Stocks in news: Adani Green Energy, SBI, Emami, Happiest Minds and more

The domestic equity market closed lower in the previous trading session. Sensex declined 610 points to 65,508 and Nifty fell 193 points to 19523 on Thursday. Here’s a look at stocks that are likely to remain in news today.

SBI

State Bank of India said it reduced its stake from 7.30 per cent to 2.47 per cent in MSP Steel & Power Limited through an open market deal.

Tamilnad Mercantile Bank

S Krishnan has resigned as Managing Director and CEO of the bank, citing personal reasons. S Krishnan will continue to be the MD & CEO, till the guidance/advice is received from RBI.

Piramal Pharma

The US FDA carried out a good manufacturing practices (GMP) inspection of the company's Bethlehem facility from September 18-27 and issued a Form 483 with two observations. Both observations relate to system improvement only, and none are related to data integrity.

Saregama India

The music label company will buy 51.8 percent shares in digital entertainment company Pocket Aces Pictures, which owns direct relationship with 95M plus younger digital-first customers across Instagram, YouTube etc. It will buy a 51.8 percent stake for Rs 174 crore with a clear path to further buy another 41 percent stake in the next 15 months at pre-agreed multiples. The transaction is an all-cash deal.

Emami

The personal care and healthcare company has announced its foray into the juice category with AloFrut through key investment in Axiom Ayurveda and its subsidiaries/associates by acquiring buying a 26 percent equity stake for an undisclosed amount.

Adani Green Energy & Adani Energy Solutions

Abu Dhabi-based International Holding Company (IHC), which owned over one percent stakes in two Adani group companies, Adani Green Energy and Adani Energy Solutions, has inked a pact with a buyer to dispose off its investments, according to a media report.

Happiest Minds Technologies

Promoter Ashok Soota has offloaded about a 1.1 percent stake in the company via block deals. Soota sold about 17 lakh equity shares of the technology company through the NSE/BSE, which brought down his holding in the company from 51.24 per cent to 50.13 per cent. At Thursday’s closing price of Rs 872.65 apiece, the value of 17 lakh shares is estimated to be over Rs 148 crore.

Kajaria

The tilemaker said the modernisation of the manufacturing facility at Gailpur, Rajasthan, for ceramic tiles had been completed and commercial production had started with effect from September 28, 2023. Consequent upon the said modernisation, the annual production capacity of the said manufacturing facility for ceramic tiles has also been increased to 31.32 MSM from 29.40 MSM, the company said.

SBI Life Insurance Company

The life insurance company has received board’s nod for the appointment of Amit Jhingran as the Managing Director & CEO with effect from October 1, 2023. The current managing director & CEO of the life insurance company, Mahesh Kumar Sharma, has been posted as Deputy Managing Director in SBI, Corporate Centre.

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