Buzzing Stocks: Tata Motors, Biocon, RR Kabel, NBCC, Blue Star, others in news

Tata Motors: India’s largest commercial vehicle manufacturer will increase prices of its commercial vehicles up to 3%, effective October 1. The price increase is to offset the residual impact of the past input costs, and will be applicable across the entire range of commercial vehicles.

Biocon: The biopharmaceuticals company has received approval from its Board for the appointment of Peter Bains as the Group chief executive officer (CEO), with effect from September 18. He will be reporting directly to Biocon Group Chairperson Kiran Mazumdar-Shaw. Bains has stepped down from his role on the Biocon board as an Independent Director with immediate effect, to assume this strategic executive responsibility.

RR Kabel: The wires and cables manufacturer will debut on the bourses on September 20 as the first company to list in the T+2 timeline after closing the IPO. The issue price has been fixed at Rs 1,035 per share.

Amber Enterprises India: Subsidiary ILJIN Electronics (India), and Gurgaon-based Nexxbase Marketing entered into a joint venture agreement for manufacturing, assembling and designing of wearables and other smart electronics products. Nexxbase is engaged in the business of selling, distributing, marketing and advertising electronic products under its brand NOISE. The proposed joint venture company will be 50% owned by ILJIN and 50% by Nexxbase.

BHEL: The central government has approved the appointment of Tajinder Gupta as Director (Power) of BHEL with effect from September 1. Tajinder was the Chief General Manager (CGM) at NTPC at the time of appointment.

Wipro: The technology services and consulting company has partnered with ServiceNow to create Wipro CyberTransform – Intelligent ServiceNow Risk and Security Solutions. The solution will enable organisations to integrate their risk, compliance, and security postures more quickly and effectively.

Prakash Industries: The Ministry of Environment, Forest and Climate Change has granted environmental clearance (EC) to the company’s Bhaskarpara commercial coal mine in Chhattisgarh. The mining lease is likely to be executed by the next quarter. The supplies of coal from this mine will provide stability to the company’s integrated steel operations as well as significant cost reductions.

Blue Star: The air conditioners maker opened a qualified institutions placement issue on September 18 to raise up to Rs 1,000 crore. The floor price has been fixed at Rs 784.55 per share. The executive management committee of the company will hold meet on September 22 to consider the issue price.

LTIMindtree: Mindtree Software (Shanghai) Company, China, the wholly owned subsidiary, has been voluntarily deregistered and closed pursuant to internal integration exercise of the company. Meanwhile, LTIMindtree launched Testing as a Service for Oracle SaaS.

BL Kashyap and Sons: The civil engineering and construction company has secured new order worth Rs 167 crore, from Delhi International Airport. The order includes civil and structure works for SAM project. The total order book as on date stands at Rs 3,005 crore.

NBCC (India): The state-owned construction company has bagged work order worth Rs 150 crore from Khadi & Village Industries Commission. The order includes planning, designing and execution of upcoming works such as construction of office building(s), residential campus, redevelopment, repair & renovation of KVIC properties Pan India.

HDFC Bank: The Reserve Bank of India has approved the re-appointment of Sashidhar Jagdishan as the Managing Director and Chief Executive Officer of the bank for a period of three years with effect from October 27, 2023 to October 26, 2026.

JK Lakshmi Cement: The cement company will acquire 20.8% shareholding in the special purpose vehicle (SPV) – Amplus Helios. The company is proposed to source 40 MWAC solar power for its Durg unit under the captive power plant model through a special purpose vehicle (Amplus). The SPV is setting up a 50 MWAC solar power plant at Mungeli in Chhattishgarh, out of which 40 MWAC will be sourced by the company for its captive consumption and the balance 10 MWAC will be supplied to other private players.

Zydus Lifesciences: The pharma firm has acquired 65,06,500 equity shares, which is equivalent to 6.5% of total paid-up equity, in Mylab Discovery Solutions.

Sasken Technologies: The product engineering and digital transformation company has received board approval for making a strategic investment up to Rs 50 crore either directly or by entering into a joint venture along with one of the companies having global presence. The investment will be in companies which are specialising in advanced AI/5G/power driven IP licensing, custom ASIC design and foundry service business. The said investment will strengthen Sasken Group’s IP repertoire and engineering capabilities.

DCM Shriram: Fenesta, the leading windows and doors brand owned by DCM Shriram, has entered 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). The said strategic partnership will elevate India’s facade industry.

Jindal Steel & Power: Naveen Jindal has chosen to continue on the board in the capacity of non-executive Chairman, with effect from October 1, 2023. The term of appointment of Naveen Jindal as Executive Director, designated as Chairman, is due to end on September 30, 2023.

Union Bank of India: The Government of India has extended the term of Nitesh Ranjan as Executive Director of the bank by another two years. Nitesh’s currently notified term will be expired on March 9, 2024.

Central Bank of India: The Central Government has extended the term of Vivek Wahi as Executive Director of the bank till September 30, 2025. Vivek’s currently notified term will be expired on March 9, 2024.

Indian Railway Finance Corporation: The Central Government has approved extension of the additional charge of the post of Chairman and Managing Director of Indian Railway Finance Corporation to Shelly Verma, for additional six months with effect from October 15, 2023. Shelly Verma is Director (Finance) at IRFC.

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