Buzzing Stocks: Paytm, IDFC First Bank, M&M, Adani Ports, Dr Reddy’s, RITES, others in news

One 97 Communications: The Paytm operator will further expand its business to offer higher-ticket personal and merchant loans, which would be targeted at lower-risk and high-credit-worthy customers, in partnership with large banks and NBFCs. The company has recalibrated the portfolio origination of less than Rs 50,000, which is prominently the postpaid loan product and will now be a smaller part of its loan distribution business going forward.

Mahindra and Mahindra: M&M will hike the prices of its passenger and commercial vehicle models starting in January next year. This adjustment is in response to rising costs due to inflation and increased commodity prices, the company said in a statement. The PTI reported.

IDFC First Bank: Madhivanan Balakrishnan has resigned as Executive Director and Key Managerial Personnel of the bank, with effect from December 6. The board members discussed that the bank would evaluate a suitable internal candidate to be appointed as the full-time director (executive director). Cloverdell Investment, an affiliate of global private equity firm Warburg Pincus, is likely to sell a 1.3 percent stake in IDFC First Bank through block deal, reports CNBC-TV18, quoting sources. The deal size may be around $100 million, with a floor price of Rs 85.7 per share.

Adani Ports and Special Economic Zone: The Adani Group company said its Board of Directors will be meeting on December 12 to consider the issuance of non-convertible debentures and the issuance or renewal of non-cumulative redeemable preference shares on a private placement or preferential basis in one or more tranches.

Dr Reddy’s Laboratories: Subsidiary Dr Reddy’s Laboratories SA and Coya Therapeutics Inc. entered into a development and licence agreement for the development and commercialization of COYA 302, an investigational combination therapy for the treatment of Amyotrophic Lateral Sclerosis (ALS).

RITES: The state-owned transport infrastructure consultancy and engineering firm has entered into a memorandum of understanding (MoU) with Meghalaya Industrial Development Corporation (MIDC) to develop multi-modal logistics projects in Meghalaya.

IRCON International: The Government of India will be selling an 8 percent stake, or 7.52 crore equity shares, in the infrastructure company via offer-for-sale (OFS) on December 7-8, with a floor price of Rs 154 per share. The OFS, which comprises a base issue size of 4 percent and a greenshoe option of 4 percent shares, will open for non-retail investors on December 7 and retail investors on December 8.

Bharat Electronics: The state-owned defence company has received an order of Rs 580 crore from the Indian Army for the AMC of radars. It has also received additional orders worth Rs 3,335 crore since the last disclosure on September 15, 2023. With this, cumulatively, BEL has received orders worth Rs 18,298 crore in FY24.

Alok Industries: The textile company has entered into facility agreements with the State Bank of India for a term loan of Rs 1,750 crore for repayment of existing loans from banks as a part of financial restructuring. It also signed agreements with SBI for a working capital facility of Rs 90 crore to meet working capital requirements.

TV18 Broadcast: Network18 Media & Investments and TV18 Broadcast announced a scheme of arrangement. As per the scheme, TV18 and e-Eighteen.com (E18, which owns and operates the Moneycontrol website and app) will merge with Network18. Shareholders of TV18 Broadcast will get 100 shares of Network18 for every 172 shares held in TV18, and E18 shareholders will get 19 shares of Network18 for every 1 share held in E18. Quant Mutual Fund via Quant MF Active Fund purchased 1.07 crore equity shares, or 0.62 percent of paid-up equity in the media company, at an average price of Rs 55.32 per share.

Hindustan Construction Company: The company has entered into a deed of conveyance for the sale of its land measuring 2,35,870 square metres at Panvel, Raigad, Maharashtra, to Oak and Stone Construction for Rs 95 crore.

Swan Energy: Foreign investor 2I Capital PCC has offloaded Rs 151.04 crore worth of shares in Swan Energy via open market transactions. It sold 15.9 lakh shares at an average price of Rs 437.51 per share and 19 lakh shares at an average price of Rs 428.81 per share. In total, it offloaded 1.32 percent of the stake. In addition, in the past, 2I Capital has already offloaded 30 lakh shares on December 5 and another 20 lakh shares on November 13. As of September 2023, it held 8.7 percent, or 2.29 crore, of shares in Swan.

Kothari Petrochemicals: The operations at the company’s factory at Manali Industrial Area in Chennai have been temporarily disrupted due to the cyclone. The company is taking the necessary steps to drain out the water logging, and it will take another couple of days to drain out the water and re-start the plant operations, likely by December 12. There is no material impact on the financial position of the company. The factory is adequately covered by insurance; machinery damages, if any, would be claimed through the policy coverage.

Brigade Enterprises: The Bengaluru-based company has entered into a Joint Development Agreement with the land owner to develop a premium ‘A Grade’ office space in the Central Business District (CBD) of Bengaluru. The project will have a developable area of around 0.20 million square feet with a gross development value (GDV) of about Rs 500 crore.

Servotech Power Systems: The EV (electric vehicle) chargers and solar solutions company has filed two patents in the realm of EV charger technology to revolutionise EV charging infrastructure. These patents enable users to fast charge any GB/T Bharat DC 001 vehicle based on 72v/96VDC through a CCS2 connector using a small additional gadget.

Sharda Cropchem: The chemicals company said the board of directors has approved the appointment of Shailesh Anant Mehendale as Chief Financial Officer and key managerial personnel of the company, with effect from December 6. The board also appointed Mayur D Parmar, proprietor of M/s M D Parmar & Associates, Practising Company Secretaries, as scrutinizer for conducting the e-voting process in a fair and transparent manner.

Shalimar Paints: The paint company has received board approval for the appointment of Sachin Naik as the Chief Financial Officer and key managerial personnel of the company, with effect from December 6.

Cantabil Retail India: BofA Securities Europe SA, a subsidiary of Bank of America Corporation, has bought 12.63 lakh shares, or 7.73 percent of Cantabil, at an average price of Rs 225 per share. However, Authum Investment & Infrastructure sold 10 lakh shares, or 6.12 percent, in the company at an average price of Rs 225.27 per share.

JTL Industries: Pranav Vijay Singla, the part of the promoter group, has bought 9.14 lakh equity shares, or 0.53 percent, in the company via open market transactions at an average price of Rs 200.62 per share, and Europe-based financial services group Societe Generale purchased 17 lakh shares, or 1 percent, at an average price of Rs 196.78 per share. However, corporate entity Build Ash Constructions LLP exited the company by selling its entire shareholding of 50 lakh shares at an average price of Rs 195.82 per share. High-net-worth individual (HNI) Shilpa Bansal also exited JTL by selling 13.45 lakh shares at an average price of Rs 196.99 per share and 32 lakh shares at an average price of Rs 204.03 per share.

Kesoram Industries: Morgan Stanley Asia Singapore Pte has bought 21.32 lakh shares, which is equivalent to 0.68 percent of paid-up equity at an average price of Rs 154.17 per share.