Last updated on December 19th, 2024 at 09:06 pm
December 5, 2024, brought significant updates across the stock market. Here’s a detailed roundup of important announcements and developments:
Vodafone Group Sells Stake in Indus Towers
Vodafone Group Plc will sell a 3% stake in Indus Towers, amounting to 7.9 crore shares, via open market deals. The proceeds from the sale, estimated at $101 million, will be used to repay outstanding borrowings secured against Vodafone’s Indian assets.
Vodafone Idea to Consider Fundraising
Vodafone Idea’s board will meet on December 9 to consider fundraising of up to ₹2,000 crore. This move is expected to strengthen the company’s financial position.
Fusion Finance Approves Fundraising
Fusion Finance’s board approved raising up to ₹800 crore through a rights issue. The company also retains the flexibility to conduct a preferential issue not exceeding 20% of the total fundraising size.
Torrent Pharmaceuticals Expands Portfolio
Torrent Pharmaceuticals signed an agreement with Germany-based Boehringer Ingelheim International to acquire three anti-diabetes brands. The acquisition is expected to be completed by March 2025, expanding Torrent’s product portfolio in the diabetes segment.
Hero MotoCorp Launches VIDA V2 Electric Scooters
Hero MotoCorp introduced its latest range of electric scooters, the VIDA V2 series. This launch is a step towards strengthening its presence in the electric vehicle market.
Bharat Forge Plans QIP to Raise ₹1,650 Crore
Bharat Forge launched a qualified institutional placement (QIP) to raise up to ₹1,650 crore. The floor price for the equity shares has been set at ₹1,323.54 per share.
L&T Completes E2E Networks Stake Acquisition
Larsen & Toubro completed the acquisition of a 15% stake in E2E Networks through preferential allotment. An additional 6% stake will be acquired from E2E promoters by May 30, 2025.
Indraprastha Gas to Consider Bonus Issue
The board of Indraprastha Gas will meet on December 10 to discuss a bonus issue of shares. Investors are keeping a close watch on the outcome.
Sonata Software Achieves AWS AI Competency
Sonata Software announced that it has achieved the Amazon Web Services (AWS) Generative Artificial Intelligence competency. This certification highlights Sonata as an AWS partner specializing in generative AI tools and infrastructure.
RailTel Corp Secures Work Order from Gail
RailTel Corporation received a work order worth ₹10.64 crore from Gail India. The order involves providing MPLS and Point-to-Point Leased Line Links.
Muthoot Microfinance Reduces Interest Rates Again
Muthoot Microfinance announced its third interest rate cut of the year. Lending rates for income-generating loans have been reduced by 25 basis points to 23.05%, while rates for third-party product loans have been lowered by 125 basis points to 22.7%.
Brigade Enterprises Faces Delays in Approvals
Brigade Enterprises is facing delays in approvals, impacting progress toward its gross development value (GDV) target of ₹10,000-11,000 crore.
Arun Agarwal Resigns as Mastek CFO
Mastek announced the resignation of Arun Agarwal, its Global Chief Financial Officer. The company is expected to begin its search for a new CFO soon.
RPP Infra Ventures into Sri Lanka
RPP Infra Developers signed an agreement with Wills Realtors for the “96 Legends” project in Sri Lanka. This marks the company’s entry into international real estate development.
Bondada Engineering Bags Renewable Energy Project
Bondada Engineering secured a work order worth ₹109 crore from the Bihar Renewable Energy Development Agency. This project highlights the company’s focus on renewable energy.
Suraj Estate Developers Expands in Mumbai
Iconic Property Developers, a subsidiary of Suraj Estate Developers, purchased 1,464 square meters of vacant land in Mumbai for ₹101 crore. The project is expected to deliver a gross development value of ₹525 crore.
Dynamic Services and Security Gets Solar Project Approval
Dynamic Services and Security received a letter of intent from the Maharashtra government for a solar project. The project will involve a fixed capital investment of ₹1,080 crore.
PG Electroplast Opens QIP
PG Electroplast’s board approved the opening of a qualified institutional placement (QIP) to raise ₹1,500 crore. The floor price has been set at ₹705.18 per share.
These developments reflect the dynamic nature of the stock market, with companies across industries making strategic moves to strengthen their positions. Stay updated with MoneyPhobia for more insights and in-depth analysis.
