Stocks In News: Godrej Consumer, L&T, Grasim, Prestige Estates, Zydus Lifesciences And More

Godrej Consumer Products, L&T, Grasim Industries, Prestige Estates, Zydus Lifesciences, and other firms became the spotlight of attention on August 12, after they had made some corporate announcements.

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Godrej Consumer Products, L&T In Focus

Godrej Consumer Products has appointed Aasif Malbari as Managing Director and Chief Executive Officer with effect from August 12. Sudhir Sitapati has resigned from the position, while Vishal Kedia will take charge as Interim Chief Financial Officer.

Larsen & Toubro has entered into a business transfer agreement with its arm Vyoma.AI for the transfer of its data centre and cloud services business. The transaction has been valued at ₹1,400 crore.

Grasim Industries has started commercial production at its CPVC resin plant in Gujarat. The facility has an annual production capacity of 50,000 MTPA.

For investors tracking the Godrej Consumer Products share price, the leadership change is a key corporate development. The L&T share price may also remain in focus after the company announced the ₹1,400 crore business transfer.

Fundraising And Investment Plans

GMR Power & Urban Infra said its board will consider raising up to ₹3,000 crore on August 14. The proposed fundraising may involve a qualified institutional placement, bonds and other permitted instruments.

Prestige Estates said Canada Pension Plan Investment Board will invest up to ₹3,000 crore in Prestige Hospitality and acquire up to a 28% stake in the business.

Muthoot Microfin shareholders have approved fundraising through private placement.

Canara Bank has raised its marginal cost of funds-based lending rates by 5 basis points for three tenures. The one-month MCLR has increased to 8.05%, the one-year rate to 8.80% and the three-year rate to 9.10%.

Healthcare And Technology Updates

Zydus Lifesciences said its subsidiary Sentynl Therapeutics has entered into an agreement with Mereo BioPharma for commercial and manufacturing rights to Alvelestat. Mereo is eligible to receive up to $40 million under the agreement.

Zydus Lifesciences shareholders have also approved the reappointment of Sharvil Patel as Managing Director for another five years.

Firstsource Solutions has partnered with Cresta to deliver artificial intelligence technology solutions.

The Grasim Industries share price could remain in focus following the start of commercial production at its new CPVC resin facility. Zydus Lifesciences share price may also draw attention after the Alvelestat agreement.

SKF India Management Change

SKF India has appointed Sujeeth Pai as Managing Director with effect from September 1. Mukund Vasudevan will step down from the role on August 31. The company has also declared an interim dividend of ₹20 per share.

The announcements place management transitions, capital raising and strategic transactions among the key corporate developments to track across the companies mentioned. Further updates are expected as boards meet and the announced transactions move ahead.