long-term working capital requirements, general corporate purposes, and such other purposes as the board may decide
The board of Surat Textile Mills has approved a proposal for sale of assets of Jolwa Manufacturing Division on an 'as is where is and what is' basis to Garden Silk Mills for a lumpsum consideration of Rs 78 crore. The total revenue from operations of the division during the last financial year ended March 31, 2021 was Rs 130.57 crore, which represents about 100 per cent of the turnover or revenue.
Likhitha Infrastructure Ltd has received orders worth Rs 250 core (excluding GST from various City Gas Distribution Companies during the quarter from October 2021 to December 2021.
Bhageria Industries Ltd has successfully commissioned 9.50 MW of solar power projects at Akole, Ahmednagar, out of which 4 MW is used by the company for self-captive consumption at the Tarapur Plant and the balance 5.50 MW Solar Power Projects as a turnkey EPC Project(s) for client(s) for their captive consumption.