10 March 23
FII & DII DATA
FII Net SELL - 2061.47cr
DII Net BUY - 1350.13cr
13 March 2023
Stock Market News
Adani Group
The group on Sunday said that it has completed full prepayment of margin-linked share-backed financing worth $2.15 billion before the committed timeline of March 31. Promoters have also prepaid a $500 million facility availed for financing the acquisition of Ambuja Cements.
ICICI Bank
Reserve Bank of India grants approval to the bank for extending the deadline to divest its shareholding in ICICI Lombard General Insurance to less than 30 percent. The deadline has been extended till September 9, 2024.
Welspun Corp
Wholly-owned subsidiary Welspun Metallics has received multiple export orders of nearly 43 KMT for Pig Iron across South Asia and Europe. The orders will be executed within two months. This will be the first export of Pig Iron from Welspun Metallics.
Tata Group
In agreement with Lockheed Martin to begin production of fighter wing through the company's Joint Venture Tata Lockheed Martin Aerostructures in Hyderabad. The MoU envisions production of 29 wing shipsets starting 2025. It also envisions the option of production of additional shipsets and deliveries.
Sona BLW Precision Forgings
Blackstone to exit the company with the sale of its entire 20.5 percent stake through a block deal, CNBC-TV18 reported citing sources. The floor price of Rs 400 per share is a 8.25 percent discount to Friday's closing price. Blackstone holds stake in Sona BLW through an entity called Singapore VII Topco III PTE
LIC
Siddhartha Mohanty, the current managing director of the company has been given a three-month additional charge as Chairman, starting March 14. This is an interim arrangement in addition to his own duties. No extension has been granted to current LIC Chairman MR Kumar. The government has notified Mohanty being given additional charge.
Lupin
USFDA completes pre-approved and GMP inspection of the company's API manufacturing facility in Visakhapatnam with zero observations. The facility was inspected by the USFDA between March 6-10, 2023.
Zydus Lifesciences
Gets final approval from the USFDA to market Olanzapine orally disintegrating tablets. The drug is used to treat mental / mood conditions such as schizophrenia and bipolar disorder. It will be manufactured at the company's Moraiya facility in Ahmedabad. As per the IQVIA data, the drug had an overall market size of $28.3 million.
Nazara Technologies
Two of the company's step-down subsidiary Kiddopia Inc. and Mediawrkz Inc. hold cash balances at Silicon Valley Bank. The balance currently held by the two companies amounts to $7.75 million or Rs 64 crore. SVB is currently under the receivership of Federal Deposit Insurance Corporation (FDIC). Kiddopia is a 100 percent subsidiary of Paper Boat Apps, in which Nazara owns 51.5 percent stake. Mediawrkz is a 100 percent subsidiary of Datawrkz Business Solutions, where Nazara owns a 33 percent stake.
Induslnd Bank
Reserve Bank of India approves extension of Sumanth Kathpalia as MD & CEO for a period of two years. The board had approved an extension of three years for Kathpalia. The extension will take effect from March 24. JPMorgan downgrades the stock to neutral from overweight post this decision Jefferies has also cut its price target on the stock and said that it has deferred its re-rating of the bank.
Godrej Properties
Enters into a sale deed to acquire a land parcel of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development. This project is located near Whitefield and in close proximity to major office spaces in Whitefield and Outer Ring Road.
Mahindra CIE
Mahindra and Mahindra is likely to sell 4.6 percent stake in the company through block deals, CNBC-TV18 reported citing sources. Base size of the block deal is said to be worth Rs 615 crore. The floor price of Rs 355 per share is a discount of 10 percent to Friday's closing price. There will be a 60-day lock-up on the further sale of shares. As per the December shareholding pattern, M&M held 9.25 percent stake in Mahindra CIE.
Tech Mahindra
Appoints Mohit Joshi as the new MD & CEO for a period of five years from December 20, 2023. Joshi will join from Infosys, where he is currently President. Joshi has over two decades of experience in the Enterprise technology software & consulting space and has worked with the largest corporations in the world in driving digital transformation and building thriving businesses.
