Stocks that will see action today: July 24, 2024

Bajel Projects has been awarded a supply of Goods and Services contract by PowerGrid Corporation of India for and on behalf of its project specific SPV - Beawar‐Mandsaur Transmission Ltd - worth ₹586.28 crore (Excluding Taxes). The project has to be executed within 23 months from the date of issuance of notification of award.

Titagarh Rail Systems has commenced the export of traction converters, pursuant to which the first batch of 8 converters were shipped to Titagarh Firema S.p.A (Titagarh Firema), Italy on July 19. The said export is part of a EUR 7.18 million (₹65 crore Approx.) order received by TRSL from Titagarh Firema and marks the first rollout of traction converters from Passenger Rolling Stock Facility of Titagarh, India.

The board of Dr Reddy’s Laboratories, scheduled to be held on July 27, will also consider a proposal of alteration in share capital of the company by sub-division/split of existing shares having face value of ₹5 each, fully paid-up, including the American Depository Shares.

Krsnaa Diagnostics has received a signed agreement from the Director, Directorate of Health Services, Madhya Pradesh Public Health Services Corporation Limited, for setting up, operating, managing & maintaining of MRI Scan (1.5 Tesla) machines at 5 (Five) District Hospitals. The size of the contract / tender cannot be estimated being a new project, it further said.

Suven Pharmaceuticals said that it is receipt of observation letter with “no adverse observations” from BSE and “no objection” from the National Stock Exchange of India for a scheme of amalgamation of Cohance Lifesciences Ltd with it.

The administrative committee of the board of Piramal Pharma has granted approval for entering into definitive agreements with Clean Max Aero Private Limited (SPV) and Clean Max Enviro Energy Solutions Private Ltd for acquisition of up to 15.76 per cent in the equity share capital of the SPV, aggregating up to ₹2.16 crore via cash consideration, in one or more tranches. The acquisition is expected to be completed in 7 to 8 months.

Infosys has agreed with UVC Partners , a Venture Capital fund based out of Germany, committing to invest €5.0 million. Germany is a strategic market for Infosys and UVC is a leading earlystage venture capital firm investing in disruptive startups from the German and the European ecosystems. Infosys Innovation Fund seeks to partners with UVC’s ecosystem and startups to complement its capabilities, and jointly co-create nextgeneration solutions bringing the power of AI and Deep Tech to help its clients navigate their business transformation.

The board of ONGC has approved extension of exercise period for conversion of Share Warrants – I of ₹1,922 crore (paid-up value ₹1,873.95 crore) issued by ONGC Petro additions Ltd. (OPaL)”, a joint Venture of the Company, up to six months from its conversion date of 24.08.2024 and extension of back stopping support for compulsory convertible debentures - III of ₹492 crore issued by OPaL upto six months from its mandatory put option on 28.08.2024. There is no charge to be paid by the company for the extension.

The board of IOL Chemicals and Pharmaceuticals has said that European Directorate for the Quality of Medicines & Health Care has issued a certificate of suitability for “Valsartan”. This certification will enable the Company to export this product in European and other CEP accepting countries. Valsartan is used for to treat high blood pressure (hypertension).

The board of Tata Consumer Products has approved rights issue for an amount not exceeding ₹3,000 crore by issuing 3,66,47,492 shares at ₹818 a share. The issue will open on August 5 and end on August 19 while the record date is July 27.

Al Mehwar Commercial Investments on Tuesday divested its stake in Elgi Equipments for ₹155 crore through an open market transaction. According to the bulk deal data available on the National Stock Exchange (NSE), Al Mehwar Commercial Investments LLC offloaded 22,97,777 shares, amounting to a 0.7 per cent stake in Elgi Equipments. The shares were sold at an average price of ₹673. At the end of the June quarter, Al Mehwar Commercial Investments LLC held a 1.29 per cent stake in Coimbatore-based Elgi Equipments.