Buzzing Stocks : Biocon, JSW Energy, Zee Ent, MOIL, J&K Bank, Shriram Properties, UltraTech Cements & others

Buzzing Stocks

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Buzzing Stocks to watch : Check out the companies making headlines before the opening bell today, on April 3, 2024.

Biocon: Subsidiary Biocon Biologics has completed the transfer of its branded formulations business in India to Eris Lifesciences on a slump sale basis for Rs 1,242 crore. The branded formulations business comprises metabolics, oncology, and critical care diagnostics.

MOIL: The manganese ore mining company has recorded the best ever production of any financial year since inception, at 17.56 lakh metric tons, growing sharply by 35 percent year

-on-year. This is 29 percent higher than the previous best-ever production of 13.64 lakh metric tons in FY08. Meanwhile, it has achieved the best ever sales of 15.36 lakh metric tons in FY24, a 30 percent YoY growth, which is 10 percent higher than the previous best ever sales of 13.92 lakh metric tons in FY08. The company has also achieved the best ever production of electrolytic manganese dioxide (EMD) at 1,413 metric tons, up by 28 percent YoY. EMD is a 100 percent import substitution product, used mostly for pharmaceuticals and the manufacturing of batteries.

Zee Entertainment Enterprises: The media and entertainment company’s MD and CEO, Punit Goenka, have decided to implement a 20 percent reduction in their remuneration. The management of the company, under his leadership, is implementing all the required measures across verticals to optimize costs and enhance productivity. In FY23, Punit Goenka received Rs 35 crore as remuneration.

Britannia Industries: The biscuit maker said the board of directors has approved the appointment of Susheel Navanale as the Chief Information Officer, with effect from April 3.

UltraTech Cement: The company has commissioned two greenfield capacities: a 2.70 mtpa cement grinding unit at Karur, Tamil Nadu, and a 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh. With this, its total domestic grey cement manufacturing capacity increased to 146.2 mtpa, while along with its existing capacity of 5.4 mtpa in the UAE, the company now has a total of 151.6 mtpa.

Anupam Rasayan India: The company has signed a letter of intent with a Japanese multinational company worth $90 million (Rs 743 crore) over the next 7 years to supply two advanced intermediates using fluorination chemistry.

PNC Infratech: The company has executed a settlement agreement with the National Highways Authority of India and its subsidiary, PNC Raebareli Highways, for Rs 117.15 crore under the Vivad Se Vishwas II (Contractual Disputes) Scheme of the Government of India.

Jammu & Kashmir Bank: The bank has signed a corporate agency agreement with New India Assurance Company for servicing and soliciting their insurance products through the bank’s branch network.

Ramco Cements: The company has commissioned Line II and commenced commercial production on March 31, 2024. The cement manufacturing capacity of Line II is 0.90 million metric tons per year (MTPA). With the commissioning of Line II, the aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.

Tamilnad Mercantile Bank: The bank has received a notice of tax demand of Rs 110.04 crore from the Assessment Unit, Income Tax Department, for Assessment year 2022–23, due to certain additions and disallowances made. The bank is in the process of challenging the said order in the appropriate forum within the prescribed timelines.

Hindustan Zinc: The mined metal production for the quarter ended March FY24 declined 1 percent YoY to 299 kt, but the same increased 11 percent on a sequential basis, driven by a mix of improved mined metal grades and higher ore production across mines. Refined metal production at 273 kt was up 6 percent QoQ due to better plant availability, and the year-on-year increase was 1 percent.

JSW Energy: The JSW Group company has received approval from the board of directors for raising funds up to Rs 5,000 crore via qualified institution placement (QIP) in one or more tranches.

HCL Technologies: The IT services company said HCL Investments UK, a step-down wholly owned subsidiary of the company, has completed the divestment of a 49 percent equity stake in its joint venture (JV) with US-based State Street International Holdings. The subsidiary has received $172.5 million for the divestiture of a joint venture and the termination of an agreement for related services.

National Aluminium Company: The company has achieved the highest-ever cast metal production of 4,63,428 metric tons, bauxite excavation of 76,00,230 metric tons, and metal sale of 4,70,108 metric tons in FY24. During the year, the company has also added a new aluminum alloy ingot (AL59) to its product range.

Viceroy Hotels: The trading in equity shares of the company will recommence on the bourses, with effect from April 3, post-capital reduction pursuant to the resolution plan. Its equity shares will be available for trading in the T group and will continue to be available in the trade-to-trade segment.

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