[08:51, 12/04/2021] Ritesh DAGA Teji Mandi: Stock in News
• Infosys: Board to meet on April 14 to consider a proposal for buyback of fully paid-up equity shares of the company.
• Ambuja Cements: The company at its AGM said that it is on track to expand capacity to reach 50 MTPA. Its upcoming facilities in Marwar Mundwa, Rajasthan, will enhance clinker capacity by 3 MTPA and improve cement sales by 5 MTPA. The greenfield integrated plant, which will involve a total investment of Rs 2,350 crore, will commence operations by Q3CY21.
• Solara Active Pharma: Board approves amalgamation of Aurore Life Science into itself. Subject to satisfactory fulfillment of the same, board approved amalgamation of Empyrean Lifesciences Pvt Ltd. into the amalgamated company. Post the successful amalgamation of the same, the board approved amalgamation of Hydra Active Pharma Sciences Pvt. Ltd. into the amalgamated entity. The scheme is subject to shareholder and regulatory approval. The amalgamation will enable consolidation of the API business and will enhance business potential and increased capability to offer a wider portfolio of products with a diversified resource base. Shareholders of Aurore will get 1,298 shares of Solara for every 10,000 shares held. Shareholders of Hydra will get 884 shares of Solara for every 10,000 held. The appointed date of the merger is April 1, 2021 and is likely to be completed by Q4FY22.
• Balrampur Chini: Board approved revised capex for the 320 KLPD Distillery Plant to Rs 425 crore from the earlier approval of Rs 320 crore. Increase in capex is due to inclusion of 20 KLPD ENA plant within the overall distillery plant, Higher storage capacity for raw material and finished goods, sharp rise in steel prices. The higher investment will result in higher efficiency and will add to the bottomline, resulting in better payback than earlier envisaged. The plant is expected to be commissioned by December 2022 and is expected to generate annual revenue of around Rs 650 crore. The company proposes to borrow Rs 220 crore from banks and has already received in-principle approval from the government, confirming the eligibility of interest subvention on the said loan.
• CreditAccess Grameen: Disbursements up 42.1% year-on-year and 2.8% quarter-on-quarter to Rs 4,413 crore. Active Borrowers up 4.4% quarter-on-quarter and 2% year-on-year to 29.63 lakh. 84.8% of FY21 disbursements happened during H2FY21. Collection efficicney for full payments improves to 94% from 93% in February while for partial payment it improves to 97% from 96% in February.
• Natco Pharma: The company's marketing and distribution partner Alvogen Pine Brook LLC, has received tentative approval for its Abbreviated New Drug Application for Ibrutinib Tablets 560mg, 420mg, 280mg and 140mg strengths (generic for IMBRUVICA®), from the U.S. Food and Drug Administration.
• Tata Communications: Has extended its partnership with Bahrain Internet Exchange to offer high speed internet connectivity with very low latency for a superior quality and seamless viewing, gaming and download experience for customers in Bahrain. Equipped with OTU-4 (Optical Transport Unit), TGN-Gulf cable system will enable customers with a robust, consistent, and manageable data transport infrastructure with the capability to scale up beyond 100 Gbps.
• Music Broadcast: The board has decided not to pursue the proposed investment in Big FM and will be terminating the definitive transaction documents with immediate effect. Both parties have not received approval from the Information & Broadcasting Ministry for the same and the long-stop date under the definitive agreements has expired.
• Castrol India: Has entered into an exclusive supply arrangement with ki Mobility Solutions in India wherein Castrol will supply lubricant products to ki Mobility's multi-brand workshops.
• Century Plyboards: Has launched Firewall Technology that ensures that its customers get critical time to act and be safe in case of fire. The company will offer this benefit at no additional cost.