2021-09-17 04:49:05
Stocks To Watch
• Biocon: The Board of Directors of Biocon Biologics Ltd, a material subsidiary of the company, has approved the merger of Covidshield Technologies Pvt Ltd, a wholly owned subsidiary of Serum Institute Life Sciences, into BBL. Under the terms of the agreement, BBL will offer approximately 15% stake to SILS, at a post-money valuation of $4.9 billion. In return, BBL will have access to 100 million doses of vaccines annually for 15 years and commercialisation rights of the SILS vaccine portfolio for global markets. Further, Adar Poonawalla will have a board seat in BBL.
• Hero MotoCorp: To increase prices of scooters and motorcycles by up to Rs 3,000 from September 20. Company says price hike necessitated to offset the impact of steadily increasing commodity costs. This is the fourth such price hike by Hero MotoCorp this year.
• JSW Steel: The company has raised $1 billion by issuing sustainability-linked bonds in the offshore market. Issue comprised of two tranches of 5.5 years and 10.5 years, each of $500 million. The 10.5 year tranche is priced at 5.05% while the 5.5 year tranche is priced at 3.95%. Proceeds will be used for capex and to refinance debt. Further, the pricing of JSW Steel's SLBs can change if the company fails to achieve certain emission reduction targets by 2030.
• TVS Motor Company: The company will take a majority stake in EGO Movement in an all-cash deal through its Singapore unit, TVS Motor (Singapore) Pte. EGO Movement is a Swiss technology company with a portfolio of e-bikes, e-cargo bikes, and e-scooters.
• Kotak Mahindra Bank: Kotak Mahindra Group has acquired the vehicle loan portfolio of Volkswagen Group’s Indian captive financing arm Volkswagen Finance Pvt Ltd. Kotak Mahindra Prime will acquire passenger cars and two-wheeler portfolio; KMB will acquire commercial vehicles portfolio of VFPL. With the acquisition, Kotak will gain access to more than 30,000 customers with a total loan outstanding of about Rs 1,340 crore. All these acquired loans are classified as Standard Loans as per the current RBI guidelines. In addition to the Standard Loans, Kotak has also acquired the NPA portfolio of VFPL.
• Hindustan Copper: Offer for sale for non-retail investors gets 141% demand as compared to the shares on offer. Demand at indicative price of Rs 116.12 per share. Consequently, the seller has decided to exercise the oversubscription option to the extent of 1.99 crore, representing 2.06% of the total equity share capital, in addition to the base offer size of 4.83 crore equity shares. The OFS for retail investors opens today.
• Poonawalla Fincorp: Managing Director, Abhay Bhutada, has resigned from the board of the company effective September 16. Resignation came in the wake of SEBI’s insider trading allegations against Bhutada. Vijay Deshwal, Group CEO, Poonawalla Fincorp will continue to run the operations of the company.
• Ujjivan Small Finance Bank: RBI has approved the constitution of “Special Committee of Directors” with three independent directors as its members, to oversee the operations and administration of the bank in the absence of the Managing Director and CEO w.e.f. September 16, 2021.
• Indiabulls Housing Finance: The company has approved Rs 231.48 per foreign currency convertible bond as the floor price for a $200 million issue that opened on Thursday.
• Infosys: Frost Bank has selected the company as strategic partner to launch new mortgage loan product offering.
• KEI Industries: ICRA as upgraded the rating of the long-term bank facilities to AA-/Stable from A+ and the rating of short-term bank facilities to A1+ from A1.
• Balkrishna Industries: The company has commenced the trial production at Green Field Project in Aurangabad, Maharashtra with an installed capacity of 30,000 MT per annum along with warehousing facility for raw materials and finished good.
• Cosmo Films: To set up of new production line for Biaxially Oriented Poly Propylene Film at Aurangabad, Maharashtra with rated capacity of 67,000 MT annually.
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