Nifty futures on the Singapore Exchange traded 66.5 points, or 0.36 per cent lower at 18,794, signaling that Dalal Street was headed for a positive start on Friday.
HUL: Hindustan Unilever Ltd (HUL) has forayed into health and wellbeing category through strategic investments in Zywie Ventures’ OZiva and Nutritionalab’s Wellbeing Nutrition. HUL will acquire a 51% stake in OZiva through a combination of primary infusion and secondary buy-outs for a cash consideration of `264 crore. Balance 49% will be acquired at the end of 36 months on pre-agreed valuation criteria, HUL said. In Wellbeing Nutrition, HUL will acquire a 19.8% stake through a combination of primary infusion and secondary buyouts for a cash consideration of Rs 70 crore.
Cummins India, GAIL: Power solutions company, Cummins announced on Thursday that it would provide technology to build one of India’s largest proton exchange membrane (PEM) electrolyser for GAIL at Vijaipur, in Madhya Pradesh in collaboration with EPC player Tecnimont, the Indian subsidiary of Maire Tecnimont Group. This project is expected to produce 4.3 tonne of green hydrogen per day. This was the largest green hydrogen plant in the country with a capacity of 10 MW.
Sun Pharma: The company on Thursday clarified further on US Food and Drug Administration (FDA) listing its Halol plant on import alert. In a regulatory filing, clarifying the effect on the revenue and the revision of future guidance of the company, Sun Pharma stated that US supplies from Halol contributed approximately 3% of consolidated revenues for the year ended March 31, 2022, including sales from exempted products. “We are not revising our revenue guidance for the current financial year,” it said. It also added that there will be no impact on the specialty revenues either.
Adani Enterprises: The company has acquired a 100% stake in Alluvial Mineral Resources, from Adani Infra (India). Alluvial Mineral Resources is engaged in the mining of minerals & ores activities and other allied activities.
Lupin: The pharma major has appointed Spiro Gavaris as President of the US generics business. He most recently served as President of the specialty generics business at Mallinckrodt Pharmaceuticals and the president of US injectables at Hikma.
Macrotech Developers: Realty firm Macrotech Developers’ promoters plan to raise about Rs 3,500 crore by selling shares to institutional investors, according to sources. In a regulatory filing, the company informed that the company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities — Sambhavnath Trust, Sambhavnath Infrabuild and Farms, Hightown Constructions, and Homecraft Developers and Farms, the filing said.
Max Financial Services: The company has completed the acquisition of balance 5.17% stake in Max Life Insurance Company, from Mitsui Sumitomo Insurance Company, Japan. After this transaction, its shareholding in Max Life stands increased to 87%.
Paytm: One 97 Communications Limited, the parent entity of Paytm, will hold a board meeting on 13 December to consider a proposal for a share buyback, the fintech major disclosed to the exchanges. “The management believes that given the Company’s prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders. The outcome of the board meeting will be disseminated to the stock exchanges after conclusion of the Board meeting on 13 December 2022, in accordance with the applicable provisions of the SEBI Listing Regulations,” the announcement said.
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