Stocks in the news: RIL, JSW Steel, ICICI Bank, Cipla and Bank of Baroda
Trusted industries: Altigreen, an electric utility vehicle manufacturer backed by Mukesh Ambani’s conglomerate in conjunction with last mile delivery service provider Vidyut Parivahan inaugurated its EV service center at Wagholi in Pune on Monday.
ICICI Bank: The private lender will maintain its strong market position and market capitalization over the next 12 to 18 months, S&P Global Ratings said and affirmed its “BBB-” long-term credit rating with a stable outlook.
Quote: The pharmaceutical company has agreed to acquire an additional stake of almost Rs 26 crore in digital technology company GoApptiv Private to increase its stake to 22.02%. The investment will be made in shares and mandatory convertible preferred shares and is expected to be completed within 30 days.
JSW steel: Moody’s Investors Service has announced that it has raised the steelmaker’s Corporate Family Rating (CFR) from Ba2 to Ba1. At the same time, Moody’s changed the rating outlook for and Periama Holdings LLC from “positive” to “stable”.
Bank of Baroda: The public sector lender said it would raise Rs 5,000 crore by issuing long-term infrastructure bonds. The board at its meeting held on Monday approved the proposal to issue long-term bonds for financing infrastructure and affordable housing projects worth Rs 5,000 crore.
Star Health and allied insurances: The recently listed health insurance company signed a corporate agency agreement with
for the distribution of its health insurance solutions to the bank’s customers.
Companies of the Brigade: The real estate company said it has reached an agreement to develop a housing project in Chennai with an estimated revenue of Rs 1,500 crore over the next five years. The company has signed a Joint Development Agreement (JDA) to develop approximately 2.1 million square feet in Chennai.
Aurobindo Pharma: The drugmaker said it received a warning letter from financial markets regulator Sebi for not disclosing details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the Food and Drug Administration of the United States (USFDA).
Poonawalla Fincorp: Two people sold NBFC shares worth Rs 105 crore through open market transactions. Based on block deal data available with ESB, Sanjay Chamria and Mayank
sold a total of 43,79,793 shares at an average price of Rs 240 each.
Prestige TTK: The appliance maker has announced that it will acquire a 51% majority stake in Ultrafresh Modular Solutions, a move that will help the kitchen appliance leader in the growing modular kitchen solutions segment.
Bilcare: The health technology company said the board had appointed Shreyans Bhandari as an additional director and chief executive officer of the company. He is the son of Mohan Bhandari, former Chairman and Managing Director, who is now appointed Managing Director.
Edelweiss financial services: The financial firm announced that credit rating agency ICRA reaffirmed the ICRA-A+ credit rating for the Retail NCD program and raised the outlook from negative to stable. The upward revision to the outlook reflects stable financial performance, sustained debt reduction and strong fundamentals.
Sterling Tools: A subsidiary of fast food company Sterling Gtake E-mobility (SGEM) has made a foray into the E-LCV segment. With this development, SGEM continues to strengthen its presence in the various segments of E-mobility. Starting with supplies to a single Electric 2W customer a year ago, the company has now confirmed orders from over 10 customers.
Mishtann foods: Building on the success of its new launches, the firm FMCG is launching a new variant of salt in the form of salt crystals which has several nutritional benefits on the auspicious occasion of ‘Rath Yatra’ on July 1, 2022.
Indian Map Clothing: The textile company said the board had declared a special interim dividend of Rs 25 per share on a nominal value of Rs 10 each for the financial year 2022-23. The board also gave its approval for the acquisition of the remaining 40% stake in Garnett Wire, UK – the company’s overseas subsidiary, from joint venture partner – Joseph Sellers & Son.