Stocks in News: 13th December 2023

Sunteck Realty plans to conduct a block deal today, selling treasury shares worth Rs 284 crores, with Starlight Systems and Sadguru Info selling up to 60 lac shares. The offer includes a discount of up to 5% to the current market price, targeting up to 4% equity.

Axis Bank is also involved in a block deal as Bain Capital Entities plan to sell a 1.1% stake or 3.34 crore shares with a maximum discount of 2% to the closing price. The deal’s floor price for Axis Bank shares is set at Rs 1109 per share, with a total deal size of nearly Rs 3700 crores.

In other equity news, Interglobe Aviation has received a 6-month lease extension from the government for the use of Turkish Airlines’ b777 aircraft.

Uno Minda has gained NCLT approval for the merger of Minda Iconnect Private with the company.

KPIT Technologies has unveiled India’s first Sodium-Ion battery technology as an alternative to Li-Ion.

Niraj Cement has received a work order worth 2.11b Rupees.

Cummins India, in collaboration with Repos Energy, has launched Datum, a fuel management system for diesel applications. Wipro and RSA have signed a new multi-year contract to accelerate RSA’s cloud migration.

Indian Bank has authorized the opening of a QIP issue on December 12, with an approved floor price of 414.44 Rupees.

Manali Petrochemicals has partially resumed its Plant 2 manufacturing facility in Manali, Chennai.

SRF has commissioned and capitalized two out of four plants at an aggregate cost of 2.25b Rupees.

Laurus Labs’ unit underwent a US FDA inspection for its manufacturing facility in Parawada, Andhra Pradesh, receiving Form 483 with five observations.

Reliance Industries has provided updates on its investment in units of Mercury Holdings SG Pte, noting an investment of 4.18b Rupees compared to the originally envisaged 3.78b Rupees. The change in investment is attributed to an increase in share capital and NCDs of companies after further infusion by existing shareholders.