Stocks that will see action today—May 21, 2024

Shareholders of Nestle India Ltd have rejected a proposal by the company to increase royalty payment to its parent firm, according to a regulatory filing by the company. The board had last month approved increasing royalty payment to its parent firm Societe des Produits Nestle S.A (licensor) by 0.15 per cent per year for the next five years thereby enhancing it to 5.25 per cent of net sales. It had proposed to start the 0.15 per cent per annum increase over the current royalty fee of 4.5 per annum from July 1, 2024. Subsequently, it had sought approval from its shareholders of the same as an ordinary resolution through a postal ballot.

Shareholders of Nestle India Ltd have rejected a proposal by the company to increase royalty payment to its parent firm, according to a regulatory filing by the company. The board had last month approved increasing royalty payment to its parent firm Societe des Produits Nestle S.A (licensor) by 0.15 per cent per year for the next five years thereby enhancing it to 5.25 per cent of net sales. It had proposed to start the 0.15 per cent per annum increase over the current royalty fee of 4.5 per annum from July 1, 2024. Subsequently, it had sought approval from its shareholders of the same as an ordinary resolution through a postal ballot.

Drug makers Dr Reddy’s Laboratories, Sun Pharmaceuticals and Aurobindo Pharma are recalling products in the US market due to manufacturing issues, as per the latest Enforcement Report of the US Food and Drug Administration (USFDA). Dr Reddy’s Laboratories is recalling close to 20,000 cartons of a medication used to control blood phenylalanine levels in adults and children. Princeton (New Jersey) based Dr Reddy’s Laboratories, Inc, is recalling Javygtor (sapropterin dihydrochloride) Powder for Oral Solution (100mg) due to it being a “Sub-potent Drug”, USFDA stated. The company is also recalling another lot of sapropterin dihydrochloride for the same reason, it added. The USFDA said the drug maker initiated the Class I recall in the US on April 8 this year.

Orient Green Power Company plans to raise up to ₹250 crore through issue of equity rights to its existing shareholders. The company has not disclosed the rights issue ratio, price of each share and the record date, said Sumedha Fiscal Services Ltd and Saffron Capital Advisors Pvt Ltd, the lead managers to the issue, citing the draft letter of offer (DLOF) dated May 17, 2024.

Tata Motors on Monday said its passenger vehicles and passenger electric mobility subsidiaries have tied up with Bajaj Finance for providing supply chain finance solutions to their respective dealers. Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have joined hands with Bajaj Finance to extend supply chain finance solutions to its passenger and electric vehicle dealers, the company said in a statement.

An interim stay was put on Friday on the implementation of an order suspending manufacturing licences of more than a dozen medicines of Patanjali Ayurved Ltd and Divya Pharmacy. The interim stay is being imposed with immediate effect on the basis of a preliminary inquiry report of a high level committee, Pankaj Kumar Pandey, Secretary Ayush, Uttarakhand government said in an order.

Dalmia Bharat Ltd has commenced production at its new mill in Ariyalur manufacturing unit in Tamil Nadu, according to a regulatory filing by the company. With the commencement of commercial production of this 1 MTPA cement unit, the total cement manufacturing capacity of the company stands at 45.6 MTPA, it said. “With an investment of ₹204 crore, this strategic brownfield expansion is aimed at strengthening its market presence in the South and meeting the growing demand for cement in the region,” the company said in a statement.

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT.

Fusion Micro Finance has entered into a loan agreement with the US International Development Finance Corporation (DFC) in Delhi, India. The overall facility from DFC is for $25 million, out of which Fusion Micro Finance has received an initial disbursement of $20 million. These funds will be utilised towards expansion of Fusion Micro Finance’s business operations in India with a mission of advancing financial inclusion and economic empowerment among women entrepreneurs in rural India.

A foreign institutional investor shareholder is likely to sell stake in Indus Towers, per reports. The block deal is likely of 80 lakh shares worth ₹270 crore.

Results calendar: Action Construction Equipment, Aether Industries, Amarnath Fin, Arihant Capital, Artefact, Arvind Fashions, Azad Engineering, Baba Arts, Beeyu Overseas, BHEL, Dollar Industries, DRC Systems, Eris Lifesciences, Fiem Industries, Galaxy Surfcatants, GE T&D, Golkunda Diamonds, Goodricke, Godwari Power, GPT Health, Greenply, GSFC, GTN Textiles, Gulf Oil, Hindustan Motors, HSIL, IL&FS Engineering, JK Tyre, JSL Industries, Lyka Labs, Maharashtra Seamless, Manugraph, Mangalam Drug, Metropolis, Mayur Unique, Morepen Lab, MPS, Natural Capsules, Pritish Nandy, Ramco Systems, Rategain Travel, Religare, Ruchi Infra, Sadbhav Engineering, Sheela Foam, Simplex Realty, TN Telecommunications, Vascon Engineers, VA Tech Wabag and WS Industries.

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