Buzzing Stocks: Today's news includes SBI, Bank of India, Tata Coffee, Zydus Life, ICICI Lombard, and others.

The largest lender in the nation, State Bank of India, announced that the Executive Committee of the Central Board had approved raising long-term capital in one or more tranches of up to $2 billion through a public offering and/or a private placement of senior unsecured notes denominated in US dollars or any other convertible currency during FY24.

Bank of India: The public sector lender announced that the board of directors had approved raising capital up to Rs 6,500 crore for FY24, of which Rs 4,500 crore would come from issuing new equity capital in the form of FPO/QIP/Rights Issue/Preferential Issue and/or Basel III compliant additional Tier-1 (AT-1) bonds, and Rs 2,000 crore would come from issuing Tier-2 bonds that complied with Basel III.

Results will be emphasised ahead of April 19 quarterly reports for ICICI Securities, Mastek, Tata Communications, Alok Industries, Artson Engineering, Citadel Realty and Developers, G G Engineering, Gujarat Hotels, and Stampede Capital.

The United States Food and Drug Administration (USFDA) has given Zydus Lifesciences final permission to produce and sell the Estradiol Transdermal System in the US. The prevention of postmenopausal osteoporosis is suggested by the estradiol transdermal method. The group's formulation manufacturing plant in Moraiya, Ahmedabad (India), will produce the medication.
 

ICICI Lombard General Insurance Company: For the quarter ended March FY23, the company reported a staggering 40% year-over-year increase in earnings at Rs 437 crore. In comparison to the same quarter last year, net premium revenue climbed by 12.3% to Rs 3,726 crore and total revenue by 13.3% to Rs 5,256 crore. Combined ratio increased from 103.2% in Q4FY22 to 104.2% in Q4FY23. A final dividend of Rs. 5.5 per share was issued by the insurance firm.

Tata Coffee: Due to greater other income and lower tax expenses, the Tata Group firm recorded a roughly 20% year-over-year rise in consolidated profit at Rs 48.8 crore for the March FY23 quarter. Comparing the current quarter to the same period previous year, total sales increased by 10.2% to Rs 723 crore. However, EBITDA decreased 4.8% YoY to Rs 105.72 crore, and the quarter's margin shrank by 230 basis points.

Piramal Pharma: The US Food and Drug Administration (USFDA) has finished inspecting the business's production plant in Sellersville, USA, and has published an Establishment Inspection Report (EIR) for the same location.
With effect from April 1, the board of directors of Bajaj Healthcare has authorised the reappointment of Sajankumar Bajaj as the company's chairman and managing director, Anil Jain as the managing director, and Dhananjay Hatle, Namrata Bajaj, and Rupesh Nikam as whole-time directors. With effect from June 30, Pakshal Jain has also been reappointed as the company's Whole Time Director.

Pidilite Industries: The business has a contract for the sale of certain of its assets, including its technology, design, trademark, copyright, domain name, trade dress, and others, with US-based Basic Adhesives LLC. Over a period of time, the corporation will pay the consideration in installments.

Dashanya Tech Parkz's 51% ownership has been bought by Prestige Estates Projects' subsidiary Prestige Exora Business Parks. 51% of the shareholding was purchased for Rs 66.07 crore.

RattanIndia Enterprises: Through its 100 percent wholly owned subsidiary Neobrands, the firm has started a direct-to-consumer apparel fashion brands business. Neobrands will be a collection of brands that span a variety of fashion subcategories, such as casual wear, denim, athleisure, and performance clothing. The brands hope to dominate India's rapidly expanding fashion and clothing sector.

Jindal Stainless: Beginning on May 1, the board has reappointed Abhyuday Jindal as the organization's managing director for a term of five years. A special interim dividend of Re 1 per share for FY23 was also declared by the firm as a result of the merger process' successful conclusion and the subsequent listing of new shares of the combined company.

South Indian Bank: Beginning on April 20, the bank will increase its marginal cost of funds-based lending rates by 5 to 10 basis points for all tenures.
 

The firm Som Distilleries and Breweries has started commercial production of the bear at Hassan, Karnataka. As a result, its products will be more readily available at all of its distribution centres in the pertinent areas.
 

Avalon Technologies: On the day of the company's IPO, Goldman Sachs purchased shares in Avalon Technologies for Rs. 32.63 crore. Goldman Sachs Funds - Goldman Sachs India Equity Portfolio purchased 3.5 lakh shares at an average price of Rs 412.91 per share, while Goldman Sachs Investments (Mauritius) I purchased 4.45 lakh shares in the firm through open market transactions at an average price of Rs 408.13 per share.