ONGC, Bharat Forge, Suven Life Sciences, and others: Stocks to Watch Today
Bharat Forge: Bharat Forge to consolidate electric vehicle business. The company has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain Ltd (KPL), a wholly-owned subsidiary, for a better strategic alignment. Likewise, its investment committee – strategic business has supported the transfer of the company’s stake in Refu Drive GmbH, a joint venture, to KPL subject to receipt of necessary approval from regulatory authorities.
Oil and Natural Gas Corporation: Ministry of Petroleum and Natural Gas gives extra charge of ONGC’s CMD post to Alka Mittal for two months. The ministry has approved extension of extra charge of the post of Chairman and managing director to Alka Mittal, director (HR), for a period of two months July 1 to August 31, or till the appointment of a regular incumbent, or until further orders, whichever is the earliest.
Engineers India: Sanjay Jindal to be new CFO of Engineers India. The company said the board of directors has designated Sanjay Jindal, director (finance), as CFO of the company instead of Vartika Shukla, CMD and extra charge director (technical). The appointment is with quick impact for a period of five years, or till the date of his superannuation or until additional orders, whichever is earliest.
Fineotex Chemical: Fineotex Chemical to consider raising support on June 24. The company said the board will meet on June 24 to choose raising of funds by issue of shares. This is subject to shareholders’ approval and regulatory approvals.
Suven Life Sciences: Suven Life Sciences to consider rights issue on June 24. The company informed exchanges that the board of directors will meet on June 24 to think about raising of funds through issue of shares on rights basis to existing shareholders of the company.
TGB Banquets and Hotels: TGB Banquets approves CFO resignation. The company informed exchanges that the board has approved the resignation of Manish Thakkar as CFO with impact from June 11. Now it is in the process of appointing a new chief financial officer.
Amit Spinning Industries: Amit Spinning Industries partially closes its manufacturing plant. The company announced partial closure of its manufacturing plant. Taking into account the rising cotton costs, the administration of the company has chosen to run the plant at 50% limit. Thus, the plant will be operative for four days in a week till further communication.
HUDCO: Fitch Ratings revises outlook on HUDCO to ‘stable’. Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation at ‘BBB-‘ level, for example at the sovereign level. Simultaneously, the rating office has reexamined the outlook of HUDCO to ‘stable’ from ‘negative’. The rating action follows the change in government of India rating to ‘stable’ from ;negative’ on June 10.