*Stocks in News*
Route Mobile: Its subsidiary Routesms Solutions FZE (RSL FZE) has successfully completed the acquisition of MR Messaging FZE, based in teh United Arab Emirates. With this, MR Messaging has become a wholly-owned subsidiary of RSL FZE and a stepdown subsidiary of Route Mobile.
Panacea Biotec: The company will sell the pharmaceutical formulations brands of its subsidiary to Mankind Pharma. The total value of the transaction is Rs 1,872 crore. The company and its material subsidiary Panacea Biotec Pharma (PBPL) have entered into definitive agreements for the transaction. This stake sale is in line with the company's strategic plan to become debt-free and focus on exports of pharmaceutical formulations in the US and other international markets besides the vaccine business in global markets.
DB Realty: The Supreme Court has allowed the real estate company to develop land in Mumbai. The decision makes freehold 22,000 square meters in commercial zone in Mumbai available to its subsidiary Esteem Properties for development. The company intends to develop the land into a 2 million square feet (leasable area) Grade A office space over the next three years.
Vedant Fashions: Ethnic wear brand Manyavar operator clocked healthy 24.1 percent year-on-year growth in consolidated profit at Rs 127.8 crore on strong sales and operating income in the quarter ended December 2021. Revenue grew by 28 percent year-on-year to Rs 384.8 crore. The company registered a 24.5 percent YoY growth in EBITDA at Rs 191.5 crore for the quarter.
Huhtamaki India: The packaging solutions firm posted a loss of Rs 13.52 crore for the December 2021 quarter against a profit of Rs 5.08 crore in the corresponding period of the last fiscal. But the topline grew nearly 19 percent year-on-year to Rs 661.6 crore in Q4CY21.
Vipul Organics: The specialty chemicals company has recommended bonus equity shares for its shareholders and employee stock options scheme for its employees in the 50th year of its operations. The company will issue one bonus share for every four shares held by shareholders and also issue 2 lakh options to eligible employees.
Lemon Tree Hotels: The company has signed a license agreement for 41 room hotel at Mukteshwar, Uttarakhand. The hotel is expected to be operational in July 2022. The hotel is owned by The Alpine Chalet Resort. Its subsidiary Carnation Hotels and the hotel management arm will be operating and marketing this hotel.