Exciting Stocks to Monitor as Monday’s Trading Session Approaches
Exide Industries Resolves Trademark Dispute:
Exide Industries Ltd successfully resolves its trademark dispute with the UK’s Vertiv Company Group Ltd. and India’s Vertiv Energy Pvt. The agreement acknowledges Exide’s ownership of the Chloride trademark and its variants in India.
Aurobindo Pharma’s Positive FDA Inspection:
The United States Food and Drug Administration (US FDA) concludes a pre-approval inspection of Aurobindo Pharma subsidiary APL Healthcare’s formulation manufacturing facility in Telangana with zero observations. The inspection, held from November 13-17, ends with a “no action indicated” status.
Larsen & Toubro Faces Fines in Qatar:
Qatar’s General Tax Authority imposes fines of ₹111.31 crore for 2016-2017 and ₹127.64 crore for 2017-2018 on Larsen & Toubro. The company appeals, citing the fines as arbitrary and unjustified.
SoftBank Sells Stake in Delhivery:
SoftBank sells nearly 2.5% stake in logistics provider Delhivery for ₹739 crore through an open market transaction. The sale is conducted by SoftBank affiliate SVF Doorbell (Cayman) Ltd at an average price of ₹403.51 per share.
NBCC Signs MOU with ICAI:
NBCC (India) signs a memorandum of understanding with the Institute of Chartered Accountants of India (ICAI) to plan, design, and construct buildings, as well as undertake renovations at various locations in India. The PMC fee is set at 6.5% of the project cost.
Bajaj Finance Halts Issuance of EMI Cards:
Bajaj Finance temporarily suspends the issuance of member identification cards (EMI Cards) to new customers until rectifying deficiencies noted by the RBI to the regulator’s satisfaction.
SBI Cards Faces Capital Adequacy Decline:
SBI Cards and Payment Services anticipate a 400 basis points decline in capital adequacy due to the RBI’s revised credit risk weights. The company, however, states no significant impact on its cost of funds for the current financial year. It may raise tier-II capital if needed but rules out equity funding.
Cipla Pledges Guarantee in South Africa:
Cipla pledges a guarantee of ZAR 945 million to FirstRand Bank in South Africa to facilitate general banking facilities for its subsidiary, Medpro Pharma.
RITES Secures Tender for Locomotives:
Rail India Technical and Economic Service secures a tender for 10 diesel-electric locomotives from CFM Mozambique but loses the bid for 300 high-side wagons. The tender for locomotives is valued at $37,680,080.
Kalyan Jewellers Acquires Full Stake in Oman Subsidiary:
Kalyan Jewellers FZE, a subsidiary of Kalyan Jewellers India, acquires the remaining 30% stake in Kalyan Jewellers LLC Oman, making it a wholly-owned subsidiary of Kalyan Jewellers FZE.