Stocks to Watch: IDFC First Bank, PNB, Dr Reddy's, RIL, Biocon, and More
IDFC First Bank: The board has greenlighted the merger of IDFC Financial Holding Company with IDFC, effective September 30. Following that, IDFC will merge with IDFC First Bank on October 1. V Vaidyanathan has been reappointed as Managing Director & CEO for a three-year term, starting December 19, 2024.
Punjab National Bank: The state-owned bank raised Rs 5,000 crore via Qualified Institutions Placement (QIP), allocating 48.19 crore shares to institutional buyers at Rs 103.75 per share. Key investors include Citigroup Global Markets, BOFA Securities, and Goldman Sachs.
Dr Reddy's Laboratories: Dr Reddy's has invested $620 million into its Swiss subsidiary, Dr Reddy’s Laboratories SA, through preference shares. The subsidiary issued 6.2 million non-convertible preference shares, each with a face value of $100.
Welspun Enterprises: The company has been awarded a Rs 1,989.9 crore project by Brihanmumbai Municipal Corporation (BMC) for the design and construction of an 8.48 km treated water conveyance tunnel. The project is expected to be completed within 93 months.
Apollo Hospitals Enterprise: Apollo Healthco has approved a Rs 2,475 crore allotment of preference shares to Advent's affiliate, Rasmeli, securing a 16.9% stake. Following the allotment, Apollo Hospitals' stake in Apollo Healthco will decrease from 94.91% to 78.879%.
Asian Energy Services: The company has secured an Rs 82 crore contract from Oil India for 2D seismic data acquisition in the Rajasthan Basin. The project is scheduled for completion in 18 months, boosting Asian Energy's total order book to Rs 1,000 crore.
Piramal Pharma: The US FDA issued an Establishment Inspection Report for Piramal’s Ahmedabad facility, finding no issues and giving a 'No Action Indicated' classification.
Jubilant Pharmova: The US FDA classified an inspection of Jubilant HollisterStier General Partnership's Canadian facility as Official Action Indicated' (OAI), affecting a subsidiary of Jubilant Pharma.
Tata Motors: Tata Motors Group held a groundbreaking event for a new manufacturing plant in Tamil Nadu, committing Rs 9,000 crore. The plant aims to produce 2.5 lakh vehicles annually, with full operations expected over the next 5-7 years.
Reliance Industries (RIL) & Network18 Media: RIL has received government approval to transfer non-news TV channel licenses to Star India as part of its merger with Disney's Indian media assets. The merger, worth Rs 70,350 crore, is expected to finalize by late 2024 or early 2025.
Biocon: After inspecting Biocon's Bengaluru API facility, the US FDA issued four observations. Biocon is addressing the concerns and does not foresee any significant business impact.
REC: REC has raised $500 million through green dollar bonds, set to mature on September 27, 2029. The funds will be used for renewable energy projects.
Sterling and Wilson Renewable Energy: Shapoorji Pallonji and Khurshed Yazdi Daruvala sold a 7.14% stake in Sterling and Wilson Renewable Energy for Rs 1,040 crore.
Zydus Lifesciences: Zydus Lifesciences received approval from the US FDA to manufacture generic Enzalutamide capsules for prostate cancer treatment. The US market for this drug is valued at around $869.4 million.
