Stocks to Watch: Zee Entertainment, Ruchi Soya, Zomato, ICICI Bank, Colgate

The markets are likely to start Thursday’s session on a tepid note owing to fresh Spike in oil prices and back-to-back hikes in petrol, diesel rates. As of 07:45 AM, the SGX Nifty March Futures quoted at 17,205 – down 70-Odd points when compared to the Nifty Futures close on Wednesday.

ICICI Bank: The Reserve Bank of India (RBI) has approved a 9.99% stake in ICIC Mutual Fund, along with other SBI group companies. At the end of the December quarter, SBI Mutual Fund had a 5.72% stake in ICICI Bank. Read here

Zee Entertainment: As per reports, the company’s largest shareholder Invesco has decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee’s Merger with Sony will achieve the fund’s goal of strengthening board oversight.

Hero MotoCorp: The Income Tax Department conducted extensive search operations at the residential and office premises of senior management of Hero MotoCorp on Wednesday, including its Chairman and MD & CEO Pawan Munjal over alleged tax evasion. Read here

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Bajaj Electricals: Home-grown consumer appliances brand Bajaj Electricals Ltd (BEL) on Wednesday announced the extension of its trademark agreement with the United Kingdom-based Morphy Richards for a further 15 years with effect from July 1, 2022. Read here.

Ruchi Soya: The company’s Rs 4,300-crore follow-on public offering (FPO) opens for subscription on Thursday. The company has allotted shares worth Rs 1,290 crore to Anchor investors ahead of its FPO.

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Zomato: Food delivery Giant Zomato on March 23 announced the dissolution of Zomato Canada Inc., its step-down subsidiary company based out of Toronto. In its filing with BSE, it was said that its Canadian arm was not a “material subsidiary” and hence, its closure would not affect the overall turnover or revenue of the company.

Piramal Enterprises: The Board of Directors to meet on March 28 to consider the issue of NCDs. Issue size is Rs 375 crore.

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Colgate-Palmolive: Board to consider interim dividend on March 28.

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CSB Bank: The Reserve Bank of India has approved the appointment of Pralay Mondal, Deputy Managing Director, CSB Bank as interim Managing Director and CEO, for three months from April 1, or until the appointment of a regular Managing Director and CEO, whichever is earlier.

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GPT Infraprojects: The company has bagged an order worth Rs 118 crore. This contract is a joint venture, of which GPT’s share is 51 percent.

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Triveni Turbine: Subsidiary Triveni Turbines DMCC has signed an agreement to acquire 70 per cent stake in South Africa-based TSE Engineering Pty Ltd for 11.9 million South African rand, and the deal is expected to be completed by March 31.

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HUL: Leading Spice Maker MDH Ltd has refuted the reports of a possible sale of its business to FMCG Maker HUL. The reports suggested that MDH Promoters are in talks to sell their business to HUL.

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Filatex India: The board on March 29 will consider the proposal for the buyback of fully paid-up equity shares of the company.

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Nelco: Nelco and Omnispace announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services. The Collaborative effort will expand the reach of 5G using satellite communication throughout India and South Asia.

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Stocks in F&O ban: Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance, SAIL, and Sun TV Network are under the F&O ban for March 24.

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First Published: Thu, March 24 2022. 07:51 IST

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