*OPENING BELL*
Date: 25-Dec-2024
📍 NEW ORDERS & CONTRACTS
- Comrade Appliances: Wins ₹14.88 Crore order from Reliance Retail Limited for air coolers.
- GHV Infra: Wins ₹546 Crore order through subcontract in Maharashtra with a 2-year timeline.
- EPACK Durable: Clarifies ongoing preliminary talks with Hisense regarding a potential stake acquisition in Epack Manufacturing Technologies.
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📍 FUNDRAISING & CAPITAL EXPANSIONS
- IND Renewable: Board approves issuance of up to 1.5 crore equity shares at ₹16/share, totaling ₹24 Crore to non-promoter entities.
- Capital India: Board approves stock split of 1 share into 5 shares.
- Sejal Glass: Board meeting scheduled for 30 Dec to consider fundraising via equity shares.
- Deep Ind: Board meeting scheduled for 28 Dec to consider fundraising via QIP.
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📍 STRATEGIC PARTNERSHIPS & AGREEMENTS
- Swiggy: Partners with NSE to empower delivery partners with financial literacy programs, aiming for 1 Lakh female delivery partners by 2030.
- VirtualSoft System: Empyrean Spirits (98% owned by VirtualSoft) acquired a 23% stake in CHADKP Holdings for ₹3.2 Crore and entered a joint venture to expand into UK and European markets.
- Rossari Biotech: Announces incorporation of its wholly-owned subsidiary, Rossari International Limited Company, in Saudi Arabia.
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📍 ACQUISITIONS & STAKE INCREASES
- International Gemmological: Acquired 100% stakes in IGI Netherlands B.V. for USD 88.44 million (₹751 Crore) and IGI BV for USD 69.76 million (₹592 Crore), making them wholly owned subsidiaries.
- HLE Glascoat: Subscribed to 54,512 equity shares of CMAPL at ₹617/share, totaling ₹3.36 Crore via rights issue.
- IFGL Refractories: Incorporated a public limited company, 'IFGL – Marvels Refractories Ltd.' for a ₹300 Crore greenfield facility in India.
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📍 RESIGNATIONS & APPOINTMENTS
- Medplus Health: Resignation of Chief Retail Officer due to personal reasons.
- Leel Electricals: Board approves capital restructuring plan following acquisition by Krishna Ventures Limited, including share cancellations and preferential allotment.
- J&K Bank: Board approves appointment of Mr. Amitava Chatterjee as Managing Director and CEO for 3 years, effective from December 30, 2024.
- India Cement: MD and Vice Chairman N. Srinivasan, along with other directors, resign following UltraTech acquisition.
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📍 LEGAL & REGULATORY UPDATES
- Dabur: Files a suit in the Delhi High Court against Patanjali for misleading claims in an advertisement featuring Baba Ramdev.
- Alkem Lab: IT authority disallowed part of the deduction under section 80IE, resulting in a ₹375.14 Crore dispute, but no payment required due to MAT credit utilization.
- S & S Power Switchgear: Fraud/cyber-crime detected in online transfers by company officials, leading to an FIR filed for ₹1.58 Crore.
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📍 OTHER UPDATES
- EPFO: Adds 13.41 Lakh net members in October 2024, with 58.49% of new additions in the 18-25 age group.
- Gateway Distriparks: Receives Income Tax notices for FY 2021-22 and 2022-23, totaling ₹25.69 Crore, now rectified to ₹0.
- Urban Enviro: Approves a 1:1 bonus issue.
- Metropolis Healthcare: Incorporates 'Metropolis Clinical Pathology Pvt. Ltd.' as a wholly owned subsidiary, effective December 25, 2024, to offer diagnostic services.
- H.G. Infra: Transfers 26% stake in four wholly-owned subsidiaries to Stockwell Solar Services Pvt. Ltd., though they remain subsidiaries of H.G. Infra Engineering Ltd.
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