Stocks to Watch on Friday: The market closed lower in the last session for the first time in the last three consecutive sessions, due to selling pressure in late trade on the day of the expiry of August derivative contracts. Most of the key sectors pulled the benchmark indices down despite positive global cues. The BSE Sensex fell 311 points to 58,775, while the Nifty50 declined 83 points to 17,522.
Syrms SGS Technology
The company will make its debut on the bourses on August 26. The issue price has been fixed at Rs 220 per share.
Dr Reddy’s Laboratories
The company has received Establishment Inspection Report (EIR) for its Srikakulam facility. In July, the company informed about the inspection conducted by the United States Food & Drug Administration (USFDA) at the formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh. Now the agency has concluded that the inspection is “closed".
Intelsat, the leading provider of inflight connectivity (IFC), announced the beginning of Intelsat’s inflight connectivity services in Indian skies through an agreement with Nelco, India’s leading satellite communication service provider. Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners.
Kaleeswaran Arunachalam has tendered his resignation from the Chief Financial Officer and Key Managerial Personnel position. His resignation will take effect after working hours on September 2.
HDFC Bank has entered into non-binding term sheet with Go Digit Life Insurance. The bank will make an investment in the company between Rs 49.9 crore to Rs 69.9 crore, in two tranches, for an equity stake of up to 9.944 per cent.
Inox Wind Energy
The company said its board of directors on August 30 will consider fund raising. The fund raising will be through preferential issue or on private placement basis.
Max Financial Services
Max Life Insurance Company has announced the receipt of the Commencement of Business (COB) certificate for its wholly owned subsidiary, Max Life Pension Fund Management (Pension Fund) on August 23, from Pension Fund Regulatory and Development Authority (PFRDA). This subsidiary will manage the pension assets with investment choices under the National Pension Scheme.
The company has received board approval for fund raising of Rs 161.50 crore via issue of warrants on preferential basis. The funds will be deployed for domestic and international fintech and software business expansion as well as for other business purposes. The company has made strategic investment and will own 50 per cent stake in Gurgaon-based software startup Vishko22.
The private lender said it has recategorized two non-executive non-independent directors as nominee directors on its board following a resolution passed at its EGM. The private sector lender had appointed T Keshav Kumar and Sandeep Tewari as non-executive non-independent directors on its board with effect from July 15, 2022.
FSN E-Commerce Ventures
Actress Priyanka Chopra Jonas announced partnership with beauty and wellness e-commerce firm FSN E-commerce, which operates under Nykaa brand, to launch her haircare brand Anomaly in India.
The realty major is targeting about Rs 1,300 crore sales revenue from its new luxury housing project at Panchkula in Haryana on better demand for independent floors. DLF has launched a new 34 acre project Valley Gardens at Panchkula.