Stocks to watch: Just Dial, Dabur, Adani Enterprises, IRB Infra, PTC India

just DialBillionaire Mukesh Ambani-led Reliance Retail Ventures Ltd (RRVL), promoter of Just Dial Ltd, will sell 2% stake in the company through open market sale to achieve minimum public shareholding. RRVL intends to complete the sale of the Sale Shares within a period of eight business days beginning December 21, 2022, the company said in a regulatory filing. RRVL holds 66.40% stake in Just Dial as on 30 September 2022. The promoter and promoter group entities together hold 76.98% stake in the company.

Dabur IndiaDabur India Ltd promoters may sell a small stake worth Rs. 820 crore in the packaged goods company through a block deal on Tuesday, two people with knowledge of the matter. The transaction is expected to take place at a 4% discount to Monday’s closing price of the stock. 588.65, one of the people said, requesting anonymity. 4% discount means the price of 565. Mint could not immediately confirm why Dabur’s promoter family is selling the stake.

Adani EnterprisesAdani Enterprises on Monday announced that the joint venture AdaniConnex has incorporated DC Development Noida Two Limited (DCDNTL), a wholly owned subsidiary, to undertake business in IT services. Also, the newly launched subsidiary will undertake business related to infrastructure development. AdaniConnex is a joint venture between Adani Enterprises and EdgeConnex.

Sterling and Wilson Renewable Energy: Shapoorji Palanji on Monday said that the company will offload 2.5% stake in Sterling & Wilson Renewables through an offer for sale (OFS). Promoter Shapoorji Palanji will sell his stake in Sterling & Wilson Renewable Energy between December 20 and December 21. It has fixed the minimum price. 270 per share.

IRB Infra: Construction engineering company IRB Infrastructure on Monday said that the company will consider a stock split. The meeting of the company board will be held on January 4, 2023 to consider this. “Notice is given that a meeting of the Board of Directors of the Company is scheduled to be held on January 04, 2023 to consider, inter alia, a proposal for alteration of the share capital of the Company by sub-division. Rs.10 Split of existing equity shares of face value each, fully paid-up,” the company said in its regulatory filing.

PTC IndiaPTC India Limited has entered into an agreement with Bhutan to supply power from the Indian power market to the Himalayan nation to meet its power requirement during the dry winter season. The Designated Authority (DA) for cross-border electricity trading has been approved for the import of electricity by Bhutan, PTC said in a statement. In addition, Bhutan has also executed agreement with the Settlement Nodal Agency for settlement of charges related to grid operations.

IRCTC: Life Insurance Corporation of India (LIC) has increased its stake in Indian Railway Catering and Tourism Corporation (IRCTC). The holding has increased from 5.005 per cent to 7.278 per cent. Shares were bought at the average price between October 17 and December 16 692.28, LIC said in its corporate filing. “Holding increased from 5.005 per cent to 7.278 per cent, an increase of 2.273 per cent at an average cost of Rs 692.28 during the period 17.10.2022 to 16.12.2022,” LIC said.

Ipca Laboratories: Ipca Laboratories has acquired an additional 6.53% stake in Trophic Wellness (TWPL). TWPL is involved in manufacturing and marketing of several SKUs of Nutraceuticals under the brand name Nutricharge. With the above shares, Ipca now holds 58.88% stake in TWPL.

Dhanuka Agrotech: Dhanuka Agritech Ltd announced buyback offer for shares on Monday 85 Crore will open on 26 December. The buyback will close on January 6, 2023, the company said in a regulatory filing. The company has offered to buy back 10 lakh shares of face value 2 on each 850 per share for a total amount of Rs. 85 crore through a tender offer process.

Zydus LifesciencesCadila Pharmaceuticals on Monday said it has appointed Ashraf Alam as its Global Chief Operating Officer (COO). Prior to joining Cadila Pharmaceuticals, Alam, who served as CEO at Public Investment Fund, will report to Group Chairman and Managing Director Rajiv Modi, the company said in a statement. Prior to this he has worked with multinational companies such as Johnson & Johnson, Amgen, Eli Lilly, BMS and MundiPharma.