Here are the top stock developments that are making waves today:
Vedanta: Moody’s Investors Service has downgraded Vedanta Resources’ corporate family rating from Caa1 to Caa2 due to heightened concerns about potential debt restructuring in the coming months. This downgrade has left the outlook negative for Vedanta’s parent company.
Infosys: The major IT player is entering into a partnership with Microsoft to boost enterprise operations with AI-driven solutions across various industries. This collaboration will leverage their respective artificial intelligence capabilities, such as Infosys Topaz, Azure OpenAI Service, and Azure Cognitive Services, to facilitate the transition to AI from traditional digital approaches.
Shree Renuka Sugars: The company has signed an agreement to acquire a 100% stake in Anamika Sugar Mills for ₹235.5 crore, as per a regulatory filing. Shree Renuka will acquire approximately 5 crore shares at ₹47.05 apiece.
REC/Punjab National Bank: State-run REC has inked a memorandum of understanding with Punjab National Bank to jointly explore funding opportunities for projects in the power sector, infrastructure, and logistics under a consortium arrangement. REC and PNB will collaborate to co-finance loans totaling ₹55,000 crore over the next three years.
Suzlon Energy: The agreement between Suzlon Energy and Dilip Shanghvi and Associates has been terminated. Hiten Timbadia, the nominee director representing the investor group on Suzlon Energy’s board, has also resigned. Suzlon has stated that this development will not impact the company’s operations.
Shyam Metalics: The integrated metal producer has announced plans to manufacture battery-grade aluminum foil, a crucial component in lithium-ion cells. This move aligns with the Aatmanirbhar Bharat initiative, furthering India’s capabilities in the battery energy storage domain.
Blue Star: As part of its qualified institutional placement initiative, the company has acquired a substantial stake in its subsidiary, Blue Star Climatech, through a rights issue subscription. Blue Star has purchased a total of 4.9 crore shares for ₹49 crore through this transaction.
Container Corp: Sanjay Swarup, currently serving as the director of international marketing and operations at CONCOR, has been appointed as the chairman and managing director of the company. His term will commence on or after October 1 and extend until July 31, 2026, aligning with his superannuation date.
3i Infotech: The company has secured a contract from Ujjivan Small Finance Bank to provide end-user support services, specifically workplace services. The total contract value amounts to approximately ₹39.55 crore, in addition to one-time transition charges of ₹35 lakhs. This contract is designed to span a duration of five years.
Prataap Snacks: The GST authority recently conducted a search and seizure operation at the company’s manufacturing unit in Bengaluru. Prataap Snacks has cooperated fully with the authorities, and its manufacturing operations have continued without interruption.
Signature Global India: The Delhi NCR-based affordable housing company is set to debut on the BSE and NSE on September 27, with an issue price fixed at ₹385 per share.
Sai Silks Kalamandir: The Andhra Pradesh-based ethnic apparel and value-fashion products retailer will list its shares on September 27 in the T+3 timeline, with a final issue price of ₹222 per share.
Container Corporation of India: The state-owned company has announced that Sanjay Swarup will assume the role of Chairman and Managing Director (CMD) from October 1, 2023, until July 21, 2026. Sanjay Swarup currently serves as the Director of International Marketing & Operations at CONCOR.
3i Infotech: The IT company has been awarded a contract by Ujjivan Small Finance Bank to provide end-user support services, specifically workplace services. The total contract value is ₹39.55 crore, with an additional one-time transition charge of ₹35 lakh. The contract is set to run for five years, starting from October 1, 2023, and ending on September 30, 2028, with the option to extend through mutual agreement.
Century Textiles and Industries: The subsidiary, Birla Estates, has successfully sold out phase 1 of Birla Trimaya within 36 hours of its launch. The total booking value amounted to ₹500 crore, with 556 units booked. Birla Trimaya, a 52-acre land parcel in North Bangalore, is a joint partnership with M S Ramaiah Realty LLP.
Voltamp Transformers: Promoter Kunjal Lalitkumar Patel has sold 12.14 lakh equity shares, equivalent to 12% of paid-up equity, through open market transactions, at an average price of ₹4,633.09 per share. The promoter’s stake sale amounted to ₹562.5 crore. Conversely, Kotak Mahindra Mutual Fund, Nordea 1 Sicav, Manulife Global Fund India Equity Fund, Oxbow Master Fund, Vittoria Fund-OC LP, and Societe Generale have purchased 7.03 lakh shares (6.95% stake) at an average price of ₹4,632 per share, totaling ₹325.7 crore.
New Delhi Television: The company has received permission from the Ministry of Information & Broadcasting (MIB) to uplink and downlink three news and current affairs channels in High Definition, namely NDTV 24×7 HD, NDTV India HD, and NDTV Profit HD.
Madras Fertilizers: The board of directors has appointed and redesignated Priya Ranjan Panda as the Chief Financial Officer and key managerial personnel of the company, effective from August 8, 2023. Priya currently holds the position of General Manager (Finance & Accounts) at the company.
Savita Oil Technologies: Sanjeev Madan has been appointed as the Chief Financial Officer (CFO) of the company, effective from September 26, due to the superannuation of the existing CFO.
Kody Technolab: The software development services company is set to debut on the NSE Emerge on September 27, with an issue price of ₹160 per share. Its equity shares will be available for trading in the trade-for-trade segment.
Techknowgreen Solutions: The environmental consulting services company is slated to list its equity shares on the BSE SME on September 27, with an issue price of ₹86 per share. The stock will be available for trading in the trade-for-trade segment for 10 trading days.
Stay informed with these updates on the stock market’s key players and developments.