Catch the Latest Stirring Developments as Top Companies Take Center Stage Before the March 19, 2024 Opening Bell.
- Tata Consultancy Services (TCS): Reportedly, Tata Sons intends to sell 2.34 crore shares of TCS through block deals, aiming to raise up to $1.1 billion. This move, at Rs 4,001 per share, signifies a 3.6 percent discount from the last traded price.
- Tata Steel: Operations of the coke ovens at Tata Steel’s Port Talbot plant in Wales are set to cease due to operational instability. The company plans to augment imports of coke to offset the impact and is in advanced consultations with UK trade unions regarding restructuring plans involving asset closures.
- Aditya Birla Sun Life AMC: Promoters plan to divest up to 7 percent equity of Aditya Birla Sun Life AMC through an offer-for-sale (OFS), with a floor price fixed at Rs 450 per share. The OFS opens for non-retail investors on March 19, followed by retail investors on March 20.
- Sonata Software: A joint go-to-market agreement has been signed between Sonata Software and Zones, LLC, to deliver cost-efficient solutions and industry-specific offerings over the next five years.
- IOL Chemicals and Pharmaceuticals: Brazilian Health Regulatory Agency (ANVISA) has completed a successful Good Manufacturing Practice (GMP) audit of all 10 API manufacturing units of IOL Chemicals and Pharmaceuticals without any observations.
- Veritas (India): In collaboration with Genesys International Corporation, Veritas has secured a project worth Rs 155.85 crore from Brihanmumbai Municipal Corporation (BMC) to develop and maintain a 3D city model using geospatial technology.
- Devyani International: CEO Rajat Luthra of KFC has tendered his resignation, effective March 29, with Pradeep Das set to take over. Currently, Pradeep Das oversees the airports and institutional businesses.
- HG Infra Engineering: Four solar projects worth Rs 1,026 crore have been awarded by Jodhpur Vidyut Vitran Nigam to the Stockwell Solar Services JV consortium with HG Infra Engineering.
- L&T Finance Holdings: The company’s Board of Directors has approved raising funds up to Rs 1.01 lakh crore through non-convertible debentures (NCDs) in one or more tranches.
- Lemon Tree Hotels: Lemon Tree Hotels has inked a license agreement for Lemon Tree Hotels Agartala, slated to open in FY27, with its subsidiary Carnation Hotels set to operate the property.
These developments across various sectors reflect ongoing changes and initiatives within the Indian market, shaping investor sentiment and market dynamics.