Stock Market Live Updates 20 June 2024: Stock to buy today: Sun TV Network (₹765.9)

Asia Opportunities Fund and General Atlantic are likely to sell 4.2 per cent stake in PNB Housing Finance via block deals, say reports. The floor price has been fixed at ₹773 per share, a discount of 8 per cent to Wednesday’s closing price, the reports added. The deal size is said to be worth nearly ₹830 crore. 

Tata Motors announced that it will increase the price of its commercial vehicles up to 2 per cent. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant. Besides, the company’s JLR and Chery have signed a letter of intent to strengthen CJLR’s product offer for the next era of electrification in China. The new model of collaboration leverages fully both parties’ complementary strengths—with Chery holding a leading automotive market position in China while JLR has unrivalled heritage and design strength—creating mutually beneficial prospects for the future.

Aditya Birla Digital Fashion Ventures Limited (ABDFVL), a wholly owned subsidiary of the Aditya Birla Fashion & Retail, has executed a binding offer letter with Universal Sportsbiz Private Limited for a minority investment with an option for a path to majority stake acquisition in USPL, comprising of manufacturing and distribution of fashion apparels, footwear and accessories, under the brand ‘Wrogn’ .

Indian Oil has entered into a joint venture agreement with GPS Renewables Private Limited, one of the leading biofuels companies in the country. This association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.

Gensol Engineering has received the second tranche under greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for standalone Battery Energy Storage Systems (BESS) project to reach 500 MW / 1000 MWh. The project, including first and second tranche, will generate a total revenue of INR ₹2,685 crore over the 12-year battery energy storage purchase agreement tenure.

Kato Works has partnered with Action Construction Equipment to penetrate the Indian construction equipment market. The collaboration aims to leverage Kato’s advanced technology and ACE’s local market expertise.

Blue Dart, South Asia’s leading courier and integrated express package distribution company, has successfully launched drone deliveries in collaboration with Skye Air, a leader in drone technology. This move marks a significant advancement towards cleaner and more efficient delivery solutions. Building on their pioneering VLOS trials in Vikarabad, Hyderabad, in September 2021, and BVLOS trials under the Telangana government’s ‘Medicine from the Sky’ initiative, Blue Dart continues to lead in utilising drone technology for logistics.

Allcheckdeals India Pvt. Ltd, a wholly owned subsidiary of Info Edge (India) Ltd has agreed to invest an amount of ₹1 crore in its wholly owned subsidiary—NewInc Internet Services Private Limited, a step down wholly owned subsidiary that is engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

The Madhya Pradesh government on Wednesday suspended the licence of Som Distilleries after child labourers were rescued from its unit in Raisen district. Som Distilleries manufactures and distributes beer, India-made foreign liquor and ready-to-drink beverages.

Brigade Group has announced that it would develop a third tower of the World Trade Center (WTC) at Infopark Kochi. The ₹150-crore project will be developed by Brigade Group. The new tower will be 16 storeys high with a car-park of six decks. It will come up on the non-SEZ plot with a built-up space of 2.6-lakh-square feet. This new tower of WTC will generate around 2,700 direct jobs and the project is expected to complete in three years.

An FIR registered by Central Bureau of Investigation (CBI) under various sections of Prevention of Corruption Act against four officials of the PNC Infratech. All the operations of the company, including its core operations at construction sites all over India, are functioning without any impediment and continue to remain fluent, per a statement. However, it is not possible for the company at this stage to assess the inpact of the aforesaid matter, if any, the statement added.

Godrej Group has received approval of the Competition Commission of India for family arrangement. The proposed combination relates to realignment of interests, legal ownership, and management of various entities within the Godrej group pursuant to an inter-se arrangement between the members of the family branches viz., Adi Godrej and family (ABG Family), Nadir Godrej and family (NBG Family), Jamshyd Godrej and family (JNG Family) and SmitaCrishna and family (SVC Family). GILAC Group Entities include: (a) Godrej Industries Limited (b) Godrej Consumer Products Limited (c) Godrej Properties Limited (d) Godrej Agrovet Limited (e) Godrej Seeds & Genetics Limited (f) Innovia Multiventures Private Limited (g) Astec LifeSciences Limited and (h) Anamudi Real Estates LLP. G&B Group Entities include (a) Godrej & Boyce Manufacturing Company Limited; (b) Godrej Holdings Private Limited; (c) Godrej Infotech Limited; and (d) RKN Enterprises.

Sun Pharmaceuticals has received Warning Letter from USFDA for its Dadra facility. The Warning Letter summarises violations with respect to Current Good Manufacturing Practice (cGMP) regulations. The contents of the Warning Letter will be made public by the USFDA in due course.

TTK Prestige has signed an agreement with a globally reputed consultant to assist the company to redraw its blueprint for a 5-year long-term strategy and plan. The company will be spending in the range of around ₹12 crore over the next 6 months for this exercise.

Eimco Elecon (India) Limited has received an order of ₹33.11 crore (excluding GST) from The Singareni Collieries Company Limited for supply of coal mining equipment. The execution of the contract is to be done based on staggered delivery, on or before 28th February, 2025.

GSEDPL, subsidiary of the GMR Power and Urban Infra, has entered into a Definitive Agreement with BOSCH Global Software Technologies. As part of the arrangement, BGSW has executed definitive agreements with GSEDPL whereby it will be investing 10 per cent equity capital in each of the three project SPVs, with GSEDPL holding the balance 90 per cent of the equity capital of these SPVs. BGSW with its expertise in IoT and connected products will create a robust system architecture that connects these smart meters to cloud and IT infrastructure.

KEI Industries has said that operations of the plants situated at Rakholi and Chinchpada are partially affected due to stoppage of production, in view of strike announced by Labour w.e.f. 19th June, 2023. However, there is no strike at other plants.

MAS Financial Services is planning to raise up to ₹400 crore via QIP, with a green shoe option to increase the size to ₹500 crore, according to market buzz. Likely offer price is ₹286.25 

Aayush Wellness Ltd, erstwhile Aayush Food and Herbs Ltd, a leading organisation in the health and wellness solutions industry got approval from its Board of Directors for sub-division/split of its existing fully paid-up equity shares. This strategic move involves the sub-division of one share having a face value of ₹10 each into 10 equity shares with a face value of ₹1 each.