Stocks: Mahindra Lifespace, Bharat Forge, Sanofi India, and others in news today

“Stocks to Watch: Check out the companies making headlines before the opening bell today”.

Mahindra Lifespace Developers: Mahindra Lifespace Developers Managing Director and Chief Executive Officer Arvind Subramanian resigns, and Amit Kumar Sinha to be the new CEO and MD. Subramanian resigned as MD and CEO of the real estate developer with effect from May 22 to pursue his personal interests outside the company. The company appointed Amit Kumar Sinha as MD and CEO for five years with effect from May 23. Sinha will be Managing Director (designate) from February 23 to May 22.

Bharat Forge: Bharat Forge transfers stake in Aeron Systems to its arm Kalyani Strategic Systems for better strategic alignment in the defence segment. The investment committee of the company’s defence business has approved the transfer of the company’s stake in Aeron Systems to wholly-owned subsidiary Kalyani Strategic Systems. The leading forging company has decided to house all its defence-related investments under Kalyani Strategic Systems for a better strategic alignment

Isgec Heavy Engineering: Isgec Heavy Engineering bags order for supplying seven waste heat recovery boilers from a steel company. The company received an order from a major steel company from eastern India to supply seven waste heat recovery boilers utilising waste gases from DRI sponge iron kiln. These boilers will generate steam at 125 kg/cm2(a) pressure.

Alkem Laboratories: USFDA closes inspection at Alkem Laboratories’s Indore facility after the submission of detailed corrective and preventive action. After the inspection at Indore manufacturing facility in July 2022, USFDA issued an Establishment Inspection Report (EIR) with one observation. The company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines for the said observation, and hence accordingly the inspection has now been closed by the USFDA.

KSB: KSB board recommends a dividend of Rs 15 per share for the financial year 2022, profit in Q4 grows 42percent YoY to Rs 56 crore. The pumps and valves manufacturer announced payment of a dividend of Rs 15 per share (face value Rs 10 each up) for the financial year ended December 2022. The company recorded a 42 percent YoY growth in consolidated profit at Rs 56 crore for the December quarter driven by strong topline and operating performance. Revenue from operations for the quarter increased by 18 percent to Rs 524.6 crore over a year-ago period. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 36.2 percent YoY to Rs 76.8 crore with a margin expansion of 196 bps for the quarter.


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