Stocks to watch: Zomato, NDTV, ONGC, SBI, Gland Pharma, Biocon | Daily News Byte

Zomato: Chinese e-commerce giant Alibaba Group Holding Ltd plans to sell a stake of about 3% in food delivery platform Zomato Ltd worth $200 million through a block deal, according to a report on Tuesday, Reuters reported. According to reports, Wall Street brokerage Morgan Stanley would broker the deal. The block deal is expected to be completed tomorrow, and Alibaba Group could offer the shares at a 5-6% discount to today’s price.

NDTV: New Delhi Television Ltd founders Prannoi Roy and Radhika Roy have resigned as directors of promoter group vehicle RRPRH with immediate effect, the company said in a regulatory filing. NDTV said on Monday that the founder-backed entity has issued shares in the company to a unit of the Adani Group, bringing the conglomerate led by billionaire Gautam Adani a step closer to controlling the media firm.

State Bank of India: The Board of State Bank of India (SBI) on Tuesday said it has approved the withdrawal ₹10,000 crores through infrastructure bonds during the financial year 2023. The lender in its regulatory filing said it did (including a 5,000-crore green shoe option). “Raising of infrastructure bonds up to Rs 10,000 crore (including green option of Rs 5,000 crore) through public issue or private placement, during FY23,” SBI said in its regulatory filing.

ONGC/Reliance Industries: The Kirit Parikh panel on gas prices will recommend a gradual lifting of the cap on the price of gas produced from heavy fields when it reports on Wednesday. The price of gas from heavy fields, including deepwater, ultra-deepwater and high-pressure, high-temperature areas, such as Reliance Industries, is currently capped. The panel would recommend a price floor and ceiling for legacy or old fields operated by state-run ONGC and Oil India Ltd (OIL).

Gland Pharma: Generic injection maker Gland Pharma Ltd said on Tuesday it would buy French pharmaceutical firm Cenequi for 120 million euros (about ₹1,015 kroner) because it wants to expand its presence in European markets. Singapore-based wholly-owned pharmaceutical company Gland Pharma International PTE has entered into a “put option agreement” to acquire 100% of Ceneki Group for an equity value not exceeding 120 million euros, the company said in a filing.

Biocon: Biocon Biologics announced on Tuesday that it has successfully completed the multi-billion dollar (USD) acquisition of its partner Viatris Inc.’s global biosimilars business. According to a company statement, both companies have received all applicable approvals from key global regulators, including the US Federal Trade Commission, the Competition Commission of India and the Reserve Bank of India and its investors.

Sanghi Industries: Kotak Special Situations Fund, the alternative investment arm managed by Kotak Investment Advisors Ltd, will invest ₹$550 million in cement maker Sanghi Industries Ltd from its $1 billion fund. The investment would be made in the form of non-convertible debentures, Kotak said in a statement. ₹500 crore was invested in NCDs of Sanghi Industries and the rest ₹50 crore in NCDs of promoter-owned entities, according to a Kotak statement.

Inok Green Energy: Wind energy solutions provider Inoc Wind announced on Tuesday that the company and its subsidiary Inoc Green Energy Services have paid debts of ₹411 crowns. Inok Wind Ltd and its subsidiary Inok Green Energy Services Ltd, as part of a strategic initiative to deleverage their balance sheets, recently paid ₹250 million i ₹161 crore (a total of Rs 411 crore) to reduce their debt, the exchange filing said.

Aditya Birla Capital: Aditya Birla Sun Life AMC on Tuesday said it has received approval from IFSCA to act as a registered fund management entity and conduct Alternative Investment Fund (AIF) and Portfolio Management Services (PMS). The approval was issued by the International Financial Services Centers Authority (IFSCA) on November 28, the asset management company said in a statement. The firm can provide services through a branch at the International Financial Services Center (IFSC) in Gujarat’s Gift City.

Bharat Bijlee: Insurance giant, Life Insurance Corporation of India (LIC), sold 2.15% stake in Bharat Bijlee through open market transactions. This reduced LIC’s stake in the company to 4.54%, from 6.69% earlier. Bharat Bijlee provides turnkey solutions for EHV switchgear, HV and MV substations, electrical balance of plants, industrial power distribution and lighting systems.