December 15, 2023

New Delhi, India

Buzzing Stocks

In a dynamic week of market activity, major players like State Bank of India (SBI) and Hero MotoCorp are making strategic moves, shaping the landscape of the Indian stock market.

State Bank of India (SBI):

SBI Diversifies Portfolio with Canpac Trends Stake Purchase

SBI, India’s largest public sector lender, is set to acquire a 6.35% stake in Canpac Trends, a leading provider of paper-based packaging solutions. The deal, valued at almost Rs 50 crore, reflects SBI’s strategic push into diverse sectors.

M&M Financial Services:

M&M Financial Ventures into Insurance Business; Key Management Resigns

M&M Financial Services has received board approval to enter the insurance business. Meanwhile, the Chief Compliance Officer, Rajesh Vasudevan, resigns, effective January 13, 2024, for personal pursuits.

Also Read: USDINR Maintains Stability Amidst Anticipation of Indian Trade Balance and US PMI Data

PVR INOX:

Stake Sale on Horizon for PVR INOX

Reports suggest that Plenty Private Group and Multiples Private Group are contemplating a 2.33% stake sale in the popular multiplex chain, PVR INOX. The anticipated offer price ranges between Rs 1,750–1,769.5 per share.

PB Fintech:

Income Tax Inquiry at Paisabazaar; Business as Usual

PB Fintech’s subsidiary, Paisabazaar Marketing and Consulting, faced an Income Tax inquiry on December 13 and 14. The company affirms that business operations remain unaffected, and it will cooperate fully with authorities.

Also Read: DOMS IPO Oversubscribed 20.23x, Live Updates

Hero MotoCorp:

Hero MotoCorp Boosts Stake in Ather Energy

India’s largest two-wheeler manufacturer, Hero MotoCorp, is set to increase its stake in Ather Energy from 36.7% to 39.7%. Simultaneously, the company appoints Vivek Anand as CFO and Rachna Kumar as CHRO.

Vedanta:

Vedanta’s Routine Refinancing Plans

On December 19, Vedanta will convene to discuss the proposal for issuing non-convertible debentures through private placement, aligning with its routine refinancing practices.

Also Read: Vedanta Secures $1.25 Billion Loan Amidst Debt Repayment Challenges

Fusion Micro Finance:

Financial Giants Invest in Fusion Micro Finance

Bajaj Allianz Life, Kotak Mahindra Life, and others acquire a 7.92% stake in Fusion Micro Finance through open market transactions. Notably, promoters Honey Rose Investment and Creation Investments Fusion, LLC, sell 10.2% of their equity at the same price.

Closure

As these strategic moves unfold, investors should keep a close eye on regulatory approvals and market reactions. The stock market remains dynamic, offering opportunities and challenges for both seasoned and new investors.

Also Read: Indian Stock Markets Soar to Record Highs on Global Optimism and Fed’s Rate Cut Hints