Stocks that will see action today: May 29, 2024

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Birla Group Holdings Private Limited (BGHPL), one of the key promoters of Grasim Industries, has increased its stake from 19.10 per cent to 23.18 per cent in the company, according to a regulatory filing late on May 28. The increase in stake follows the amalgamation of Umang Commercial Company Private Ltd and other entities with BGHPL, as sanctioned by the National Company Law Tribunal (NCLT), Grasim said in the filing. Despite this increase in BGHPL’s shareholding, Grasim clarified that there is no change in the overall shareholding of the promoter and promoter Group of the company.

According to media buzz, PNB Housing is Asia Opportunities V Mauritius & General Atlantic Singapore Fund likely to sell 2.68 per cent equity via block deal. Floor price set at ₹717 a share, which is a 5 per cent discount to Tuesday’s close. Deal size is said to be worth ₹500 crore, according to sources.

Hindalco Industries is expected to raise $931 million to $1.08 billion by listing its US subsidiary Novelis India on the New York Stock Exchange through the initial public offering. The global leader in aluminium rolling and recycling, Novelis will offer 4.50 crore shares with a green shoe option to offload another 67.50 lakh shares for 30 days after the date of the final prospectus to cover over subscription. The price band price has been fixed between $18 and $21 per share. Novelis will not receive any proceeds from the sale of shares.

Wockhardt said that its clinical trial study for WCK 5222 progressing in nine countries. Completed 30 patients for compassionate use after approval of usage by the DGCI and the product (WCK 5222) resulted in 100% cure and was found to be safe even when administered up to 60 days. MIQNAF or WCK 4873 will be shortly introduced in India. It is used to treat community acquired Pneumonia with a success rate of over 97 per cent.

According to Reuters, Reliance Industries has signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles.

HDFC Life Insurance company said that Rangarajan BN has resigned as Chief Risk Officer of the company to pursue opportunities outside his professional life, effective July 15, 2024. Khushru Sidhwa will replace him as Chief Risk Officer of the company, effective July 16.

Oil India has signed an MoU with Hindustan Petroleum Corporation to collaborate on a conventional and alternative energy portfolio.

City Union Bank has received approval from the Reserve Bank of India for the appointment of R Vijay Anandh as Whole-time Director – Executive Director of the bank for three years. Currently, R Vijay Anandh is the Executive President of the bank.

Subhash Chand Agrawal has resigned as Chief Financial Officer of IKIO Lighting to pursue professional goals outside the organisation. His last working day with the organisation will be June 30.

Mirik Rajendra Gogri, part of the promoter group of Aarti Drugs, sold 4.68 lakh shares (equivalent to 0.5% of paid-up equity) in the company at an average price of ₹485.5 a share. Blend Fund 2 bought 5,11,571 equity shares in the company at Rs 484.97 per share.

Foreign investor Tencent Cloud Europe BV sold 55 lakh equity shares in the Policybazaar operator PB Fintech at an average price of ₹1,208.2 a share, valued at ₹664.51 crore. As of March 2024, Tencent held a 6.26 per cent stake or 2.82 crore shares.

Canara Robeco Mutual Fund, DSP Mutual Fund and Kotak Mahindra Mutual Fund bought 22,05,573 equity shares (equivalent to 5.3 per cent of paid-up equity) Prudent Corporate Advisory Services at an average price of ₹1,650 a share, valuing the purchase at ₹363.9 crore. However, foreign investor TA FDI Investors exited the company by selling their entire shareholding of 29,16,961 shares (7.04% stake) at an average price of ₹1,650.05 a share, amounting to Rs 481.3 crore.