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Inter Globe Aviation: Rakesh Gangwal quits IndiGo board, to cut stake over 5 years. InterGlobe Aviation Ltd co-founder Rakesh Gangwal has resigned as non-executive, non-independent director of the company with immediate effect and will pare his stake in the company over five years, ceding control to co-promoter Rahul Bhatia after a truce. The stock is volatile since last one month and gained just 2 percent in this period.
Power Finance Corporation: LIC sold 2% stake in Power Finance. Life Insurance Corporation of India sold 2.02 percent of its stake in the company through open market transactions. With this sale, LIC’s holding has gone down to 5.06 percent, from 7.09 percent earlier. The stock has been volatile since last few sessions and declined over 7 percent in the last one month.
Kansai Nerolac Paints: The company appoints Anuj Jain as MD. The company has appointed Anuj Jain for five years, subject to shareholders’ approval. The changes at board level came after the retirement of HM Bharuka as company’s vice-chairman and managing director. The stock is under pressure since last few sessions and declined nearly 20 percent in the last one month.
Goa Carbon: Resumption of Goa Carbon’s Goa unit. The Kiln was lit up after preliminary heating and commencement of feeding of raw material. The stock lost over 6 percent in the last one week.
Phoenix Mills: The company to acquire 50% stake in Classic Mall Development Co for Rs 918 crore. The Phoenix Mills Limited (PML) has announced the execution of a non‐binding term sheet to acquire balance 50 percent equity stake in Classic Mall Development Company Limited (CMDCL) from Crest Ventures Ltd (CVL) and Escort Developers Private Ltd for Rs 918 crore. PML owns 50 percent in CMDCL and the rest is owned by Crest Ventures (46.35 percent) and Escorts Developers (3.65 percent). With this buying, CMDCL will become its subsidiary. The stock has risen for fifth session and gained around 6 percent in this period.
Finkurve Financial Services: Finkurve Fin sells its entire stake in Arvog Forex. The firm informed exchanges that it sold its entire stake in Arvog Forex for an undisclosed amount to Revolut Payments India. Arvog Forex ceased to be a subsidiary of the firm from February 18. The stock traded higher from the last four sessions and gained over 29 percent in this period.