Business updates for September 19, 2023
- Tata Motors to increase prices of commercial vehicles up to 3% from October 1 to offset the residual impact of the past input costs.
- Biocon receives board approval for the appointment of Peter Bains as Group CEO from September 18.
- RR Kabel to debut on bourses on September 20 as the first company to list in the T+2 timeline.
- Amber Enterprises India subsidiary, ILJIN Electronics (India), and Gurgaon-based Nexxbase Marketing enter into a joint venture agreement for manufacturing, assembling and designing of wearables and other smart electronics products.
- BHEL gets government approval for the appointment of Tajinder Gupta as Director (Power) from September 1.
- Wipro partners with ServiceNow to create Wipro CyberTransform – Intelligent ServiceNow Risk and Security Solutions.
- Prakash Industries gets environmental clearance for its Bhaskarpara commercial coal mine in Chhattisgarh.
- Blue Star opens qualified institutions placement issue on September 18 to raise up to Rs 1,000 crore.
- LTIMindtree deregisters its wholly owned subsidiary in China and launches Testing as a Service for Oracle SaaS.
- BL Kashyap and Sons secures new order worth Rs 167 crore from Delhi International Airport.
- NBCC (India) bags work order worth Rs 150 crore from Khadi & Village Industries Commission.
- HDFC Bank gets RBI approval for the re-appointment of Sashidhar Jagdishan as MD and CEO for a period of three years from October 27, 2023 to October 26, 2026.
- JK Lakshmi Cement to acquire 20.8% shareholding in the special purpose vehicle (SPV) – Amplus Helios.
- Zydus Lifesciences acquires 6.5% stake in Mylab Discovery Solutions.
- Sasken Technologies gets board approval for making a strategic investment up to Rs 50 crore in companies specialising in advanced AI/5G/power driven IP licensing, custom ASIC design and foundry service business.
- DCM Shriram subsidiary, Fenesta, enters into a strategic technical collaboration with Inventure Metal Products Industries LLC, the façade building solution provider in the construction industry in the United Arab Emirates (UAE).
- Jindal Steel & Power Chairman, Naveen Jindal, to continue on the board in the capacity of non-executive Chairman from October 1, 2023.
- Union Bank of India ED, Nitesh Ranjan, gets extension of term by another two years.
- Central Bank of India ED, Vivek Wahi, gets extension of term till September 30, 2025.
- Indian Railway Finance Corporation CMD, Shelly Verma, gets extension of additional charge for additional six months with effect from October 15, 2023.
- ADF Foods appoints Arjuun Guuha as Director – Operations in the category of senior management personnel from September 18, 2023.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.