STOCKS ON RADAR:
IOC: Indian Oil Corporation board approved share buyback of up to 29.7 crore shares at Rs 149 per share and declared an interim dividend of Rs 6.75 per equity share. All the investors who are on the books of the company as on December 25, (record date) will be eligible for the buyback and interim dividend.
Adani Enterprises: Adani Defence Systems a wholly-owned arm of Adani Enterprises acquired Alpha Design Technologies Private Limited for Rs 400 crore.
KNR Constructions: India Rating revised company’s credit rating from A+ Stable to A+ Positive.
Capital First and IDFC Bank: National Company Law Tribunal (NCLT) approved the composite scheme of amalgamation of the company, Capital First Home Finance Limited and Capital First Securities Limited with IDFC Bank Limited
Techno Electric & Engineering Company: The board of Techno Electric & Engineering Company has approved the buyback of up to 26.82 lakh shares at Rs.410 a share. The maximum shares proposed to be bought back represent 2.38 per cent of the total paid-up equity shares of the company. The board noted the intention of the promoter of the company not to participate in the proposed buyback.
Himadri Speciality Chemical: CARE revised rating on company’s long term bank facilities to AA-/Stable from A+/Stable, and short term bank facilities to AA-/Stable/A1+ from A+/Stable/A1+
Dhanuka Agritech: The company board to meet on December 20 to consider the final buyback price, fixation of record date and other related matters in respect of the proposed buyback of equity shares of the company.
Motherson Sumi: Car wiring maker Motherson Sumi is in early-stage talks with German peer Leoni over a possible combination of the two companies, according to a report by Reuters.
Tata Motors: Automobile manufacturers, Tata Motors, Ford India and Nissan India announced plans to hike prices of their passenger vehicles from next month to partially offset the impact of rising input costs.
Max Financial Services: US-based New York Life picked up around 2 per cent stake in Max Financial Services for about Rs 215 crore, signalling its renewed interest in the life insurance business of its former partner in India.