Stocks in the news: ONGC, Happiest Minds, Voda Idea, ICICI Pru Life and Adani Power

Oil and Natural Gas Corporation: Ministry of Petroleum and Natural Gas has approved the extension of additional charge of the post of Chairman and Managing Director (CMD) to Alka Mittal, Director (HR), for a period of two months from July 1 to August 31, 2022, or till the appointment of a regular incumbent to the post.

Life Insurance: The private life insurance firm announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company’s 16th consecutive annual bonus, and the highest ever to date.

Adani Power: The utility firm completed the acquisition of 100 per cent equities in SPPL and EREPL for about Rs 609 crore. On June 7, 2022, had signed a share-purchase agreements to acquire 100 per cent equity shares of two companies- Support Properties (SPPL) and Eternus Real Estate (EREPL) from their respective shareholders.

Vodafone Idea: The board of debt-ridden telecom firm is scheduled to meet on June 22 to consider a proposal for raising funds to the tune of Rs 500 crore from Vodafone Group. The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group.

Happiest Mind Technologies: Morgan Stanley Investment Funds offloaded shares of IT company for Rs 105 crore through an open market transaction. According to the bulk deal data available with BSE, Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares, amounting to 0.9 per cent stake in the company.


Bank of India: The state-owned lender is mulling to raise up to Rs 2,500 crore in fresh equity capital as it requires to increase the public shareholding in the bank to 25 per cent to comply with regulatory norms. Presently, public shareholding in

is 18.59 per cent.

Ashok Leyland: The commercial vehicle maker and Group’s flagship firm has strengthened its CNG-operated Intermediate Commercial Vehicle (ICV) portfolio with the launch of its ecomet STAR 1115 truck in 11.44 tonnes Gross Value Weight (GVW) category.


Suven Life Sciences: The pharma company informed exchanges that the Board of Directors will meet on June 24 to consider raising funds through issue of equity shares on a rights basis to the existing equity shareholders of the company.

IDBI Bank: Properties of Great Indian Tamasha Company – corporate guarantor of Great Indian Nautanki Company – have been put up for sale for non-payment of loans taken from

, and . According to a public notice issued by IDBI Bank, the immovable properties, which will be sold through e-auction next month.

Bharat Forge: The auto parts maker has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly-owned subsidiary, for a better strategic alignment.

LIC Housing Finance: The mortgage player said it has raised its prime lending rate by 60 basis points. With this increase, the new interest rates, effective from June 20, on home loans will now start from 7.50 per cent.

HUDCO: Fitch Ratings has affirmed the ratings of

at ‘BBB-‘ level, that is at the sovereign level. Also, the rating agency has revised the outlook of to ‘Stable’ from ‘Negative’. The rating action follows the change in outlook of Government of India rating to ‘Stable’ from Negative’ on June 10, 2022.

Fineotex Chemical: The specialty chemical company said the board will meet on June 24 to decide on raising funds by issue of equity shares. This is subject to shareholders’ and regulatory approvals.