Top 10 stocks for today – 19th December 2023

19 Dec 2023 , 08:43 AM

Vedanta: For the current fiscal year 2023-24, the mining and metals company has authorized the second interim dividend of Rs 11 per equity share, or 1,100% on the face value of Rs 1 per equity share. This totaled Rs 4,089 crore. The record date for dividend payments will be December 27.

Devyani International: Devyani International DMCC, Dubai, has announced its entry into the Thai quick service restaurant (QSR) and limited service restaurant (LSR) industries by executing a share purchase agreement to acquire a controlling stake in Restaurants Development Co., Ltd.  

Biocon: A year ahead of schedule, Biocon Biologics subsidiary completed the transition of the acquired biosimilar business in approximately 120 countries across advanced and emerging markets. Over ten emerging regions, as well as Japan, Australia, and New Zealand, have completed the last step of the integration of Viatris’ biosimilars business.

Nestle India: The FMCG business has set January 5, 2024, as the record date for evaluating equity shareholders’ ability to subdivide existing equity shares of the company. One equity share with a face value of Rs 10 shall be split into ten equity shares with a face value of Rs 1.

IRCON International: The International Chamber of Commerce (ICC) has awarded IRCON Rs 103.62 crore against claims of Rs 115.98 crore and costs in the arbitration between the business and Eskom Holdings SOC. The award has been accepted by the IRCON’s relevant authority.

Apollo Tyres: White Iris Investment, a foreign portfolio investor, is expected to sell a 3% stake in Apollo Tyres in a block sale, according to sources. White Iris intends to raise $100 million through the sale of 3% shares and an upsize option. The block deal’s floor price is estimated to be Rs 440 per share.

Sun Pharmaceuticals: The pharmaceutical giant has agreed to pay $30 million for a 16.7% stake in Lyndra Therapeutics Inc., a Massachusetts-based firm. Lyndra is a company that develops innovative delivery technologies for long-acting oral (LAO) treatments.

Olectra Greentech: The petition was filed by the electric bus maker against MLR Motors in order to claim Rs 10 crore (paid as a capital advance). The petition was dismissed by the National Company Law Tribunal in Hyderabad, with the comment that the petition’s subject matter is to be resolved by arbitration.

NHPC: The board of directors of the company will meet on December 22 to discuss the monetization of future cash flow (consisting of return on equity) of one or more of the company’s power station(s) for an acceptable duration. This is part of the company’s Capex funding strategy for FY24 and beyond.

Grasim Industries: Aditya Birla Group, chaired by Kumar Mangalam Birla, has started advanced-stage discussions with Middle Eastern firm Nebras Power as the cement-to-retail multinational conglomerate seeks to induct a strategic investor and develop up its renewable energy subsidiary, Grasim. Nebras Power is to invest around $400 million as part of a planned 51:49 joint venture between the two companies.

For feedback and suggestions, write to us at [e-mail]