Nifty futures on the Singapore Exchange traded 7.5 points, or 0.05 per cent, higher at 15,730, signaling that Dalal Street was headed for a muted start on Friday. The market closed its rangebound session on a negative note, extending losses for the second straight day in the previous session, a monthly expiry day for June futures & options contracts. The correction in global counterparts also weighed on the sentiment. The BSE Sensex dropped eight points to 53,019, while the Nifty50 declined 19 points to 15,780.
The Phoenix Mills
The company, RZPL and each of PML subsidiaries (viz. Offbeat Developers-ODPL, Graceworks Realty and Leisure-GRLPL and Vamona Developers-VDPL) have executed an additional subscription agreement. After this, Reco Zinnia (RZPL), owned by GIC (Realty), has completed its second tranche of investment of Rs 400 crore across ODPL, VDPL and GRLPL on private placement basis by subscribing to the equity shares of each of the PML subsidiaries. As a result, Phoenix Mills (PML) and RZPL hold 67.10 per cent and 32.90 per cent respectively, stakes in each of the PML subsidiaries.
Globus Spirits
GSL will be providing various services starting from engineering to ongoing operations, maintenance, and marketing services for distillery assets owned by Tilaknagar Industries. It has entered into an arrangement for strategic, technical, manufacturing and marketing tie-up with the aim to offer an integrated service to operate the plant at the envisaged rated capacity of 140 KLPD distillery asset owned by TIL located at Ahmednagar, Maharashtra. The company will get service fee as a share of EBIDTA generated by the distillery assets.
UPL
The company has acquired 100 percent holding in Nature Bliss Agro (NBAL) and accordingly, NBAL becomes a wholly-owned subsidiary of the company. NBAL proposes to carry out the business of manufacture and sale of crop protection and allied products, which has synergy with the existing business activities of UPL.
Auto Stocks
The automobile manufacturers, whether two-wheeler or four-wheeler, will report their number of units sold for the month of June 2022. Auto companies mandatorily share the monthly sales data for the previous month on the first date of every new month.
Bharti Airtel
The telecom operator said it has opted to defer the payment of AGR dues up to FY 2018-19, that are not tabulated in the Supreme Court’s order, by up to four years. It has retained the right to pre-pay instalment amounts and would not avail the option of conversion of the interest dues that would accrue into equity.
Indian Bank
The state-owned lender has raised the Marginal Cost of Funds based Lending Rates (MCLR) across tenors by 0.15 per cent with effect from Sunday. The benchmark one-year tenor MCLR — against which most of the consumer loans are based upon — will be 7.55 per cent as against 7.40 per cent presently.
Lupin
The pharma company has received approval from US FDA for its Abbreviated New Drug Application (ANDA) – Paliperidone extended-release tablets. The drug is a generic equivalent of Invega extended-release tablets of Janssen Research and Development, LLC. The product will be manufactured at Lupin’s facility in Goa. The drug had estimated annual sales of $152 million in the US as per IQVIA MAT March 2022 data. The drug is used in the treatment of schizophrenia, a mental disorder.
Hindustan Unilever
HUL in its BSE filing said its CEO and Managing Director, Sanjiv Mehta will be appointed as the President Commissioner (Non-Executive Chairman) of PT Unilever Indonesia Tbk (Unilever Indonesia), a public company and member of the Unilever group. He will continue to be Chief Executive Officer and Managing Director of HUL, and President, Unilever South Asia.
Blue Star
CARE has reaffirmed its long-term, and short-term rating on credit facilities and non-convertible debentures at AA+, but revised the outlook from ‘Negative’ to ‘Stable’ based on healthy recovery and demand for air-conditioning and refrigeration products post the ebbing of the second wave of the pandemic and consequent improvement in the operating and financial performance for FY22.
Kridhan Infra
Rajeshree Indradev has resigned as Chief Financial Officer of the company on June 30. The company is in the process of identifying or hiring new person for the vacant position.
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