Stocks to Watch: Check out the companies making headlines before the opening bell today.
Bharat Electronics: The state-owned defence company has signed an MoU with Aeronautical Development Agency (ADA), DRDO, for an advanced medium combat aircraft (AMCA) programme. The Advanced Medium Combat Aircraft is a 5th generation, multi-role, all-weather fighter aircraft designed with high survivability and stealth capability.
Rashtriya Chemicals & Fertilizers: Sanjay Rastogi is appointed as the government nominee director on the board of RCF. He was serving as the additional secretary and financial advisor to the Ministry of Chemicals and Fertilizers, Government of India.
LIC Housing Finance: ICICI Prudential Mutual Fund has acquired an additional 2.03% stake in the housing finance company through open market transactions. With this, the mutual fund house shareholding in the company increased to 7.07%, up from 5.04% earlier.
Petronet LNG: The company has received approval from board members for extension of tenure of Vinod Kumar Mishra as Director (Finance), the whole-time Key Managerial Personnel and Chief Financial Officer, for another two years. The extension of two years will be effective from April 18, 2023 on the existing terms and conditions.
Biocon: The biopharmaceutical company has raised Rs 1,070 crore by issuing 1.07 lakh non-convertible debentures of face value of Rs 1 lakh each on private placement basis in 3 Series. The tenure of the NCDs is five years from the deemed date of allotment.
Hindustan Zinc: The meeting of equity shareholders of the company is scheduled to be held on March 29, in the matter of Scheme of Arrangement between the company and its shareholders. The National Company Law Tribunal on February 6 has passed the order in the said matter of Scheme of Arrangement.
MPS: EI Design, and MPSI, in their meeting of board of directors, have approved the draft scheme of merger of EI Design into and with MPSI. MPSI is a direct subsidiary of MPS and EI Design is a step-down subsidiary of MPS. MPSI will be the surviving entity post the merger.
Sapphire Foods India: The quick service restaurant company’s wholly owned subsidiary Gamma Pizzakraft (Overseas) has increased stake in its subsidiary Gamma Island Food to 75%, from 51% earlier after acquisition of 81,914 equity shares. The acquisition cost of those shares is MVR 1,88,40,220. Gamma Island Food is incorporated in the Republic of Maldives, to operate Pizza Hut and KFC restaurants in Maldives under franchisee agreements.
Zensar Technologies: Nippon Life India Trustee has acquired additional 1.7529% stake in the IT services management company via open market transactions. With this, its stake in the company increased to 5.2275%, up from 3.4745% earlier.
Bajaj Steel Industries: The company has executed slump sale agreement with the buyer VSA Business Solutions (based in Nagpur) and the rest of the transactions pertaining to such sale are expected to be completed on or before March 31, 2023. The company intimated exchanges on February 14 about sale of its superpack division on a slump sale basis to VSA Business Solutions.
ITI: The government has appointed Rajesh Rai as the Chairman and Managing Director of ITI for a period of five years with effect from February 21, till the date of his superannuation, or until further orders, whichever is the earliest. Rajesh Rai was the General Manager at Mahanagar Telephone Nigam.
