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