*Stocks in the news:*
*ICICI Securities, ICICI Bank:* ICICI Bank said the board members have approved the draft scheme of arrangement for delisting of equity shares of ICICI Securities. The public shareholders of ICICI Securities will get 67 equity shares of the bank for every 100 shares held by them in ICICI Securities. As a result, ICICI Securities will become a wholly-owned subsidiary of the bank.
*63 Moons Technologies and MCX India:* MCX has decided to extend the support services deal with existing software vendor, 63 Moons Technologies for its trading and clearing platform, for six months with effect from July 1, 2023. The service cost is Rs 125 crore per quarter.
*Tata Communications:* The Tata Group company has entered into an agreement to acquire US-based Kaleyra Inc, for CPaaS business expansion on a global scale. The said acquisition is expected to be completed within 6-9 months and the purchase consideration of $7.25 per share will be in cash only. The aggregate consideration is expected to be around $100 million.
*Canara Bank:* The public sector lender has received board approval for its capital raising plan for FY24 amounting up to Rs 7,500 crore via debt Instruments.
*Zydus Lifesciences:* The pharma company has received tentative approval from the United States Food and Drug Administration (USFDA) for Palbociclib tablets. Palbociclib is used to treat a certain type of breast cancer.
*Bharat Petroleum Corporation:* The oil marketing company has received approval from its board of directors for raising capital up to Rs 18,000 crore. This capital will be raised via an issue of equity shares on a rights issue basis to eligible equity shareholders of the Corporation.
*ICRA:* Sushmita Ghatak has resigned as Managing Director & CEO of ICRA Analytics. The company is in the process of identifying the successor for the said position. ICRA Analytics is a material subsidiary of ICRA.
*HDFC Life:* Promoter company Housing Development Finance Corp (HDFC) has further bought 0.77% stake in its subsidiary HDFC Life through bulk deals on Wednesday.
*Advanced Enzyme Tech:* Promoter entity Advanced Vital Enzymes Pvt Ltd has sold partial stake in Advanced Enzyme Technologies through bulk deals on Wednesday.
*TCS:* Tata Consultancy Services (TCS) has banned six employees and six business associate firms for violating ethical conduct following whistleblower allegations around a recruitment scandal.
*Adani Enterprises:* In a Rs 4,140 crore bulk deal, SB Adani Family Trust sold 1.8 crore shares of Adani Enterprises at Rs 2,300.
*SBI Life:* The Board of SBI Life has approved the re-appointment of Mahesh Kumar Sharma as MD and CEO of the company
*Power Grid:* The Committee of Directors of Power Grid have approved three proposals of investments worth over Rs 300 crore.
*Zee Entertainment:* The company has withdrawn its EOI filed with the corporate insolvency resolution professional (CIRP) on June 27.
*Dalmia Bharat Sugar:* The Board has approved a scheme of arrangement between Dalmia Bharat Sugar (demerged company) and Dalmia Bharat Refractories (resulting company). Under the agreement, 1 equity share of Dalmia Bharat Refractories will be issued to shareholders of Dalmia Bharat Sugar for every 39 shares.
By: via Telegram.me/AlliesFin #StockMarket #india
