Stocks to Watch: RIL, NTPC, IDBI Bank, Godrej Consumer, L&T
Reliance Industries: Mukesh Ambani's Jio Platforms Limited (Jio) entered into a regional partnership with Manchester City on 5 January, enabling India's leading digital services brand to become the Club's Official Mobile Communications Network Partner in the country. Man City's OTT platform CITY will be integrated into the JioTV platform providing fans in India further access to exclusive club content including match highlights, live Manchester City Women's team and others, according to the agreement.
NTPC: State-owned energy giant NTPC Ltd. crossed the 300 billion units (BU) mark of electricity generated as of today. The PSU accounts for one-fourth of the electricity supplied in the country. As of 5 January, NTPC had recorded a PLF (plant load factor or capacity utilisation) of 73.7%, compared to 68.5% a year ago, and against the overall all-India PLF of 63.2%, the company said in a statement. NTPC’s captive coal production remained at 14.6 MMT in the said period, up 51% year-on-year.
IDBI Bank: Capital markets regulator SEBI has allowed the Central Government to classify its stake in IDBI Bank as "public" after its stake sale on the condition that its voting rights do not exceed 15%, of the total voting rights of the bank, the lender said in a regulatory filing on Thursday. At present, the government is classified as a co-promoter of the lender. Further, the regulator has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale, the lender said.
Godrej Consumer Products: Godrej Consumer Products on Thursday said that the firm sees higher third-quarter sales growth and profit margins due to strong demand for its home and personal care products and a let-up in input costs. In the December quarter, Godrej Consumer Products said that the FMCG sector witnessed slow growth driven by poor rural consumption and a slowdown post the festive season. The company said that despite demand softness, it expects to deliver double-digit sales growth backed by low single-digit volume growth.
L&T: L&T Realty Developers Ltd, a subsidiary of L&T, has agreed to sell its complete stake in Think Tower Developers Pvt Ltd, the engineering and construction conglomerate said on Thursday. The agreement is expected to complete on January 30, which is subject to the completion of closing conditions. "L&T Realty Developers Ltd, a wholly owned subsidiary of Larsen & Toubro Ltd, has entered into an agreement to sell its entire stake of 99 per cent in Think Tower Developers Private Ltd, a subsidiary company (TTDPL), on January 5," Larsen and Toubro (L&T) said in a regulatory filing.
Rail Vikas Nigam: State-owned Rail Vikas Nigam Ltd (RVNL) on Thursday said that it has bagged a project worth Rs 166 crore from Gujarat Metro Rail Corporation (GMRC). The project is expected to be completed within 22 months. "ISC Projects Private Limited JV' has received LOA (Letter of Acceptance)... for design, supply, installation, testing and commissioning of ballastless track from Sarthana to Dream city in elevated and underground sections, including connecting lines to depot along with ballasted/ballastless/ embedded standard gauge track for corridor-1, Surat Metro Rail Project, Phase-1," the state-owned firm said in a BSE filing.
Lupin: Pharmaceuticals firm Lupin Ltd on Thursday said it has launched a fixed-dose triple drug combination of Indacaterol, Glycopyrronium and Mometasone for managing asthma. The product launched under the brand name DIFIZMA is being offered as a dry powder inhalation, the company said in a regulatory filing. "DIFIZMA is the only FDC (fixed-dose combination) that has been approved by the Drug Controller General of India (DCGI) for the treatment of inadequately controlled asthma," it said.
RHI Magnesita: RHI Magnesita has received approval from BSE and NSE for the acquisition of the refractory business of Dalmia Bharat Refractories. The deal is worth Rs 1,708 crore. RHI received approval from the board of directors for the allotment of 2.7 crore equity shares at an issue price of Rs 632.5029 per share to Dalmia Bharat Refractories in exchange for 8.24 crore shares (100% equity) of Dalmia OCL, from Dalmia Bharat Refractories in November 2022. With this, Dalmia OCL will become a wholly-owned subsidiary of RHI.
Dharmaj Crop Guard: Dharmaj Crop Guard, an agrochemical company, has approved the resignation of Vishal Domadia from the post of Chief Financial officer and will be elevated to the Chief Executive Office or CEO of the company with effect from January 6. The company has appointed Vinay Joshi as Chief Financial officer, according to reports. Deepak Prusty has resigned as the Internal Auditor of the company.
Kewal Kiran Clothing: KKCL announced a strategic partnership with the Board of Control for Cricket in India (BCCI) as the Indian cricket team's 'official partner'. This partnership will see KKCL's flagship brand 'KILLER' displayed on the right upper chest of the Team India jersey, according to reports. KKCL plans to leverage this partnership to reach out to the millions of cricket fans that are spread across the country and overseas.
