Buzzing Stocks: Jio Financial, Power Grid, NBCC, Nila Infra, Vedanta, others in news

Jio Financial Services: JFS will be removed from the NSE Indices, including the Nifty50, from September 7, as the stock has not hit the price band on two consecutive trading days on September 4 and September 5 on the NSE. Even if Jio Financial Services hits the price band on September 6, the exclusion will not be deferred further, the exchange said. Along with Nifty50, the stock will be excluded from Nifty 100, Nifty 200, Nifty 500, Nifty Energy, Nifty India Manufacturing and 13 other indices.

NBCC (India): The state-owned construction company has signed a contract with Kerala State Housing Board, for development of 17.9 acres land parcel of the board in Kochi. The project value is Rs 2,000 crore.

Union Bank of India and Bank of Baroda: Indian Renewable Energy Development Agency (IREDA) has signed agreements with Union Bank of India and Bank of Baroda to co-finance renewable energy projects, including both established and emerging RE technologies.

Power Grid Corporation of India: The state-run electric services company has won the inter-state transmission system project on build, own, operate and transfer (BOOT) basis in Rajasthan. It will build the transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase-III Part H.

HDFC Asset Management Company: Amaresh Jena has resigned as marketing head at the asset management firm with effect from September 8. He cited unavoidable personal reasons and exigencies behind his decision to quit.

Nila Infrastructures: The company has received work for construction of 1,694 residential flats in Wadaj, Ahmedabad, from Shree Infracon. The construction work is expected to be executed within 18 months.

Vedanta: The Zambian government has agreed to return the ownership of Konkola Copper Mines (KCM) to billionaire Anil Agarwal-owned Vedanta Resources, reports CNBC-TV18. Konkola Copper Mines assets have reserves of 16 million tonnes of contained copper.

GTL Infrastructure: The board members have appointed Sunali Chaudhry as an additional director of the company with effect from September 5. Her appointment is subject to the approval of the shareholders of the company.

FCS Software Solutions: The board members approved the appointment of Ravinder Sachdeva as an additional director of the company designated as Whole Time Director for five years effective from August 29. They also approved the appointment of Neelam Sharma as an additional director, designated as Non-Executive Director with effect from August 29.

Sahaj Fashions: The garment fabric maker will debut on the NSE Emerge on September 6. The issue price is Rs 30 per share. The stock will be available for trading in the trade-for-trade segment.

Bikaji Foods International: Lighthouse India Fund III has offloaded 32.42 lakh equity shares or 1.3% stake in the ethnic snacks company, via open market transactions at an average price of Rs 480 per share. Foreign company Lighthouse India held 2.7% stake in Bikaji as of June 2023. However, Plutus Wealth Management LLP has bought 13.5 lakh shares in the company at an average price of Rs 480.11 per share.

Safari Industries (India): SBI Life Insurance Company has bought 2.05 lakh shares in the luggage and luggage accessories maker via open market transactions at an average price of Rs 3,775 per share, amounting to Rs 77.38 crore. However, Investcorp Private Equity Fund II sold 2.14 lakh shares in the company at an average price of Rs 3,775.06 per share, which as of June 2023 held 1.22% or 2.88 lakh shares in Safari.

Federal Bank: The board members have approved the appointment of Elias George as an Additional Director (Independent) of the bank, for five years with effect from September 5, subject to approval of shareholders.