Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and acquisitions, here’s a quick look at which stocks will be in focus in today's trade:
Stocks To Watch
Whirlpool of India and PG Electroplast
The company has signed a definitive agreement with PG Electroplast for the contract manufacturing of select models of Whirlpool-branded semi-automatic washing machines. PG Electroplast will manufacture some of the SKUs for Whirlpool at its factory in Roorkee. PG Electroplast is already an existing supplier of Whirlpool-branded air conditioners.
The NSE and BSE have issued warning letters to the company, advising it to ensure compliance with all applicable provisions concerning the conduct of risk management meetings. The company had conducted a risk management committee meeting in which the gap between meetings was more than 180 days. The meeting was held on August 10, 2023, and subsequently on February 12, 2024.
The company has received a warning letter from the NSE and BSE due to the non-holding of the stakeholders' relationship committee in FY24. It assured the exchanges that this would not be repeated in the future.
The company's subsidiary, HG Banaskantha Bess, has entered into a battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam for the procurement of 185 MW/370 MWh on a long-term basis.
Thomas George Muthoot has resigned as Managing Director of the company, and Thomas John Muthoot has resigned as Non-Executive Chairman, effective December 23. Furthermore, the Board has approved the appointment of Tina Suzanne George as Executive Director and Ritu Elizabeth George as Additional Non-Executive Director.
The company has received approval from the Board to infuse $64.50 million in its subsidiary Bharat Forge America Inc. The entire infused amount will be utilized for repaying debt.
The company has completed the acquisition of 7,914 equity shares (or a 39.11% stake) in DriveX from its existing shareholder. With this, the company's shareholding in DriveX has increased to 87.38%, and consequently, DriveX has become a subsidiary of the company.
The company's subsidiary, TVS Emerald, has completed the acquisition of 100% equity shares and compulsorily convertible debentures in Radial (Phase II) IT Park and Radial (Phase III) IT Park. With this, both entities have become wholly owned subsidiaries of TVS Emerald and, consequently, step-down subsidiaries of the company.
Ravish Mittal has resigned as Chief Financial Officer and Vice President of Finance and Accounts of the company, effective December 23.
The Competent Authority has approved the capacity and capability assessment (CCA) of the company for GPS location-based Public Address & Passenger Information System (PAPIS) and LED destination boards in AC and Non-AC ICF & LHB coaches.
The Board will meet on December 30 to consider the re-appointment of Subhash Chand Sethi as Chairman and Whole-Time Director of the company.
The Board has approved the sale of the company's fuel station at Belagavi, Karnataka, for Rs 3 crore. The agreement for sale will be executed by January 2025.
Dr Reddy’s Laboratories SA, Switzerland, a wholly owned subsidiary of the company, has incorporated a new wholly owned subsidiary in Finland, Dr Reddy's Finland Oy. Accordingly, Dr Reddy's Finland Oy is now a step-down wholly owned subsidiary of the company.
The company has entered into a second addendum to the loan agreement (dated June 28, 2023) with its Australia-based subsidiary, Symphony AU Pty. The agreement size has increased to A$ 15 million from A$ 10 million. The loans will be provided in one or more tranches to meet the working capital requirements of Symphony AU Pty and for general corporate purposes.
Shareholders have approved the sub-division of equity shares of the company in the ratio of 1:2 (i.e., existing 1 equity share of face value Rs 2 each into 2 equity shares of face value Re 1 each).
The Central Bank of Sri Lanka's Financial Intelligence Unit has imposed a monetary penalty of Sri Lankan Rupees (LKR) 2 million (Rs 5.85 lakh) on Indian Bank for failure to comply with the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) of Sri Lanka. Indian Bank operates in Sri Lanka through its two branches.
Bulk Deals
Avonmore Capital & Management Services
Promoters - Rakam Infrastructures sold 95,27,162 rights shares in Avonmore at an average price of Rs 3.51 per share, and Innovative Money Matters offloaded 1,34,72,838 rights shares at an average price of Rs 3.50 per share. Thomson and Wyman Enterprises bought 4 lakh shares, and Kuldip Singh Rathee bought 8 lakh rights shares at an average price of Rs 3.51 per share. Subhash Phootarmal Rathod acquired 79.6 lakh rights shares, and Sahi Trading acquired 1.3 crore rights shares at an average price of Rs 3.50 per share. Ashish Chugh bought 5 lakh rights shares in Avonmore at an average price of Rs 3.52 per share.
SME Listing on December 24
NACDAC Infrastructure
Stocks Trade Ex-Dividend
Vedanta, Digital Fibre Infrastructure Trust
F&O Ban
Bandhan Bank, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
