Stocks To Watch • Vodafone Idea: Kumar Mangalam Birla has ste | stock market

Stocks To Watch
• Vodafone Idea: Kumar Mangalam Birla has stepped down as chairman of the company. The board accepted Birla’s request to step down as non-executive director and non-executive chairman of Vodafone Idea from August 4. Board has elected Himanshu Kapania as the non-executive chairman. Kapania is a nominee of the Aditya Birla Group. Board also appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an additional director.
• SBI Life Insurance Company: CA Emerald Investments, an affiliate of Carlyle Group, to sell its entire 1.9% stake in SBI Life Insurance Company. It will sell 1.90 crore shares at Rs 1,130- Rs 1,136.85 apiece, as per term sheet. At the lower end, CA Emerald Investments will be able to raise Rs 2,147 crore ($289.4 million).
• Reliance Industries: To double its PET recycling capacity by setting up a recycled polyester staple fiber manufacturing facility in Andhra Pradesh. Srichakra Ecotex India will build and operate the new recycled PSF – Recron GreenGold and PET flakes wash-line in Andhra Pradesh for Reliance. The plant will help Reliance to more than double its recycling capacity to 5 billion post-consumer PET bottles.
• Dr. Reddy's Laboratories: Entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its U.S. and Canada territory rights for Elyxyb 25 mg/mL to the U.S.-based firm. Under the terms of agreement, Dr. Reddy's will receive $6 million upfront upon closing, followed by $9 million one year from closing. Further, it is eligible to receive event based, sales-based milestones and quarterly earn-out payments. “Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks,” said Dr. Reddy's Laboratories CEO Erez Israeli.
• Shipping Corporation of India: Approved demerger of non-core assets into new company. The demerger is aimed at facilitating “an effective and efficient disinvestment” of Shipping Corporation of India by the government. Shipping Corp holders will get 1 share in the new company for every share they held in the state-run shipping company. The new company will be listed on BSE and NSE.
• Ion Exchange (India): Indian Oil Corporation has awarded an Engineering, Procurement, Construction and Commissioning contract of Rs 357.46 crore to the company to design and install effluent treatment plant on turnkey basis for its Para Xylene and Purified Terephthalic Acid complex project at Paradip, Orissa. The project is to be constructed and commissioned within 26 months from the date of Letter of Acceptance.
• Prakash Industries: Won Bhaskarpara Coal Mine in India auction.
• MMTC: The Supreme Court has passed an order in MMTC vs Anglo American Metallurgical Coal Pty Case reducing the interest component. Details are being worked out to know the impact of this decision, the company said. MMTC may need to make significant provision in the Accounts for 2020-21. The company is also exploring all legal remedies available.
• Shriram Transport Finance Company: Allotted 1000 secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 100 crore on private placement basis. The proceeds of the issue will be utilised for financing of commercial vehicles, refinancing of existing debt and other general purposes of the company.
• Borosil Renewables: To increase production capacity of its third furnace (SG-3), being installed at its manufacturing facility at Bharuch, Gujarat, from 500 MT to 550 MT per day. The expansion will cost company Rs 600 crore