Ruchi Soya, ICICI Bank, Zee Entertainment and other hot stocks to watch out for on March 24

Mar 24, 2022

By: BI India Bureau

Ruchi Soya

Ruchi Soya Industries — a subsidiary of the Patanjali Group — will be tapping the stock market once again today to raise ₹4,300 crore through a follow-on public offer (FPO).

Credit: Ruchi-Soya

Sun Pharmaceuticals

Sun Pharmaceuticals and US-based arm Ranbaxy have signed a $485 million settlement with two plaintiff groups regarding Ranbaxy generic drug application antitrust litigation. The case has been ongoing in the U.S. District Court for the District of Massachusetts (USA) for several years.

Credit: BCCL

ICICI Bank

The Reserve Bank of India has allowed the State Bank of India (SBI) Mutual Fund and other entities in the SBI group to together hold up to 9.99 percent stake in ICICI Bank.

Credit: BCCL

Zee Entertainment Enterprises

Invesco Developing Markets Funds — the largest shareholder of Zee Entertainment Enterprises — has decided not to pursue an extraordinary general meeting (EGM) to add six independent directors. Zee’s merger with Sony will generate the capital needed to strengthen board oversight.

Credit: BCCL

Nelco

Nelco and Omnispace have announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services. The effort will expand the reach of 5G using satellite communication throughout India and South Asia.

Credit: Nelco

SRF/Gujarat Fluorochemicals/Navin Fluorine

The government of India has imposed restrictions on the import of hydrofluorocarbons, which is used in refrigeration and air-conditioning. Now, importers will need a licence or permission from the government to import this chemical.

Credit: SRF

Zomato

Food delivery app Zomato announced the dissolution of Zomato Canada Inc, a subsidiary based out of Toronto. The company has emphasised that it was now a “material subsidiary” and would have no impact on the company’s overall turnover or revenue.

Credit: BCCL

Colgate-Palmolive (India)

Colgate-Palmolive India will hold its board meeting on March 28 to consider declaration of interim dividend, if any.

Credit: Colgate-Palmolive-India

CSB Bank

The Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as interim Managing Director and chief executive officer of CSB Bank for a period of three months, effective April 1, 2022.

Credit: Rediff

Modella Woollens

Life Insurance Corporation of India has sold 2.05 percent shareholdings in the company through open market transactions. The insurance company’s stake in the company now stands at 17.4 percent, down from 19.4 percent.

Credit: Modella-Woollens

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