Market news that you should not miss today
Hatsun Agro: Almost 6,959 equity shares of the company, being the consolidated fractional shares, which arose out of the bonus issue and was held by P Vaidyanathan, Non-Executive Director of the company in the capacity as a trustee (on behalf of the shareholders entitled to fractional entitlements) will be sold in the open market. Its net sale proceeds (after deduction of all such expenses incurred for sale) will be distributed to the respective eligible shareholders.
Larsen & Toubro: The company has transferred its digital transformation business undertaking, incubated, and conducted as L&T-NxT (NxT Digital Business) to Mindtree, a listed subsidiary of the company, pursuant to the execution of a business transfer agreement between L&T and Mindtree.
Dalmia Bharat: Dalmia Power Limited, a wholly-owned subsidiary of Dalmia Bharat has sold 1,34,00,000 equity shares (4.473 per cent shareholding) of IEX in the open market on May 20, 2021, at a consideration of Rs 487.55 crore. Post this disposal balance, the shareholding of the company (directly or indirectly) in IEX is 4,65,06,556 equity shares (15.525 per cent shareholding).
Gufic Biosciences: The company has received permission from Central Drugs Standard Control Organisation, Ministry of Health & Family Welfare, New Delhi to manufacture & market Liposomal Amphotericin B injection 50 mg/vial (Lyophilised). The said injection is used to treat cases of Mucormycosis also called ‘Black Fungus’ that damages the nose, eyes, sinuses, and sometimes, even the brain.
Exide Industries: The rampant spread of the second wave of COVID-19 & lockdowns enforced in various states/parts of the country along with the operations at some of the company’s manufacturing units are temporarily affected and have been scaled down. The uncertainties have been increased as the customer orders have started getting impacted.
Torrent Power: Despite the significant impact of the pandemic on the company's distribution franchisee business and the gas-based power generation business, the company announced a 13 per cent increase in the total comprehensive income for FY2020-21. The company emerged as the highest bidder for the acquisition of a 51 per cent stake in the power distribution company in the union territory of Dadra & Nagar Haveli as well as Daman & Diu. This acquisition will significantly strengthen Torrent's position as the leading power distribution company in the country with a presence in 12 cities spread across three states and one UT. The takeover of the operations is currently sub-judice.
Cosmo Films: On the expansion front, the construction of specialised BOPET line has started and is running as per plan even with significant COVID-related challenges. The internal consumption for Masterbatch is growing continuously while the external sales will start soon. The company has successfully completed the development of several textile chemical products, each with specific USPs. These are currently under trials with textile manufacturers and processors while its commercial launch would follow in H1FY22. The pet care pilot launch will start in Q2FY22 under the brand name ‘Zigly’ and will provide a unique value proposition to pet parents across different channels.
Radio City: Radio City maintains leadership position for FY21 with the highest market share.
Meghmani Organics: FY21 operational highlights-The company achieved 100 per cent capacity utilisation of chloromethane within 2 years year of operation. Caustic soda and caustic potash operated at 80 per cent and 83 per cent capacity utilisation, respectively. It also achieved 57 per cent capacity utilisation of hydrogen peroxide in the first year of operations.