Buzzing Stocks: TCS, Angel One, M&M, Safari Industries, Metro Brands, Nuvama Wealth Management, CESC and others in news

Results on January 11: Tata Consultancy Services, Infosys, HDFC Asset Management Company, 5paisa Capital, AGI Infra, Fundviser Capital (India), GTPL Hathway, Gujarat Hotels, Kenvi Jewels, Longview Tea Company, Mercury Trade Links, Plastiblends India, Pro Fin Capital Services, Quasar India, Rajoo Engineers, Sonalis Consumer Products, Shekhawati Poly-Yarn, and Vijay Textiles will be in focus ahead of quarterly earnings on January 11.

Mahindra and Mahindra: The company and Mahindra Susten will reduce their shareholding in Sustainable Energy Infra Trust to 10.5 percent and 15 percent, respectively, through a primary issue and an offer-for-sale. In the pre-offer, the company and Mahindra Susten (a subsidiary of Mahindra Holdings) hold 15.7 percent and 73.9 percent stakes, respectively, in Sustainable Energy Infra Trust.

Angel One: The board of directors of the brokerage company will be meeting on January 15 to consider a proposal for raising funds through the issuance of non-convertible securities on a private placement basis. Further, on the same date, the board will also consider unaudited financial results for the quarter and nine months ended December 2023.

CESC: Noida Power Company, a subsidiary of the company, has received an order from the Uttar Pradesh Electricity Regulatory Commission (UPERC) approving the power purchase agreement for the procurement of 95 MW of RTC power per year for a period of 5 years. UPERC is neither related to the promoter/promoter group/group companies nor a related party.

Satin Creditcare Network: The microfinance institution said the Board of Directors will be meeting on January 15 to consider the proposal of raising funds through the public issue of non-convertible debentures. The fund-raising will be within the borrowing limits approved by the shareholders, in one or more series/ tranches.

Safari Industries (India): The company said the board of directors will be meeting on January 15 to consider raising funds through the issue of securities to one or more persons on a preferential basis. The board will also seek the approval of the members for the said fund-raising.

Atul: Atul Products has commenced its operations of a 300 tpd caustic and 50 MW power plant at the Atul site. The approved investment for the said operations is Rs 1,035 crore.

Metro Brands: Deepika Deepti has resigned as Senior Vice President, Marketing, of the company with effect from March 26 due to personal reasons. She was part of the senior management of the company. Meanwhile, Alisha Malik, the president who previously handled the marketing function, will oversee it on an interim basis until a successor is appointed.

Nuvama Wealth Management: Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management, and global commercial real estate services firm Cushman & Wakefield announced a joint venture company, namely Nuvama and Cushman & Wakefield Management (NCW), with an equal share. NCW is planning to launch its first real estate fund, the PRIME Offices Fund (PRIME), and aims to raise Rs 3,000 crore to invest in prime commercial offices across India’s high-growth markets. Meanwhile, Riyaz Ladiwala has resigned as President and Head of Technology and Operations of the company, with effect from January 10.

Bank of India: The public sector lender has registered a 9.9 percent on-year growth in total business at Rs 12.76 lakh crore in the quarter ended December FY24, with deposits increasing 8.66 percent to Rs 7.10 lakh crore and gross advances rising 11.49 percent to Rs 5.66 lakh crore. On the domestic front, total deposits in Q3 FY24 increased by 7.62 percent to Rs 5.99 lakh crore and advances increased by 11.60 percent to Rs 4.76 lakh crore compared to the year-ago period.

Phoenix Mills: Total consumption for the quarter ended December FY24 stood at Rs 3,287 crore, increasing 24 percent over a year-ago period. On a like-to-like basis, consumption in Q3 FY24 grew by 4 percent over Q3 FY23. Gross retail collections at Rs 700 crore during the quarter increased by 30 percent YoY. Meanwhile, the total consumption in the nine-month period ended December FY24 at Rs 8,500 crore grew by 21 percent YoY.

Dolphin Offshore Enterprises: The company has incorporated its wholly owned subsidiary, namely Beluga International DMCC, in Dubai, UAE. Beluga will be engaged in the business of ship charter, including the renting and leasing of water-transport boats, barges, and tugs for passenger transport or cargo.

HG Infra Engineering: Neeraj Kumar Bansal has been appointed as President-Railways & Metro, with effect from February 28. He has been categorized as senior management personnel of the company.

NCC: Smallcap World Fund Inc. has bought 36,15,365 equity shares, equivalent to 0.57 percent of paid-up equity, in the construction company via an open market transaction at an average price of Rs 185.23 per share. These shares amounted to Rs 66.97 crore.

Thirumalai Chemicals: TCL Intermediates, a wholly owned subsidiary of the company, has commenced commercial production from its greenfield plant at Dahej. The product manufactured is fumaric acid. This is expected to augment revenue by about Rs 4 crore from its operations for the quarter ending March 2024.