The group on Sunday said that it has completed full prepayment of margin-linked share-backed financing worth $2.15 billion before the committed timeline of March 31. Promoters have also prepaid a $500 million facility availed for financing the acquisition of Ambuja Cements.
ICICI Bank
Reserve Bank of India grants approval to the bank for extending the deadline to divest its shareholding in ICICI Lombard General Insurance to less than 30 percent. The deadline has been extended till September 9, 2024.
Welspun Corp
Wholly-owned subsidiary Welspun Metallics has received multiple export orders of nearly 43 KMT for Pig Iron across South Asia and Europe. The orders will be executed within two months. This will be the first export of Pig Iron from Welspun Metallics.
Tata Group
In agreement with Lockheed Martin to begin production of fighter wing through the company's Joint Venture Tata Lockheed Martin Aerostructures in Hyderabad. The MoU envisions production of 29 wing shipsets starting 2025. It also envisions the option of production of additional shipsets and deliveries.
Sona BLW Precision Forgings
Blackstone to exit the company with the sale of its entire 20.5 percent stake through a block deal, CNBC-TV18 reported citing sources. The floor price of Rs 400 per share is a 8.25 percent discount to Friday's closing price. Blackstone holds stake in Sona BLW through an entity called Singapore VII Topco III PTE
LIC
Siddhartha Mohanty, the current managing director of the company has been given a three-month additional charge as Chairman, starting March 14. This is an interim arrangement in addition to his own duties. No extension has been granted to current LIC Chairman MR Kumar. The government has notified Mohanty being given additional charge.
Lupin
USFDA completes pre-approved and GMP inspection of the company's API manufacturing facility in Visakhapatnam with zero observations. The facility was inspected by the USFDA between March 6-10, 2023.
Zydus Lifesciences
Gets final approval from the USFDA to market Olanzapine orally disintegrating tablets. The drug is used to treat mental / mood conditions such as schizophrenia and bipolar disorder. It will be manufactured at the company's Moraiya facility in Ahmedabad. As per the IQVIA data, the drug had an overall market size of $28.3 million.
Nazara Technologies
Two of the company's step-down subsidiary Kiddopia Inc. and Mediawrkz Inc. hold cash balances at Silicon Valley Bank. The balance currently held by the two companies amounts to $7.75 million or Rs 64 crore. SVB is currently under the receivership of Federal Deposit Insurance Corporation (FDIC). Kiddopia is a 100 percent subsidiary of Paper Boat Apps, in which Nazara owns 51.5 percent stake. Mediawrkz is a 100 percent subsidiary of Datawrkz Business Solutions, where Nazara owns a 33 percent stake.
Induslnd Bank
Reserve Bank of India approves extension of Sumanth Kathpalia as MD & CEO for a period of two years. The board had approved an extension of three years for Kathpalia. The extension will take effect from March 24. JPMorgan downgrades the stock to neutral from overweight post this decision Jefferies has also cut its price target on the stock and said that it has deferred its re-rating of the bank.
Godrej Properties
Enters into a sale deed to acquire a land parcel of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development. This project is located near Whitefield and in close proximity to major office spaces in Whitefield and Outer Ring Road.
Mahindra CIE
Mahindra and Mahindra is likely to sell 4.6 percent stake in the company through block deals, CNBC-TV18 reported citing sources. Base size of the block deal is said to be worth Rs 615 crore. The floor price of Rs 355 per share is a discount of 10 percent to Friday's closing price. There will be a 60-day lock-up on the further sale of shares. As per the December shareholding pattern, M&M held 9.25 percent stake in Mahindra CIE.
Tech Mahindra
Appoints Mohit Joshi as the new MD & CEO for a period of five years from December 20, 2023. Joshi will join from Infosys, where he is currently President. Joshi has over two decades of experience in the Enterprise technology software & consulting space and has worked with the largest corporations in the world in driving digital transformation and building thriving businesses.
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