Stocks to Watch: M&M, Lupin, Delta Corp, PFC, Steel Strips Wheels, KIOCL
Mahindra & Mahindra: Mobileye Global Inc will supply advanced driver assistance technology for the automaker's next-generation vehicles as it eyes growth in India’s auto market. The companies will also work together on a fully autonomous driving system for India. M&M also announced the acquisition of stake of sustainable energy infra trust by the company and its arm Mahindra Susten.
Lupin: The drug maker said it has launched a generic medication for the treatment of postoperative inflammation in the US market. The company has launched Bromfenac Ophthalmic Solution after having received approval from the US FDA. Delta Corp: The gaming services company reported a consolidated net profit of ₹34.48 crore for the quarter ended December, down 59.34%.
The revenue from operations fell 15.58 to ₹234.41 crore. The company recorded an EBITDA of ₹55.5 crore, down 45%. Steel Strips Wheels: The company will invest ₹138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan.
The company's board has decided on the plan after the Ahmedabad Bench of the National Company Law Tribunal gave its nod for its resolution plan for AMW Autocomponent. Shyam Metalics and Energy: The company has successfully completed a fundraise of ₹1,385 crore through a Qualified Institutional Placement (QIP), surpassing expectations with bids totaling ₹4,055 crores, a remarkable 3.5 times the actual funds raised. In a recent meeting, the QIP Committee of SMEL approved the allotment of 24,051,165 equity shares with a face value of ₹10, which were issued to 38 Qualified Institutional Buyers (QIBs) at a price of ₹576 per share.
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