Stocks in news: Tata Motors, YES Bank, Sun Pharma, Tech Mahindra, and more

Benchmark indices Sensex and Nifty closed lower on Friday, in line with weak global cues following the US Federal Reserve’s interest rate hike and its hawkish stance. Sensex tanked 461 points to end at 61,337 and Nifty plummeted 145 points to close at 18,269. Dr Reddy’s (3.62%), M&M (2.44%), Asian Paints (2.30%), TCS (2.01%), SBI (1.98%), Titan (1.59%) and PowerGrid (1.48%)  were the top Sensex losers.  

Here’s a look at stocks that are likely to remain in news today.

Tech Mahindra: The IT major will sell its entire stake in the Netherlands-based subsidiary Dynacommerce Holdings BV to its step-down subsidiary Comviva Netherlands for about Rs 58 crore. The agreement for the deal is likely to be signed during the first week of January 2023 and the transaction is expected to complete around the same time.

Sun Pharma: The drug major has received a warning letter from the US health regulator for its Halol facility, which is already under an import alert. The warning letter summarises violations with respect to Current Good Manufacturing Practice (cGMP) regulations.

Tata Motors: The homegrown auto major’s fully owned subsidiary- ML Smart City Mobility Solutions has signed a definitive agreement with Bengaluru Metropolitan Transport Corporation for the supply, operation and maintainence of 921 electric buses in Bengaluru for a period of 12 years.

Dr Reddy’s Laboratories: The drug maker’s wholly owned subsidiary Dr Reddy’s Research and Development BV (DRRDBV) has entered into a pact to sell certain assets and liabilities of its Netherlands-based site. It has entered into an asset purchase agreement with Delpharm Development Leiden BV, part of France-based Delpharm Group.

YES Bank: The private lender has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction (JC Flowers ARC) as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets.

Also Read: Stocks in news: Reliance Industries, Wipro, Nykaa, Max India and more

Jindal Steel and Power: The metal player will spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country. JSPL is one of the qualifiers of the government’s production linked incentive (PLI) scheme.

The Phoenix Mills: The real estate firm has completed the acquisition of 7.22 acre-land parcel in Surat, Gujarat for about Rs 510 crore. The amount is inclusive of stamp duty. The land parcel has been bought through Thoth Mall and Commercial Real Estate Private Ltd, an indirect subsidiary of the company.

JSW Energy: The utility firm’s arm JSW Energy (Barmer) has issued over 99 crore bonus shares worth Rs 995.90 crore. JSW Energy (Barmer), wholly owned material subsidiary of the company, has completed a bonus issue of 99,59,09,996 fully paid-up equity shares of Rs 10 each amounting to Rs 9,95,90,99,960.

PNB Housing Finance: The home financing player has opened ‘Roshni’ branches in various locations, including tier II and III cities, for deepening its customer base in the affordable housing segment.

GMM Pfaudler: The promoter of the engineering firm sold 17.3 per cent stake or 77,85,819 shares in the company in the range of Rs 1,700.14 – Rs 1,702.87 apiece for Rs 1,323.97 crore through open market transactions.

Tilaknagar Industries: The brewery firm has received board’s nod for the allotment of 1.05 crore shares at a price of Rs 95 per share to foreign portfolio investor Think India Opportunities Master Fund LP on a preferential basis, who will invest about Rs 100 crore.

Suryoday Small Finance Bank: The private lender’s promoter entity Baskar Babu Ramachandran has offloaded 50 lakh shares for Rs 55.44 crore to close a loan availed by him. Post this transaction, the total promoter group holding stands at 23.30 per cent and Ramachandran’s individual holding will come down to 5.94 per cent.