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Buzzing Stocks | Vedant Fashions, Panacea Biotec, DB Realty, others in news today

Stocks In the News: Check out the companies making headlines before the opening bell

March 02, 2022 / 08:21 AM IST
Vedant Fashions: Company reports 24% jump in net profit. Ethnic wear brand Manyavar operator clocked healthy 24.1 percent year-on-year growth in consolidated profit at Rs 127.8 crore on strong in sales and operating income in the quarter ended December 2021. Revenue during the quarter grew by 28 percent year-on-year to Rs 384.8 crore. The company registered 24.5 percent YoY growth in EBITDA at Rs 191.5 crore for the quarter.
Panacea Biotec: Firm to sell pharma formulation brands to Mankind Pharma. The pharmaceutical company will sell formulation brands of its subsidiary to Mankind Pharma. The total value of the transaction is Rs 1,872 crore. The company and its material subsidiary Panacea Biotec Pharma (PBPL) have entered into definitive agreements for the said transaction. This stake sale is in line with the company's strategic plan to become debt free and focus on exports of pharmaceutical formulations in the US and other international markets besides the vaccine business in global markets.
DB Realty: The Supreme Court has allowed the real estate company to develop land in Mumbai. With this decision, the freehold vacant parcel of approximately 22,000 square metres situated in a commercial zone in Mumbai is now available to subsidiary Esteem Properties for development. The company intends to develop the parcel into a 2 million square feet (leasable area) grade A office space in the next 3 years.
Infibeam Avenues: Hiren Padhya has resigned as Chief Financial Officer of the company. He has given resignation to pursue a career outside the company.
Care Ratings: Pari Washington India Master Fund bought 0.42 percent equity stake in the company via open market transactions on February 25. With this, its shareholding in the company stands at 7.56 percent, up from 7.14 percent earlier.
Easy Trip Planners: Nomura Singapore acquired 6 lakh equity shares in the company via open market transactions on the BSE. These shares were bought at an average price of Rs 275 per share.
Huhtamaki India: The packaging solutions firm posted a loss of Rs 13.52 crore for the December 2021 quarter against a profit of Rs 5.08 crore in the corresponding period last fiscal. But the topline grew nearly 19 percent year-on-year to Rs 661.6 crore.
Modulex Construction. Board on March 3 will consider fundraising by way of rights issue of equity shares.
Vipul Organics: The speciality chemicals company has recommended bonus equity shares for shareholders and Employee Stock Options Schemes for employees in the 50th year of its operations. The company will issue one bonus share for every four shares held by shareholders, and issue two lakh options to eligible employees.
Moneycontrol News
first published: Mar 2, 2022 08:21 am