Stocks to Watch: Maruti Suzuki, Adani Green, Marico, Britannia, Tata Steel
By siliconindia | Tuesday, 04 October 2022, 09:26:35 AM IST
Maruti Suzuki: Maruti Suzuki India on Monday reported an over two-fold rise in its vehicle production at 1,77,468 units in September 2022. The company produced a total of 81,278 units in the same month last year. "The shortage of electronic components had a minor impact on the production of vehicles during the month," Maruti Suzuki India said in a regulatory filing.
Britannia Industries: Britannia Industries on 3 October said that it has acquired a controlling stake in Kenya's Kenafric Biscuits Ltd and took full control over Catalyst Britannia Brands Ltd. Britannia and Associates (Dubai) Pvt Co Ltd (BADCO) – Britannia's wholly-owned arm – acquired Nairobi-based liability firm Kenafric Biscuits Ltd (KBL) by subscribing to 51% of the equity share capital of the company, Britannia Industries said in a regulatory filing.
Adani Green: Adani Renewable Energy Holding Four Limited has incorporated three new subsidiary companies for the renewable energy business. In a statement on Monday, Adani Green Energy Ltd (AGEL) said Adani Renewable Energy Holding Four Limited is its own subsidiary and the newly incorporated entities are its step-down subsidiaries. The names of three new subsidiary companies are Adani Renewable Energy Thirty Six, Adani Renewable Energy Forty Limited and Adani Renewable Energy Forty Seven Limited.
Marico: FMCG firm Marico Ltd on Monday said its India business posted low single-digit volume growth in the second quarter of the ongoing fiscal. In a quarterly update, the company said demand sentiment in India trended on similar lines as the preceding quarter during most of the second quarter, with some signs of positivity in the last month. "With retail inflation holding firm, downtrading in rural (areas) was still prevalent during the quarter. Urban and premium discretionary segments continued to fare better," it said in a regulatory filing.
Bank of Maharashtra: Public sector lender Bank of Maharashtra (BoM) on Monday said its gross advances rose by 28.65%to â¹1,48,246 crore in the second quarter ended in September 2022. Total advances of the bank stood at â¹1,15,236 crore at the end of the September quarter of the previous year. During the quarter, total deposits grew by 7.86% to â¹1,95,849 crore from â¹1,81,572 crore in the year-ago period, the bank said.
Tata Steel: Odisha-based Neelachal Ispat Nigam Ltd (NINL) has started operations nearly 90 days after it was acquired by a Tata Steel subsidiary for â¹12,000 crore in a bidding process, a statement said on Monday. The plant with a 1.1 million tonnes steel-making capacity was closed for almost two years on account of various reasons. Tata Steel Long Products (TSLP), a Tata Steel arm, said that it achieved a milestone with the restarting of the blast furnace at its subsidiary NINL, just 90 days after the completion of its acquisition on July 4, 2022.
Vedanta: Vedanta Ltd on Monday said that its aluminium production increased by 2% to 5,84,000 tonnes in the second quarter of the ongoing fiscal. The company's aluminium production in the corresponding quarter of FY22 stood at 5,70,000 tonnes, Vedanta Ltd said in a filing to BSE. The mined metal output at Zinc India during the July-September quarter also went up by 3% to 2,55,000 tonnes over 2,48,000 tonnes in the same period of the previous fiscal.
Dr Reddy's Laboratories: Dr Reddy's Laboratories Ltd on Monday said Life Insurance Corporation of India has increased its stake to 7.7% in the pharmaceutical firm through the purchase of 33.86 lakh shares from the open market over a period of time. Life Insurance Corporation of India (LIC) earlier held around a 5.65% stake in the company, Dr Reddy's Laboratories (DRL) said in a regulatory filing. Between June 15, 2022, and September 30, 2022, LIC purchased 33,86,486 shares of DRL, aggregating a 2.034% stake from the open market, it added.
Zee Entertainment: Zee Entertainment Enterprises Ltd and Sony Pictures Networks India have offered fresh concessions, including a proposal to shut down a major entertainment channel, to ease competition concerns and secure the antitrust regulator’s approval for their $10 billion merger. The structural remedy may avert CCI ordering a probe of the impact of the merger, which may delay approval.
Gail India: Sandeep Kumar Gupta on Monday assumed charge as the chairman and managing director of GAIL (India) Limited. Addressing the employees after taking charge as the CMD, he mentioned that the company is aligned with the government’s vision of having a gas-based economy wherein the share of natural gas in the energy mix is to be taken to 15% by the year 2030.
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