Here is the list of the top 10 stocks that will be in focus today:
Zomato: Chinese e-commerce giant Alibaba Group Holding Ltd is planning to sell a stake of around 3% in food delivery platform Zomato Ltd worth $200 million through a block deal, Reuters quoted a report as saying on Tuesday. Wall Street brokerage Morgan Stanley would be the broker of the deal, according to reports. The block deal is expected to take place tomorrow, and the Alibaba Group may offer the shares at a 5-6% discount to today’s close price.
NDTV: New Delhi Television Ltd founders Prannoy Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing. NDTV had said on Monday an entity backed by the founders had issued shares of the company to a unit of Adani Group, taking the billionaire Gautam Adani-led conglomerate a step closer to control of the media firm.
State Bank of India: The State Bank of India (SBI) board on Tuesday said that it has approved raising ₹10,000 crore through infrastructure bonds during the financial year 2023. The lender in its regulator filing said it is (including a green shoe option of Rs. 5,000 crores. “Raising Infrastructure Bonds up to an amount of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23,” SBI said in its regulatory filing.
ONGC/Reliance Industries: The Kirit Parikh panel on gas pricing is set to recommend the gradual lifting of the price ceiling on gas produced from difficult fields when it submits its report on Wednesday. The price of gas from difficult fields, including deepwater, ultra-deepwater, and high pressure-high temperature areas such as Reliance Industries currently has a cap. The panel would recommend a floor price and a cap for the legacy or old fields operated by state-run ONGC and Oil India Ltd (OIL).
Gland Pharma: Generic injectables maker Gland Pharma Ltd on Tuesday said it will buy French pharmaceutical firm Cenexi for 120 million euros (approximately ₹1,015 crore) as it looks to expand its presence in the European markets. The pharma company’s wholly-owned Singapore-based unit Gland Pharma International PTE has entered into a ‘Put Option Agreement’ to buy 100% of Cenexi Group for an equity value not exceeding EUR 120 million, the firm said in a filing.
Biocon: Biocon Biologics on Tuesday announced that it has successfully completed its multi-billion-dollar (USD) acquisition of the global biosimilars business of its partner Viatris Inc. According to the company statement, both firms have obtained all applicable approvals from key global regulators including the U.S. Federal Trade Commission, the Competition Commission of India and the Reserve Bank of India, and its investors.
Sanghi Industries: Kotak Special Situations Fund, the alternative investment arm managed by Kotak Investment Advisors Ltd, will invest ₹550 crore in cement maker Sanghi Industries Ltd from its $1 billion fund. The investment would be made in the form of non-convertible debentures, according to a statement by Kotak. ₹500 crore has been invested in the NCDs of Sanghi Industries, and the remaining ₹50 crore in the NCDs of a promoter-owned entity, according to the Kotak statement.
Inox Green Energy: Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of ₹411 crore. Inox Wind Ltd and its subsidiary Inox Green Energy Services Ltd, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid ₹250 crore and ₹161 crore (aggregating to Rs. 411 crore) towards reducing their debt, an exchange filing said.
Aditya Birla Capital: Aditya Birla Sun Life AMC on Tuesday said it has received approval from IFSCA to act as a registered fund management entity and carry out Alternative Investment Fund (AIF) and Portfolio Management Services (PMS). The approval has been granted by the International Financial Services Centres Authority (IFSCA) on November 28, the asset management firm said in a statement. The firm can carry out services through a branch office in International Financial Services Centre (IFSC) in Gujarat’s GIFT City.
Bharat Bijlee: Insurance giant, Life Insurance Corporation of India (LIC), sold a 2.15% stake in Bharat Bijlee via open market transactions. With this, LIC’s shareholding in the company reduced to 4.54%, from 6.69% earlier. Bharat Bijlee provides turnkey solutions for EHV switchyards, HV and MV substations, Electrical Balance of Plant, Industrial Power Distribution and Illumination Systems.
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