Stocks to Watch: Glenmark, Samhi Hotels, Zaggle, Wipro, ICICI Lombard
Glenmark Lifescience/Glenmark Pharma: Nirma Ltd has agreed to buy 75% of Glenmark Life Sciences Ltd for ₹5,651.5 crore in a deal that values the latter at ₹7,535.4 crore. Mint reported first on 15 August that the cement-to-detergent maker was the sole bidder for the stake put on the block by parent Glenmark Pharmaceuticals Ltd, which is selling shares to Nirma at ₹615 apiece. Glenmark Pharma will continue to own 7.84% of Glenmark Life Sciences.
Samhi Hotels/Zaggle Prepaid Ocean Services: The two companies will debut at the bourses on Friday. Dealers who are active in the unlisted market have reported that Samhi Hotels currently holds a grey market premium (GMP) ranging between 3 to 6 per cent over its issue price of ₹126. The shares of Zaggle are currently commanding a grey market premium (GMP) of ₹15 per share.
Wipro: Indian IT services firm Wipro on Thursday said that Aparna C Iyer will replace Jatin Pravinchandra Dalal as the company's chief financial officer (CFO). Iyer will report to chief executive officer and managing director Thierry Delaporte and will join the Wipro executive board, the company said in a regulatory filing. Dalal is stepping down as CFO to explore other career opportunities, the statement said.
ICICI Lombard: ICICI Lombard General Insurance announced the resignation of its Managing Director and CEO, Bhargav Dasgupta, who had dedicated 14 years of service to the company. Dasgupta decided to step down to explore a career opportunity abroad. The board acknowledged his resignation, as disclosed in a regulatory filing.
In a letter dated September 21, Dasgupta officially tendered his resignation to pursue this international career opportunity. HDFC Asset Management: HDFC Asset Management Co. Ltd, or
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