Stocks to keep an Eye
: Biocon Biologics, a Biocon subsidiary, announced thursday that it will offer Serum Institute Life Sciences a 15% stake at a post-money valuation of USD 4.9 billion. Serum Institute Life Sciences (SILS) is a division of India's Serum Institute (SII).
: The company backed Ashok Kurien and Manish Chokhani, two independent directors who quit this week after two of the company's largest shareholders demanded their dismissal. In a statement, ZEEL also "strongly condemned" the claims levelled against its former non-executive directors by certain proxy advice firms.
: The Union Cabinet has approved a government guarantee for security receipts issued by National Asset Reconstruction Company Ltd for up to Rs 30,600 crore (NARCL).
: Hero MotoCorp, the country's largest two-wheeler manufacturer, said on Thursday that starting September 20, the price of its entire model range will increase by up to Rs 3,000. The price rise was necessary to counterbalance the impact of continually rising commodity prices, according to the company.
: Abhay Bhutada, the company's managing director, stepped down on Thursday, a day after being blacklisted from the securities markets by regulator Sebi for alleged insider trading. As per the announcement, Poonawalla Fincorp Ltd Group CEO Vijay Deshwal will continue to lead the firm's operations.
: To join the personal e-mobility market, the company purchased a majority stake in EGO Movement, a Swiss e-bike brand, for 16.6 million Swiss francs (roughly Rs 131 crore).
Source: Business Standard
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