Tata Motors, TVS Motor, SAIL, Avantel, Cochin Shipyard, others in the news today

Kotak Mahindra Bank: Foreign portfolio investor Canada Pension Plan Investment Board has sold 3.3 crore equity shares or 1.66 percent stake in the private sector lender through open market transactions. Shares were sold at an average price of Rs 1,855.64 per share. CPP Investment Board held 8.63 crore shares or 4.34% stake in the bank as of March 2023.

Tata Motors: HSBC India has teamed up with Tata Motors for financing the purchase of electric vehicles by the employee working in the corporate sector. Under the collaboration, consumers holding a salaried account with HSBC India will get a chance to apply for a tailor-made loan to purchase an electric vehicle from Tata Motors’ EV portfolio. The customers will be able to apply for a loan with zero down payment, no hypothecation, low processing fee and no documentation charges, among others.

TVS Motor Company: TVS Credit, the subsidiary of TVS Motor, has approved the execution of certain share purchase agreements entered into between PI Opportunities Fund-I Scheme-II, TVS Credit and certain existing shareholders of TVS Credit. PI Opportunities Fund will acquire certain additional equity shares of TVS Credit for Rs 257.02 crore. After completion of proposed primary and secondary investments, PI Opportunities Fund will hold approximately 9.72% stake in TVS Credit, which is raising the proposed investment from PI to ensure sufficient capital for its growth plans. 

Cochin Shipyard: The Indian Navy has declared shipbuilding company as L1 for MR/Mid Life upgrade of an Indian naval ship. The estimated contract value of the said project is around Rs 300 crore and the project is estimated to be executed in 24 months.

Karur Vysya Bank: The private sector lender has increased base rate by 45 bps to 11.20% from 10.75%, and also raised benchmark prime lending rate (BPLR) by 45 bps to 16.20% from 15.75%. These rates will be revised with effect from June 16.

InterGlobe Aviation: The low cost carrier has expanded codeshare partnership with Turkish Airlines for United States. It will launch codeshare flights to four cities in the United States via Istanbul from June 15 onwards. The flights will connect the cities of New York, Boston, Chicago, and Washington.

Jupiter Wagons: NCLT, Kolkata has approved the resolution plan submitted by Jupiter Wagons for acquiring controlling stake of Stone India under the Corporate Insolvency Resolution Process (CIRP’) of the Insolvency and Bankruptcy Code 2016. After implementation of resolution plan, Stone India will become subsidiary of Jupiter Wagons.

CMS Info Systems: Promoter Sion Investment Holdings Pte Limited sold 2.12 crore equity shares or 13.75% stake in Cash Management and Payment Solutions via open market transactions, at an average price of Rs 300.23 per share. IIFL Mutual Fund-IIFL Focused Equity Fund, Valuequest Investment Advisors, SBI Mutual Fund, Norges Bank on Account of the Government Pension Fund Global, Abu Dhabi Investment Authority – Stable, and 360 ONE Mutual Fund were buyers for some of the shares sold by promoter, acquiring 1.46 crore shares or 9.49% stake in CMS at an average price of Rs 300 per share.

Birla Corporation: Europe-based financial services group Societe Generale has picked half a percent stake in Birla Corporation, the erstwhile Birla Jute & Industries. Foreign portfolio investor Societe Generale has bought 3.99 lakh shares in the company via open market transaction at an average price of Rs 1,188.51 per share.

IND Renewable Energy: The board members will meet on June 14 to consider raising of funds through issue of shares on rights basis. This is subject to approval of shareholder.

Info Edge India: The technology company has agreed to sell its entire shareholding held through its wholly owned subsidiary – Startup Investments (Holding) (SIHL) in its associate company – Happily Unmarried Marketing (HUM) to VLCC Health Care (VLCC). The stake sale will be done via mix of cash and swap of shares, for Rs 61 crore. The stake sale is expected to be completed within two months from signing unless mutually extended by the parties.

Power Finance Corporation: PFC Consulting, the subsidiary of power sector public financial institution, has incorporated 2 new special purpose vehicles – Bikaner III Neemrana Transmission, and Neemrana II Bareilly Transmission – for development of independent transmission projects.

Indian Energy Exchange: Harsh Anand Jain has bought 52.95 lakh equity shares or 0.59% stake in the energy exchange via open market transactions at an average price of Rs 124.82 per share, which amounted to Rs 66.09 crore.

Natural Capsules: Somerset Indus Healthcare Fund II has invested Rs 31.38 crore in company’s subsidiary Natural Biogenex, at a pre money valuation of Rs 250 crore. Natural Biogenex has approved allotment of 27.89 lakh cumulative compulsorily convertible preference shares (CCPS) of Rs 70 each at Rs 112.50 per share to Somerset.

Steel Authority of India: Life Insurance Corporation of India acquired additional 2% stake in the steel company via open market transactions. As a result, LIC increased its shareholding in SAIL to 8.687%, up from 6.686% earlier.

Avantel: The company has signed a contract worth of Rs 54.38 crore with Ministry of Defence. The contract will be executed by September 2024.

Ambalal Sarabhai Enterprises: Subsidiary Asence Pharma has commenced its new oncology and synthetic API plant at Ranoli, Vadodara. The new API plant will manufacture niche molecules that have a global requirement. Asence with its operations in India and USA, has more than 100 registered products internationally.