Regulation 30: Impact & Compliance Updates

Team FS

    16/Apr/2024

Welcome to the daily dose of market insights with the Regulation30 Daily Newsletter! Get ready to stay ahead of the curve as we decode the latest Regulation 30 filings on NSE & BSE. Our daily newsletter delivers concise yet comprehensive analysis of rights issues, takeovers, buybacks, de-mergers, acquisitions, and more. Whether you're a seasoned investor or just dipping your toes into the market, our expertly crafted content will empower you to make informed decisions and navigate the ever-changing landscape of special market situations. Read more to  unlock the key to unlocking hidden opportunities in the market.

1. HAPPY ORGINGS LTD. (HFL)
- Happy Forgings Limited (HFL) has secured a significant contract to supply Brake Flanges for passenger vehicles to a leading Global Tier-1 manufacturer of automobile components. This order, valued at Rs. 60-70 crores annually and totaling approximately Rs. 500 crores until December 2034, marks HFL's entry into the US Passenger Vehicles segment, expanding its export share and revenue diversity. Mr. Ashish Garg, Managing Director, emphasized the milestone as a testament to HFL's commitment to customer satisfaction and operational excellence. HFL's engineering and manufacturing strengths have facilitated its expansion into the passenger vehicle segment, positioning it as a preferred supplier in the global marketplace.

 

2. JINDAL STAINLESS
- Jindal Stainless, India's largest stainless steel manufacturer, has committed to science-based emissions reduction and Net Zero targets set by the Science-Based Targets initiative (SBTi). This marks a significant step towards carbon neutrality, making Jindal Stainless a leader in the industry. By aligning with SBTi's standards, the company aims to reduce its carbon footprint and inspire industry-wide change. Through initiatives like green hydrogen plants and renewable energy projects, Jindal Stainless strategically aims to achieve Net Zero emissions by 2050. Joining the Race to Zero campaign further underscores its commitment to a resilient, zero-carbon future.

 

3. JIO FINANCIAL
- Shares of Jio Financial Services surged by up to 5% following the announcement of a 50:50 joint venture with BlackRock to launch wealth management and broking services. The stock, trading 2.55% higher at ₹363.35 apiece on the NSE, has witnessed a remarkable 60% increase over the last six months. The JV aims to revolutionize India's asset management industry with a digital-first approach, pending regulatory approvals. This move positions Jio Financial Services to compete with established wealth management firms, signaling further diversification within Reliance Industries.
 

4. ICICI LOMBARD
- ICICI Lombard has acquired stakes in Kotak Mahindra Bank Limited and SRF Limited. The acquisitions, made during market hours on April 15, 2024, are part of the company's ordinary business activities. These transactions do not constitute related party transactions and involve cash consideration. ICICI Lombard now holds 0.09% and 0.24% shareholding in Kotak Mahindra Bank and SRF Limited, respectively. Kotak Mahindra Bank is a diversified financial services group based in India, while SRF Limited is an Indian chemical manufacturing company. Both acquisitions align with ICICI Lombard's strategic objectives and diversification efforts.

Also Read : Sensex and Nifty Extend Losses Amid Weak Global Cues: IT Stocks Lead Decline

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