Buzzing Stocks | Tata Motors, KEC International, V-Guard Industries, and others in news today

Tata Motors: Tata Motors gets board nod for partial divestment of investment in arm Tata Technologies via IPO route. The commercial and passenger vehicle maker has received in-principle approval from the board of directors to explore the possibility of partial divestment of its investment in subsidiary Tata Technologies [TTL] through an IPO route at an opportune time. The company will make further announcements of all material developments relating to IPO.

KEC International: KEC International bags orders worth Rs 1,349 crore. The infrastructure EPC major has received orders worth Rs 1,349 crore across its various businesses. The transmission & distribution business has secured orders for T&D projects in India, SAARC, Middle East and Americas, while the business has bagged orders for building a data centre and for infra works in the Hydrocarbon segment in India.

Mahindra CIE Automotive: Mahindra CIE Automotive acquires 27.35% equity of Strongsun Solar. The auto ancillary firm has acquired 27.35% equity stake in Strongsun Solar for Rs 2.4 crore. The investment in Strongsun will help the company optimize the power cost and increase the consumption of green energy at its various power intensive plants.

Biocon: Biocon appoints Peter Bains as independent director. The pharma company has appointed Peter Bains as an additional director. The appointment of Peter Bains as an Independent Director will commence from December 12, 2022, till the conclusion of 48th Annual General Meeting proposed to be held in 2026, subject to approval of the shareholders.

V-Guard Industries: V-Guard Industries to acquire Sunflame Enterprises for Rs 660 crore. Kochi-based consumer electrical and electronics company has signed definitive agreements for acquiring 100% stake in Sunflame Enterprises (SEPL) for Rs 660 crore, on a cash-free, debt-free basis. The transaction is expected to close by mid of January 2023.

BGR Energy Systems: BGR Energy Systems bags orders worth Rs 330 crore from Indian Oil Corporation. The company has received orders worth Rs 330 crore from Indian Oil Corporation. The order includes construction of civil and structural works in Panipat refinery project complex. The contract completion period is 18 months.

GR Infraprojects: GR Infraprojects sells entire stake in arm GR Highways Investment Manager. The company has entered into Share Purchase Agreement with Lokesh Builders for transfer of entire shares being held by the company in its subsidiary GR Highways Investment Manager (GHIMPL). After the transfer, GHIMPL would cease to be subsidiary of the company. The transaction cost is Rs 15 crore.

3i Infotech: 3i Infotech incorporates a wholly-owned subsidiary NuRe FutureTech. The company has incorporated another wholly-owned subsidiary NuRe FutureTech in India. With the incorporation of new company, the company will engage into business of cognitive computing related software products.

Godfrey Phillips India: Jupiter India lowers stake in Godfrey Phillips to 7.16%. Jupiter India Fund & Jupiter India Select SPV have sold 0.06% stake in the company via open market transactions on December 8. With this, their stake in the company reduced from 7.22%, to 7.16%.

Ethos: Promoters offloads nearly half a percent stake in Ethos. Promoter Yashovardhan Saboo sold 50,000 shares in the company via open market transactions, at an average price of Rs 1,022.94 per share on December 12, reducing shareholding from 0.86% to 0.64%. Promoter entity Dream Digital Technology sold 62,885 shares at an average price of Rs 1,016.28 per share on December 9, lowering shareholding from 0.27% to 0%.

RSWM: RSWM to launch rights issue on December 23, issue price at Rs 100 per share. The company will launch its rights issue on December 23 and the same will close on January 6. The rights issue price is at Rs 100 per share, and the rights entitlement ratio is one rights equity share for every one equity share held by eligible equity shareholders, as on the record date.