Stocks to Watch: SBI Life, Sun Pharma, Emami, Adani Green, others in news today

In today’s market news, here are the key stocks to keep an eye on:

SBI Life Insurance Company:
SBI Life Insurance Company has secured board approval for the appointment of Amit Jhingran as the Managing Director and CEO, effective from October 1. Mahesh Kumar Sharma, the current CEO, will take on the role of Deputy Managing Director at SBI, Corporate Centre.

Sun Pharmaceutical Industries:
The pharmaceutical giant’s subsidiary has signed a binding letter of intent to acquire the remaining 25% outstanding shares of Sun Pharma de México, SA de CV, a subsidiary of the company. This move will make Sun Pharma de México, S.A. de C.V. a wholly-owned subsidiary of the company, with an acquisition cost of MXN $161.85 million.

Happiest Minds Technologies:
Promoter Ashok Soota has sold approximately 1.1% of his stake in the company through block deals, with the proceeds earmarked for SKAN, a public charitable trust for medical research, and Happiest Health. This sale reduces Ashok Soota’s shareholding from 51.24% to 50.13%.

Adani Green Energy & Adani Energy Solutions:
Abu Dhabi-based International Holding Company (IHC), which holds over one percent stakes in two Adani group companies, Adani Green Energy and Adani Energy Solutions, has entered into an agreement to divest its investments.

Emami, the personal care and healthcare company, is making its debut in the juice category through a strategic investment in Axiom Ayurveda. Emami is acquiring a 26% equity stake in Axiom Ayurveda, the company behind AloFrut, a proprietary fusion of aloe vera pulp and fruit blend.

Saregama India:
The music label giant is set to acquire a 51.8% stake in digital entertainment company Pocket Aces Pictures. The deal, valued at Rs 174 crore, offers a clear path for Saregama India to acquire an additional ~41% stake in the next 15 months at pre-agreed multiples.

Godrej Agrovet:
Godrej Agrovet has entered into a strategic partnership agreement with Sime Darby Plantation Berhad (SDP), the largest producer of Certified Sustainable Palm Oil (CSPO). SDP will supply high-quality oil palm seeds to Godrej Agrovet’s oil palm business unit(s) and later establish a seed production unit in India.

Piramal Pharma:
The US FDA has conducted a good manufacturing practices (GMP) inspection at Piramal Pharma’s Bethlehem facility. The inspection resulted in a Form-483 with 2 observations, both related to system improvements and not data integrity.

YES Bank:
YES Bank has acquired 1,79,37,200 equity shares of Rs 10 each at a premium of Rs 45.75 per share in its subsidiary, YES Securities (India), for nearly Rs 100 crore through a rights issue.

Navin Fluorine International:
Radhesh R Welling has resigned as the Managing Director and Director of the company for personal reasons, effective from December 15, 2023. The Board has approved the appointment of Sudhir R Deo as an additional director, effective from September 28.

Dr. Reddy’s Laboratories:
Subsidiary Dr. Reddy’s Laboratories SA, Switzerland, has established a wholly-owned subsidiary in Jamaica, named Dr. Reddy’s Laboratories Jamaica. The Jamaican subsidiary will be engaged in the importation, warehousing, distribution, and exportation of pharmaceuticals.

Infosys has received an IGST demand order notice for Rs 26.5 lakh, including interest and penalty of over Rs 11 lakh, due to non-receipt of foreign inward remittance of export proceeds between October 2021 and November 2021. This development has no material impact on the company’s financials or operations.

NLC India:
The company is in the process of setting up a 3×800 MW coal-based thermal power project in Odisha and has entered into a long-term power purchase agreement (PPA) with GRIDCO for 400 MW, securing its entire 2,400 MW capacity on a long-term basis.

Uno Minda:
Automotive solutions and systems provider Uno Minda has received board approval to increase its stake in Minda Westport Technologies (MWTL) from 50% to 76% by acquiring an additional 26% stake from its joint venture partner, Westport Fuel Systems Italia S.r.l., at a cost of Rs 14.81 crore. The acquisition is expected to be completed by March 31, 2024.

Bajaj Finserv:
Bajaj Finserv has received board approval for the appointment of Ramaswamy Subramaniam as President – Private Equity, effective from September 28.

Paisalo Digital:
The company has received board approval for the appointment of Manendra Singh as the Chief Compliance Officer, effective from October 1, 2023. Manendra Singh currently serves as the Company Secretary.

Bank Of Maharashtra:
The bank has appointed Pradeep Kumar Srivastava as Chief Technology Officer for three years on a contractual basis, effective from September 28.

Genus Power Infrastructures:
Shareholders at the annual general meeting have approved the reappointment of Ishwar Chand Agarwal as Executive Chairman, Rajendra Kumar Agarwal as MD & CEO, and Jitendra Kumar Agarwal as Joint MD, each for a five-year term.

JBM Auto:
JBM Ecolife Mobility, a subsidiary of the company, has incorporated a subsidiary named Ecolife Mobility Bhubaneswar. This new subsidiary will be engaged in the business related to the supply, operation, maintenance, dealers, etc., of public transport-type motor vehicles, electric buses, motor buses, lorries, ambulances, automobiles, and similar vehicles designed for transport and allied products.

Vishnu Chemicals:
The company has established a wholly-owned subsidiary named Vchem Global Inc in Texas, USA, with a focus on manufacturing, supplying, and trading of chemicals.

MAS Financial Services:
Riddhi Bhayani has been appointed as Chief Compliance Officer of the company, effective from September 28.

Hi Green Carbon:
Morgan Stanley Asia Singapore Pte and Nav Capital VCC – Nav Capital Emerging Star Fund have acquired additional 2 lakh shares and 4 lakh shares, respectively, in the waste tyres recycling company through open market transactions at an average price of Rs 77 per share. They already held 1.22% and 1.56% shares in the company, respectively.

Krsnaa Diagnostics:
MIV Investment Services has purchased 1.6 lakh shares, equivalent to a 0.5 percent stake, in the diagnostics chain through open market transactions at an average price of Rs 675 per share. On the other hand, Invesco Mutual Fund sold 1.95 lakh shares (0.62 percent) in the company at an average price of Rs 675.02 per share.

Quick Heal Technologies:
Sequoia Capital India Investment Holdings III has divested its entire 17.86 lakh shares, representing a 3.37% stake, in the IT security solutions company through open market transactions at an average price of Rs 240 per share. Meanwhile, Carnelian Asset Advisors, founded by ace investor Vikas Khemani, acquired 7.5 lakh shares, or a 1.41% stake, in the company at the same average price.

Yatra Online:
Europe-based financial services group Societe Generale has sold 13.3 lakh shares in the company, equivalent to 0.85% of paid-up equity, at an average price of Rs 136.12 per share. Societe held 1.65% or 25.85 lakh shares in the corporate travel company before its listing on the bourses on September 28.

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