Stock Market Updates: Canara Bank Divestment Plan, Nykaa Fashion CEO Resignation, And More

December 5, 2024, brought a series of updates in the business and stock market space. Here’s a detailed look at some of the key developments that could impact investors and businesses alike:

Canara Bank’s Divestment Plan Approved by RBI

The Reserve Bank of India (RBI) has approved Canara Bank’s plan to divest 13% of its shareholding in Canara Robeco Asset Management Company and 14.5% in Canara HSBC Life Insurance through an initial public offering (IPO). The bank has been directed to adhere to the October 31, 2029, deadline to increase its stake in these entities to 30%.

Nihir Parikh Resigns as Nykaa Fashion CEO

FSN E-Commerce Ventures, the parent company of Nykaa, announced that Nihir Parikh has stepped down as CEO of Nykaa Fashion. The company has not yet disclosed details about his successor.

Borosil Renewables: Anti-Dumping Duty Imposed

The Ministry of Finance has introduced a provisional anti-dumping duty on the import of textured tempered coated and uncoated glass from China and Vietnam. This duty will remain in effect for six months starting December 4, 2024.

Ramco Systems Partners with South Korea’s Hanjin Group

Ramco Systems revealed its partnership with Hanjin Information Systems and Telecommunication, a subsidiary of South Korea’s Hanjin Group. Together, they will focus on digitally transforming maintenance and engineering (M&E) and maintenance, repair, and operations (MRO) for aviation organizations in South Korea.

Vibhor Steel Tubes Prepares for Odisha Plant Launch

Vibhor Steel Tubes announced that its Sundargarh Unit III plant in Odisha is ready for operations. The company expects to commence operations by the end of January 2025.

Ola Electric Under Scrutiny from Consumer Protection Authority

The Central Consumer Protection Authority has requested additional information from Ola Electric Mobility Ltd. The inquiry follows allegations of over 10,000 unresolved service-related complaints.

Electronics Mart India Opens Multi-Brand Store

Electronics Mart India has launched a new multi-brand store under the Bajaj Electronics brand. This move aims to expand the company’s retail presence and customer reach.

Harsha Engineers Secures Long-Term Bearing Cage Contract

Harsha Engineers International signed a long-term agreement with a leading multinational bearing company. The contract, valued at €6–€10 million annually, is for the supply of bearing cages.

GPT Healthcare to Build Hospital in Jamshedpur

GPT Healthcare has entered into a memorandum of understanding (MoU) with Naveen Singh and others to construct a hospital building in Jamshedpur. This move aligns with the company’s focus on expanding its healthcare facilities.

Garden Reach Shipbuilders Wins Contract for Multi-Purpose Vessels

Garden Reach Shipbuilders & Engineers signed a contract for constructing and delivering seven 7,500 DWT multi-purpose vessels. This adds to the company’s growing portfolio of defense and commercial shipbuilding projects.

Welspun Living Announces Amalgamation Plan

Welspun Living’s board has approved the amalgamation of Welspun Home Solutions with Welspun Advanced Materials. This restructuring aims to streamline operations as both entities merge into one.

Waaree Energies Achieves NABL Accreditation

Waaree Energies has received accreditation from the National Accreditation Board for Testing and Calibration Laboratories for its Advanced Testing Lab in Gujarat. This certification boosts its credibility in the renewable energy sector.

CFO Resignation at Cummins India

Cummins India announced that its Chief Financial Officer, Ajay Shriram Patil, will resign effective January 9, 2025. The company is expected to announce a replacement soon.

Shriram Piston Renews Partnership with Fuji Oozx

Shriram Piston has extended its technical partnership with Fuji Oozx for five more years. This collaboration will focus on improving product offerings and technology.

Globus Spirits Launches New Gin Varieties

Globus Spirits introduced two new flavors under its TERAI India Craft Gin range: Litchi and Mulberries. These additions aim to capture consumer interest in premium craft spirits.

CG Power Faces Income Tax Issues

CG Power and Industrial Solutions revealed that the Income Tax Commissioner has instructed the company to deposit ₹4 crore as part of a ₹189 crore tax demand issued in February 2024. The remaining demand has been stayed until the appeal is resolved.

Lemon Tree Hotels Signs New Agreement

Lemon Tree Hotels signed a license agreement for a new 44-room hotel in Gujarat. This expansion reflects the company’s focus on increasing its footprint in India’s hospitality sector.

These updates highlight the ongoing developments in various sectors, from banking to renewable energy and hospitality. Keep following MoneyPhobia for more detailed insights and updates on the stock market and business world.