Buzzing Stocks: Paytm, LIC, Tata Power, Equitas SFB, PB Fintech, L&T, Titagarh Rail, and others

One 97 Communications: Paytm said it has partnered with Axis Bank for the settlement of merchant payments. The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank through an escrow account that it has opened with it. One97 Communications, the parent company of Paytm, Paytm QR, Soundbox, and card machines, will continue to operate seamlessly for all their merchant partners.

Life Insurance Corporation of India: The Corporation had received refund orders for Assessment Years 2012–13, 2013–14, 2014–15, 2016–17, 2017–18, 2018–19, and 2019–20. The total amount of the refund was Rs 25,464.46 crore. In this regard, the Income Tax Department released Rs 21,740.77 crore on February 15. The corporation is pursuing the balance with the Income Tax Department.

Tata Power: The Tata Group company has received a Letter of Intent (LOI) from REC Power Development and Consultancy, a wholly-owned subsidiary of REC, to acquire Jalpura Khurja Power Transmission, a project special purpose vehicle (SPV). The Jalpura Khurja Power Transmission Project would be developed on a build-own-operate transfer basis to provide transmission service for 35 years from the schedule date of commercial operation (SCOD), which is 18 months from the date of SPV acquisition. The estimated project cost Rs 838 crore.

SJVN, Suzlon Energy: Index provider, in its FTSE semi-annual review, has decided to include a total of sixteen stocks, namely Fertilisers & Chemicals Travancore, Jindal Stainless, Kalyan Jewellers, KPIT Technologies, Mazagon Dock, Metro Brands, New India Assurance, NLC India, Phoenix Mills, Poonawalla Fincorp, Prestige Estates, RVNL, SJVN, Sundaram Finance, Suzlon Energy, and Thermax, in its FTSE All-World Index. These changes are slated to come into effect on March 15, 2024.

PB Fintech: The Insurance Regulatory and Development Authority of India (IRDAI) has granted in-principle approval to Policybazaar Insurance Brokers (Policybazaar), a wholly owned subsidiary of the company, for the upgrade of its license from Direct Insurance Broker (Life & General) to Composite Insurance Broker.

Bajaj Auto: The buyback committee constituted by the Board of Directors has fixed February 29 as the record date for determining the entitlement and the names of the equity shareholders who will be eligible to participate in the buyback. On January 8, the board approved a proposal for buyback of up to 40 lakh shares at a price of Rs 10,000 per share, amounting to Rs 4,000 crore.

Larsen & Toubro: L&T Realty Developers, a wholly owned subsidiary of the company, has incorporated a company, LH Uttarayan Premium Realty, a wholly owned subsidiary.

Titagarh Rail Systems: The company has received an order from the Ministry of Defense for the procurement of 250 specialized wagons. The order value is Rs. 170 crore. Execution of the contract is scheduled to start 12 months after the signing of the contract and be completed in 36 months.

Equitas Small Finance Bank: The small finance bank announced its partnership as the official banking partner with the Chennai Super Kings. As part of this partnership, the Chennai Super Kings team will sport the Equitas Small Finance Bank logo on the leading side of their headgear.

CRISIL: The rating agency has registered a 33 percent on-year increase in consolidated net profit at Rs 210.1 crore for the October–December period of 2024, driven by healthy operating numbers. Revenue from operations jumped 11.6 percent year-on-year to Rs 917.7 crore for the quarter.

NHPC: The Prime Minister has laid the foundation stone for a 300 MW solar power plant in Bikaner, Rajasthan. The project is being set up by NHPC under the Government of India’s CPSU Scheme, Phase-II, Tranche-III, with a total investment of over Rs 1,732 crore, and is scheduled to be commissioned by September 2024.

GP Petroleums: The company has entered into a distributorship agreement with NOOR Trading, Bangladesh. This agreement is effective from February 1, 2024, and enables the marketing, advertising, promotion, import, distribution, supply, and sale of ‘REPSOL’ products in Bangladesh. These products are manufactured and marketed by GP Petroleums under the license of Repsol Lubricantes y Especialidades S.A., Spain.

Omaxe: The company has been declared a successful bidder by the Uttar Pradesh State Road Transport Corporation (UPSRTC) for the development of two bus terminals. These bus terminals will be developed under the design, build, finance, operate, and transfer (DBFOT) model on a PPP basis. The Letter of Intents will be issued by UPSRTC in favor of Omaxe, being a lead member of the consortium, in due course. The estimated construction cost of these projects is Rs 385 crore.

Wise Travel India: The transport company is set to debut on the NSE Emerge on February 19. The final issue price has been fixed at Rs. 147 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

Novartis India: Swiss pharmaceutical major Novartis AG announced a strategic review of its subsidiary Novartis India. The publicly listed company is set to undergo an assessment encompassing various aspects, including Novartis AG’s 70.68 percent shareholding in the Indian entity. Novartis India is separate from Novartis Healthcare, the wholly-owned subsidiary of the Novartis group in India. According to a report by CNBC-TV18, Dr. Reddy’s Laboratories is in a race to acquire Novartis AG’s stake in Novartis India and has expressed interest in acquiring a domestic-focused portfolio, potentially offering a controlling premium to the targeted company.

Schaeffler India: The motion technology company has recorded a 9.25 percent on-year decline in consolidated profit at Rs 209.6 crore for the quarter ended December 2024, impacted by weak operating numbers. Revenue from operations grew by 4.5 percent to Rs 1,875 crore compared to the year-ago period. The board has recommended a dividend of Rs. 26 per share.

ITI: The state-owned telecom manufacturing company has signed a Memorandum of Understanding (MoU) with JandK Operations for manufacturing and providing BharOS-enabled digital devices and services. BharOS-enabled digital devices include mobiles, routers, tablets, and more, to enhance the digital security infrastructure of Digital India.

Rallis India: The company received an order from CIT (A), Bengaluru, against the appeal dated January 24, 2017, deleting the income tax demand amounting to Rs 27 crore for Assessment Year 2014–15.

Paisalo Digital: The company said a meeting of the operations and finance committee of the board of directors is scheduled to be held on February 21 to consider the issuance (allocation) of non-convertible debt securities and instruments on a private placement basis.

Ducon Infratechnologies: The company said the board has approved raising funds through the issuance and allotment of equity shares up to Rs 50 crore on a rights basis.

Clean Science and Technology: Clean Fino-Chem, a wholly owned subsidiary of the company, inaugurated its new manufacturing facility in Pune. The commercial production of Hindered Amine Light Stabilizer (HALS Series) will commence in due course.

Wardwizard Foods and Beverages: The company has appointed Kushal Palkhiwala as an Associate Vice President, Marketing & Branding, with effect from February 17.

Kaynes Technology India: The company has incorporated a wholly owned subsidiary, namely Kaynes Mechatronics, to carry on the business of high-precision machining, sheet metal fabrication, dies, molds, tool and fixture making, plastic injection, and other molding.

Paradeep Phosphates: The company has shut down its NPK-AA plant in Goa to carry out the regular annual maintenance activities.