Stocks to observe: HUL, IndiGo, Sun Pharma, RIL, Adani Group, GAIL

By siliconindia | Monday, 20 February 2023, 03:39 Hrs

The following is a list of the 10 major actions that will be in the spotlight today:

Hindustan Unilever Ltd: Hindustan Unilever Ltd (HUL) announced on Friday that it had signed an agreement for the sale of its atta and salt business under the brands ‘Annapurna’ and ‘Captain Cook’ for Rs 60.4 crores. Trademarks are sold to Uma Global Foods Pte Ltd. and Uma Consumer Products Private Ltd., which are subsidiaries of Reactivate Brands International, a Singapore-based company and a subsidiary of CSAW Aqbator Pte Ltd (Singapore). HUL’s move is consistent with the company’s intention to exit non-essential categories while continuing to drive growth in the packaged food business of salad dressings, scratch cooking and soups, the company said in a statement. statement Friday.

InterGlobe Aviation: IndiGo, announced a new partnership with Turkish Airlines, which is part of its expansion plans. She had already ordered nearly 500 devices. The move is expected to improve India’s passenger services in Istanbul and beyond. “Currently 1,800 flights per day and 10% of them on international routes. The farthest we fly is Turkey, Istanbul, and wish to fly far,” said Vinay Malhotra, Head of International Sales, IndiGo. Under its new codeshare partnership with Turkish Airlines, IndiGo will be able to transport passengers from India to Istanbul and then to more than 27 destinations in Europe.

Sun Pharma: Pharmaceutical major Sun Pharma has announced the acquisition of a 26.09% stake in Agatsa Software Private Limited, an early-stage digital diagnostic device company, for Rs 30 crores in two installments. The acquisition will be completed in two tranches in which Tranche 1 — Rs 8 crore – would be completed in Feb 2023 and Tranche 2 – up to Rs 22 crore – expected to be completed by August 2023, subject to certain conditions, the company said in a filing. The Mumbai-based company has also acquired 27.39% of Remidio Innovative Solutions Private Limited, which provides innovative products for the early detection of eye diseases, for Rs 149.9 crores.

Trust Industries: Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) have won approval for their joint bid to acquire debt-ridden textile manufacturer Sintex Industries from the National Company Law Tribunal (NCLT). The Ahmedabad bench of the NCLT gave an oral order on Friday endorsing the resolution plan submitted by RIL and ACRE. Sintex industries, in a regulatory filing, said “NCLT issued an oral order ‘on Friday’ approving the resolution plan jointly submitted by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Ltd.”

Adani Group: Adani Group’s decision to group non-current investments and bank-backed guarantee funds into cash equivalents has raised concerns among analysts as to whether the new classification paints an accurate picture of the group’s ability to meet its financial obligations. In a Feb. 14 filing to the stock exchange, the Adani Group said it had Rs 31,646 crore ($3.9 billion) in cash and cash equivalents as of December 31, 2022.

CRISIS: The rating agency CRISIL posts a consolidated net result of Rs 158 crore in the fourth quarter of the year 2022, up 17.5% from Rs 134.5 crores in the corresponding quarter of the previous year. While consolidated operating income stands at Rs 822.3 crores in Q4 CY22 vs. Rs 706 crore a year ago in the same period, registering a growth of 16.5%. CRISIL follows a calendar year to communicate its financial results. For the financial year ended December 31, 2022, CRISIL’s PAT amounts to Rs 564.4 crore against Rs 431.7 crore in the same period last year, registering an increase of 30.7%.

PI Industries: The company said in a stock market filing that the board “declared an interim dividend at the rate of 4.5 per share (i.e. 450%) on the Company’s equity shares bearing a face value of Re.1/- each for the fiscal year 2022-23 and the same amount will be paid no later than March 15, 2023. As of Q3FY23, PI Industries reported net sales of Rs 1,613.20 crore on a consolidated basis, up 18.94% from 1,356.30 crores in Q3FY22. The company’s net expenses reached Rs 1263.7 crores in Q3FY23 vs. Rs 111.3.40 Cr reported in the prior year quarter.

Samvardhana Motherson International: Samvardhana subsidiary Motherson International Ltd (SAMIL) announced on Sunday that it has reached an agreement to acquire a 100% stake in SAS Autosystemtechnik GmbH, (Germany) with an enterprise value of 540 million euros. Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is the SAMIL subsidiary that has entered into an agreement with SAS de Faurecia, a FORVIA group company. A combination of debt and internal adjustments will finance the transaction.

Gaelle India: India’s largest gas company GAIL is seeking to buy up to 26% stake in an LNG project in the United States in a bid to shore up sources of supply to meet growing demand. GAIL (India) Ltd, had encountered supply disruptions last year after Russia’s Gazprom Marketing and Trading (GMTS) failed to deliver contracted LNG due to Western sanctions against Moscow following its invasion of Ukraine. The company has launched an RFP seeking expression of interest (EoI) from operators of existing liquefied natural gas (LNG) liquefaction plants or proposed projects in the United States that will be commissioned by 2027.

Biocon: Biotech giant Biocon is recalling 3,665 vials of antifungal drugs from the US market for “failure to meet degradation specifications”, according to the US Food and Drug Administration (USFDA). In its latest enforcement report, the US health regulator said the company is recalling 3,665 bottles of posaconazole delayed-release tablets (100mg, 60-tablet bottle), used to treat serious fungal infections such as invasive aspergillosis.