Buzzing stocks. Stocks that will see action today: September 15, 2023

Paramount, the leading global aerospace and technology company headquartered in the UAE, has announced a broadening of its development and manufacturing partnership with Indian industrial conglomerate, Bharat Forge Ltd and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in India for Paramount’s global customers. The existing industrial partnership between Paramount and Bharat Forge Ltd and its subsidiary, Kalyani Strategic Systems, has to date resulted in the successful development and production of large volumes of the locally-made KM4 armoured vehicles for the Indian Army.

The National Company Law Tribunal (NCLT), New Delhi, has approved Kirloskar Ferrous Industries Limited’s Resolution Plan to acquire Oliver Engineering Private Ltd.

KFIL is one of the leading castings and pig iron manufacturers in India and Oliver is engaged in the business of ferrous casting and machining with its manufacturing facility located in Village Sandharsi in Punjab. The present capacity of Oliver is 28,000 tpa. 

Strides Pharma Science Limited (Strides) has announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received tentative approval for Dolutegravir 50mg tablets from the United States Food & Drug Administration (USFDA). The approval adds to a list of products that Strides has approved under the PEPFAR pathway taking the total to 13 products.

Tata Power Renewable Energy Limited (TPREL), subsidiary of Tata Power, has signed a Power Delivery Agreement (PDA) with Xpro India Limited, through a special purpose vehicle (SPV), for the development of a 3.125 MW AC Group Captive Solar Plant. The SPV shall develop, operate, and maintain this captive solar power facility.

The Board of Shiva Cement Limited has approved a proposal for fund raising worth ₹400 by way of issue of equity shares on rights issue basis to the eligible shareholders as on the record date (to be determined and notified subsequently).

Maharashtra Krishna Valley Development Corporation, Pune, has declared Patel Engineering Limited as L1 for a ₹249.96-crore contract for the works involving Construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal Km 66 to Km 76. The project is to be completed in a period of 30 months.

Adani Wind, the wind energy solutions division of Adani New Industries Limited (ANIL) (wholly owned subsidiary of Adani Enterprises) has announced that its 5.2 MW wind turbine generator (WTG) has been enlisted in the Revised List of Models and Manufacturers (RLMM) published by the Ministry of New and Renewable Energy (MNRE). This listing signals that the 5.2 MW WTG of Adani Wind is now commercially available.

PI Industries Ltd and Koppert signed a strategic alliance recently to foster advancements in sustainable agriculture practices and jointly innovate in the domain of Agriculture Biologicals. As the global agricultural community grapples with the challenges of climate change, dwindling resources, and increasing food demand, the urgency to pivot towards eco-friendly and sustainable crop & soil protection solutions becomes paramount. Both partners believe that by leveraging collective expertise, resources, and shared vision, they can introduce cutting-edge solutions that safeguard crops, nurture the soil, and promote sustainable solutions within the agriculture sector in India.

The board of Schneider Electric Infrastructure has appointed Udai Singh as its additional director, managing director and chief executive officer for three years. The appointment is subject to the approval of shareholders, the company said.

Pharma major Abbott Ltd on Thursday said it is implementing corrective actions at its Goa-based facility from where it had produced antacid Digene Gel that was recalled from the market due to non-compliance with manufacturing norms.

Gufic Biosciences has informed the exchanges that it has been granted patent for an invention entitled “A freeeze dried Parenteral Composition of Omadacycline Tosylate and process for preparation thereof” on September 14, 2023 for the term of 20 years effective from April 19, 2021 in accordance with the provisions of the Patents Act, 1970.

GMM Pfaudler Ltd through its wholly owned subsidiary GMM Pfaudler US Inc., has entered into an agreement to acquire 100% share capital of Professional Mixing Equipment Inc. (MixPro). A total consideration of $7 million will be paid to acquire MixPro and the transaction will be funded through internal accruals and is expected to close by October 2023. MixPro, located in Brampton, Canada designs and manufactures innovative Mixing solutions for a wide range of industrial applications.

Lemon Tree Hotels has signed two new properties - Lemon Tree Hotel, Junagadh, Gujarat, India, and Tigerland Safari - A Lemon Tree Resort, Chitwan, Nepal. The former is expected to be operational by FY 2025 and the latter is expected to be operational in FY 2024 itself and both the properties shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Clean Science and Technology Limited has subscribed to the additional 11,70,572 Equity shares of face value of ₹10 each at a premium of ₹588 for cash, aggregating to ₹70 crore by way of subscription to the rights issue of Clean Fino-Chem Limited (CFCL), a wholly owned subsidiary of the Company. CFCL was incorporated on March 22, 2022 as a Wholly Owned Subsidiary of CSTL in India. CFCL will be engaged in the business of manufacture and sale of speciality chemicals.

The Board of Directors of KSE Limited has approved the decision to take a Unit on Lease in Madurai to produce cattle feed on job contract basis to meet the demand in Tamil Nadu region. The existing capacity is at 53600 MT/month and capacity utilszation is at 83 per cent. The proposed capacity addition is 3000 MT/month.

Pioneer Embroidery Ltd has commenced the commercial production of Embroidery and Laces (EL) at its new plant at Shree Ganesh Integrated Textile Park (SGITPL), Degaon- Dhule in Maharashtra. All the required regulatory approvals were received. PEL has eight computerised, high-end machines, imported from Lasser AG, Switzerland, now installed at Degaon unit, completing its second leg of the business strategy. The total investment in the plant and equipment at Degaon has been approximately ₹41 crore, while the building has been taken on lease from SGITPL. At peak utilisation, the new unit can achieve a turnover of about ₹50 crore. The building premises and support infrastructure are sufficient for further capacity expansion.

Prudent Corporate Advisory Services Limited has received Certificate of Registration to act as Corporate Agent (Composite) from Insurance Regulatory and Development Authority of India. As per the certificate of registration, the Company can act as Corporate Agent (Composite).

The Buyback Committee of Siyaram Silk Mills Limited at its meeting on Thursday approved the increase in Buyback Price from ₹650 a share to ₹720. The maximum number of Equity Shares proposed to be bought back by the Company has been reduced from 16,61,530 fully paid-up Equity Shares to 14,99,992, representing 3.20 per cent of the total number of Equity Shares of the Company.

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