Stocks to Watch: Check out the companies making headlines before the opening bell today.
Tech Mahindra: The IT firm’s subsidiary Comviva Technologies and step-down subsidiary Comviva Technologies BV have agreed to sell 0.04% and 99.96% of Comviva Technologies do Brasil Indstria, Comércio, Importaço, and Exportaço Ltda, respectively. Druid Internet Systems Comércio E Serviços Ltda is the purchaser. The transaction is anticipated to close in August 2023. The company will discontinue the product line without affecting consumers.
Wipro: The IT services provider has set June 16, 2023, as the record date for determining the names and entitlements of equity shareholders eligible to participate in the buyback offer. The company’s board of directors approved the buyback of up to Rs 12,000 billion worth of shares at Rs 445 per share on April 27.
Godrej Properties has increased its holdings in Godrej Home Constructions from 74% to 100%. Godrej Home Constructions is now a wholly-owned subsidiary of the corporation as of June 2 due to the aforementioned acquisition. The cost of the transaction for a 26% stake is Rs 14,98 crore.
SBI Life Insurance Company: The Insurance Regulatory and Development Authority of India (IRDAI) has designated SBI Life as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC) in order to safeguard the interests of SILIC’s policyholders. SBI Life will immediately assume the policy liabilities of approximately 2 lakh SILIC policies, guaranteed by the assets of the policyholders.
Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters, Hero MotoCorp, has introduced a new line of 100-cc motorcycles, the HF Deluxe. The HF-Deluxe is available for Rs 60,760 for the kick variant and Rs 66,408 for the self variant at dealerships across the nation.
Minda Corporation: The auto component manufacturer Minda Corporation has received board sanction to raise up to Rs 600 billion. The capital will be raised through the issuance of additional securities via public and/or private offerings, such as preferential issue, qualified institution placement, additional public offer, etc.
Mahindra and Mahindra: MSPL, a subsidiary of Mahindra & Mahindra, has incorporated Hazel for the production and sale of renewable energy and the generation of RE electricity, distributed renewable energy, including rooftop solar installations for the commercial, industrial, institutional, and residential segments, IPP, etc. Hazel is wholly owned by Mahindra Susten (MSPL), which is wholly owned by Mahindra Holdings, which is wholly owned by M&M.
Mahindra Lifespace Developers: Mahindra Industrial Park Chennai (MIPCL), a joint venture between Mahindra World City Developers and Sumitomo Corporation of Japan, announced that OMRON Healthcare will commence operations in India at Origins by Mahindra in Chennai in March 2025. The OMRON Healthcare factory will be constructed on a 6.02-acre plot and will manufacture blood pressure monitors for the domestic market. OMRON Healthcare is a manufacturer and distributor of blood pressure monitors as well as services for the prevention and management of cardiovascular disease.
Lupin: The pharmaceutical giant Lupin has introduced Darunavir tablets in 600 mg and 800 mg dosages as a generic equivalent to Janssen Products’ Prezista tablets, which reduce HIV levels in the blood. According to IQVIA MAT March 2023, darunavir tablets had estimated annual sales of $308 million in the United States.
Greenply Industries: The plywood manufacturer has received board approval for the sale of properties, plant and equipment, and other current assets of Greenply Industries (Myanmar) Private Limited due to the impossibility of continuing operations in Myanmar due to political developments that have created an unfavourable business climate. Greenply Industries (Myanmar) is a subsidiary of Greenply Alkemal (Singapore) Pte Ltd., which is a joint venture between Greenply Holdings Pte Ltd. and Alkemal Singapore Pte Ltd., both subsidiaries of Greenply Holdings Pte Ltd.