Stocks in focus: KKR raises stake in Reliance Retail; ICICI Bank's CEO reappointed; L&T revises buyback price

Stocks in focus: KKR raises stake in Reliance Retail; ICICI Bank's CEO reappointed; L&T revises buyback price

In a series of events unfolding on Tuesday, several Indian companies announced key business decisions. Global PE firm KKR has chosen to invest Rs 2,069.5 crore in Reliance Industries' retail arm, Reliance Retail Ventures Limited (RRVL), thereby increasing its stake to 1.42%. This investment values RRVL at a pre-money equity value of Rs 8.36 lakh crore (approx. $100.8 billion), positioning it among India's top four companies by equity value.

Infrastructure giant Larsen and Toubro (L&T) announced an upward revision of its proposed buyback price to Rs 3,200 from the earlier Rs 3,000. The company has not yet disclosed the reasons behind this decision.

In the banking sector, ICICI Bank confirmed that the Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakhshi as Managing Director and CEO for another three years. His new tenure will be effective from October 4, 2023, till October 3, 2026.

State-owned Power Grid Corp emerged as the successful bidder for an inter-state transmission system project to evacuate power from REZ in Rajasthan (20 GW). This achievement is expected to strengthen Power Grid's position in the power transmission sector.

In the pharmaceutical industry, Lupin plans to enter into a business transfer agreement with its subsidiary Lupin Manufacturing Solutions. The agreement will carve out two active pharmaceutical ingredients (API) manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations at Lupin Research Park, Pune.

Torrent Power clarified that its promoter group has no plans to create any pledge over the promoter's shares in the company, dispelling any potential concerns among investors.

Meanwhile, SpiceJet announced it would complete a payment of Rs 100 crore to former promoter Kalanithi Maran by Tuesday, following the directions of the Delhi High Court.

The GIFT Nifty on the NSE IX traded 0.5 points higher at 20,117.5 on Tuesday, indicating a flat start for Dalal Street. The Sensex rose 528 points to 67,127 on Monday, while the Nifty added 176 points to 19,996.

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