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IMPORTANT DATA • HDFC Bank: The Reserve Bank of India (RBI) has granted its approval to SBI Funds Management for acquiring up to 9.99% stake in HDFC Bank. The RBI has advised SBI Funds Management to acquire the major shareholding in the bank within a period of six months i.e. by November 15, 2023. Further, SBI Funds Management must ensure that the aggregate holding in the bank remains below 10% of paid-up share capital or voting rights of the bank at all times. • JSW Steel: The steel producer has been declared as a preferred bidder for composite licence of an unexplored iron ore mine, which is Surjagad 4 iron ore block in Gadchiroli district, in Maharashtra. The auctions were held by the Maharashtra Government on May 12. The highest final offer price by the company to become a “preferred bidder” is 131.05% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Maharashtra from time to time. • Thermax: The energy and environment solutions company has reported a 52.3% year-on-year growth in consolidated profit at Rs 156.2 crore for March FY23 quarter, backed by healthy operating performance. Revenue from operations for the quarter grew by 16% to Rs 2,310.82 crore compared to corresponding period last fiscal. The board has announced a final dividend of Rs 10 per share. • Jindal Stainless: The stainless steel company has recorded a 12.8% year-on-year fall in consolidated profit at Rs 765.8 crore for quarter ended March FY23, impacted by tepid topline growth and weak operating numbers. Revenue for the quarter at Rs 9,765 crore increased by 0.4% over a year-ago period. • Glaxosmithkline Pharmaceuticals: The pharma company has registered consolidated profit (from continuing operations) at Rs 133.43 crore for March FY23 quarter, against loss of Rs 54.66 crore in corresponding period last fiscal. Revenue from operations for the quarter fell by 2.7% year-on-year to Rs 787.5 crore as a robust underlying volume growth was offset by the impact of National List of Essential Medicines (NLEM) 2022. The board has recommended a final dividend of Rs 32 per share for FY23. • REC: The power projects finance company has recorded a 33.2% year-on-year growth in consolidated profit at Rs 3,065.4 crore for quarter ended March FY23, supported by reversal of impairment on financial instruments. Revenue from operations grew by 6.3% to Rs 10,243 crore compared to year-ago period. The state-owned company has approved appointment of Hemant Kumar, CGM (Finance) as Chief Compliance Officer for three years with effect from May 6. • Indiabulls Real Estate: The real estate firm said the board has approved the appointment of Manish Kumar Sinha as the Chief Financial Officer with effect from May 17. Saurabh Garg has resigned as CFO of the company due to personal reasons. • Lemon Tree Hotels: The hotel chain operator has signed a License Agreement for 82-room property in Lucknow, Uttar Pradesh under the company's brand 'Lemon Tree Premier'. The property is expected to be operational by August 2026. Subsidiary Carnation Hotels will be operating this property. • Vedant Fashions: Promoter Ravi Modi Family Trust plans to sell up to 1.69 crore equity shares of Vedant Fashions or 7% stake, with an option to additionally sell 69.87 lakh shares or 2.88% stake. The offer for sale issue will open on May 18 for non-retail investors, and May 19 for retail investors. The floor price for the offer will be Rs 1,161 per share.