Stocks to watch: Sula Vineyards, Reliance, Paitm, Adani Ent, Bandhan Bank | Daily News Byte


Sula vineyards: Shares of Sula Vineyards are expected to debut on the stock market today. The announcement of the Belgrade Stock Exchange states that the listing of Sula Vineyards shares will be held at a special pre-open session on Thursday morning. The three-day initial public offering (IPO) of Sula Vinograd was registered 2.33 times until the last day of the offer. The For the initial share sale of $960 million, bids were received for 4,38,36,912 shares against 1,88,30,372 shares in the offer. The company has set a price range of 340-357 shares.

Reliance Industries: Reliance Industries Ltd to take over wholesale operations of German firm Metro AG in India for $2,850 million as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India’s vast retail sector. METRO India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country and currently has 31 large format stores in 21 cities with around 3,500 employees.

One97 Communications: Going forward, there will be no more cash burn in the business, Paitm Chief Executive Officer (CEO) Vijay Shekhar Sharma said at the Business Standard BFSI Insight 2022 Summit in Mumbai on Wednesday. “Last month it was decided not to continue (burning cash),” Sharma said, adding that the digital payments company is well ahead in resetting its spending control ambition. Earlier in November, Paitm said it would become cash flow positive in the next 12-18 months.

Adani Enterprises: Adani Solar on Wednesday said it has started production of large size monocrystalline silicon ingots in India. The monocrystalline ingots will drive the indigenization of renewable electricity generation from silicon-based photovoltaic modules with efficiencies ranging from 21 to 24 percent, the company said in a statement. Adani Solar is the solar photovoltaic manufacturing and research arm of the Adani Group.

Kalpataru Power Transmission: Kalpataru Power Transmission Ltd (KPTL) on Wednesday said the National Company Law Tribunal has approved the merger of JMC Projects (India) Ltd with the firm, making it one of the largest engineering and construction companies in the country. The combined entity will have a significant presence in India and projects in 67 countries, with offerings in the well-diversified areas of power transmission and distribution, buildings and plants, water, rail, oil and gas and heavy civil infrastructure.

Bandhan Bank: Bandhan Bank on Wednesday announced the receipt of value offers 801 million from the Asset Reconstruction Company (ARC) for the written-off portfolio with outstanding 8,897 crores. The bank will take over the bidding according to the Swiss challenge method. The decision comes after the board of directors approved the transfer of the group’s loans and portfolio of the written-off SBAL to ARC. However, the name of the ARC has not yet been revealed. Bandhan Bank added that it will go for Swiss challenge bidding.

Zee Entertainment: Five years after leaving sports broadcasting, Zee Entertainment Enterprises Ltd (ZEE) is set to return with the International League T20 (ILT20), an IPL-style cricket league run by the Emirates Cricket Board (ECB). In May, ZEE signed a 10-year deal with ECB for ILT20 global media rights – TV and digital – for a reported $100 million or more 800 crowns. The new league makes the perfect vehicle to re-enter sports broadcasting, Rahul Johri, president of ZEE operations, said in an interview.

Max Financial Services: Max Ventures Investment Holdings, the promoter of financial services company Max Financial Services, on Wednesday surrendered 58.85 million shares of the company to 400 million through an open market transaction. According to bulk trade data available on the National Stock Exchange (NSE), Mak Ventures Investment Holdings sold 58,85,000 shares (1.7 per cent) of Mak Financial Services.

India Grid Trust/GR Infraprojects: Infrastructure Investment Trust India Grid Trust and GR Infraprojects on Wednesday announced a strategic partnership to bid for identified power transmission projects worth 5,000 crowns. A Memorandum of Understanding was signed for a joint bid for identified tariff-based transmission projects for competitive bidding totaling approx. 5,000 crowns, it said. Additionally, to kick off the partnership, IndiGrid and GRIL entered into a framework agreement to acquire 100% stake in Rajgarh Transmission Ltd, which GRIL acquired in March.

Lupine: Pharmaceutical firm Lupine Ltd on Wednesday said it has received approval from the US health regulator for a generic version of Brivaracetam tablets used to control partial-onset seizures. The US Food and Drug Administration (USFDA) approval is for Brivaracetam tablets in strengths of 10 mg, 25 mg, 50 mg, 75 mg and 100 mg, the company said in a regulatory filing. These are the generic equivalents of Briviact tablets, 10 mg, 25 mg, 50 mg, 75 mg and 100 mg, from UCB Inc, it added.

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