STOCKS IN ACTION 9 November

Pidilite Industries: The Fevicol-maker will set up a lending business for providing small-value retail loans via the acquisition of Pargro Investments for Rs 10 crore. It plans to invest up to Rs 100 crore in the lending business over the next two years.

Biocon: Unit Biocon Biologics to sell non-core branded business in India to Eris Lifesciences. Dermatology and nephrology branded formulations businesses are to be divested for Rs 366 crore, with divestiture expected to close by the end of Nov. 2023.

Titagarh Rail Systems: The board approved fundraising of up to Rs 700 crore via qualified institutional placements.

Power Finance Corp: The board appointed Parminder Chopra as CFO w.e.f. Nov. 8.

HDFC Life: The company received a Rs 20 crore demand notice from the Central Tax Commissionerate of Hyderabad for alleged irregular availment of input tax credit.

Gujarat Alkalies: The company's CFO, Vinayak Kudtarkar, resigned w.e.f. Nov. 18.

IRB Infrastructure Developers: The company reported a 30% YoY rise in October toll collection at Rs 447.7 crore.

Sanofi India: The Board appointed Rachid Ayari as CFO for three years w.e.f. Dec. 1.

Gujarat Narmada Valley Fertilisers & Chemicals: The company announced a buyback of 84 lakh equity shares, or 5.46% stake, at Rs 770 apiece. The buyback price is at a premium of 11.2% to the stock's previous close of Rs 692.4 apiece.

Ramkrishna Forgings: launches QIP, SEBI floor price at ₹644.46/sh
Ramkrishna Forgings looks to raise up to ₹1,000 cr via QIP at an indicative issue price of ₹614/sh i.e. 11.1% discount to last closing price: sources add

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