Buzzing Stocks: Tata Elxsi, Patanjali, L&T, Axis Bank, Titan, Vodafone Idea and others

Tata Elxsi: Tata Elxsi and Telefónica implemented cloud-native infrastructure management powered by ETSI Open-Source MANO (ETSI OSM). These advancements mark a new phase in the evolution of telco cloud technologies and signify a commitment to driving digital transformation across the telecommunications industry.

Patanjali Foods: The Supreme Court’s observation of “misleading advertisements” over some of the products sold by Patanjali Ayurved will not affect the business of Patanjali Foods, which is a separate listed entity, the Ramdev-led company clarified. The apex court bench issued a show-cause notice to Patanjali Ayurved, co-founded by yoga guru Ramdev, and managing director Balakrishna for going back on their promise to not make “misleading claims” in advertisements for its medicines. The observations do not have any bearing on the regular business operations or the financial performance of Patanjali Foods.

Larsen & Toubro: L&T Infrastructure Development Projects (L&T IDPL), a subsidiary of the company, has completed the sale of its entire stake in Interise Investment Managers (IIML), a wholly owned subsidiary of L&T IDPL. Consequently, IIML has ceased to be a subsidiary of L&T IDPL and the company.

Zee Entertainment Enterprises: The Board of Directors of the media and entertainment company has approved to further expand and strengthen the role of the ‘Independent Advisory Committee’ by including ‘Investigation Assessment’ as a primary responsibility of this committee and to amend the nomenclature of the committee from “An Independent Advisory Committee” to ‘An Independent Investigation Committee”.

Torrent Power: The power company has emerged as the successful bidder and has received a letter of intent from PFC Consulting for the establishment of an inter-state transmission scheme “transmission system for the evacuation of power from renewable power projects in Solapur (1,500 MW) SEZ in Maharashtra. The project has been conceived to evacuate renewable energy with a capacity of 1,500 MW from Solapur and entails the setting up of a transmission line of 44 km from the existing Solapur substation of Power Grid Corporation to Solapur substation (to be established by Torrent Power). In due course, PFC Consulting will transfer the project SPV to Torrent Power.

Piramal Pharma: The company said a fine of 1,82,001 euros was imposed on its step-down subsidiary Piramal Critical Care B V (PCC BV) by the Audiencia Nacional, Spain. PCC BV is contemplating filing an appeal against the Audiencia’s judgment before the Supreme Court in Spain. The fine levied on PCC BV does not have any material impact on the financials, operations, or other activities of the company.

Oil and Natural Gas Corporation: The state-owned company has incorporated its wholly owned subsidiary, ONGC Green, which will engage in the value chains of energy business, namely renewable energy, bio-fuels and bio-gas business, green hydrogen and its derivatives like green ammonia and green methanol, storage, carbon capture utilization and storage, and LNG business.

SJVN: Subsidiary SJVN Green Energy (SGEL) has commissioned a 100 MW Raghanesda solar power project in Banaskantha, Gujarat. SGEL has bagged this 100 MW solar power project at a tariff of Rs 2.64 per unit through competitive tariff bidding conducted by Gujarat Urja Vikas Nigam (GUVNL). A power purchase agreement for the same has been signed with GUVNL for 25 years.

Axis Bank: The Reserve Bank of India has approved the appointment of Munish Sharda as Executive Director of Axis Bank for three years, with effect from February 27. In October last year, the board of directors of the bank approved the appointment of Munish Sharda as a whole-time director, designated as executive director.

Juniper Hotels: The luxury hotel development company is set to debut on the bourses on February 28. The final issue price has been fixed at Rs. 360 per share.

Vodafone Idea: The board of directors has approved a fund raise of up to Rs 20,000 crore via equity. Through a combination of equity and debt, the company plans to raise around Rs 45,000 crore. The company’s bank debt currently stands at less than Rs 4,500 crore. The equity and debt fund raising will enable the company to make investments towards significant expansion of 4G coverage, 5G network rollout, and capacity expansion.

Titan Company: The company has acquired a balance of 1,19,489 equity shares (which is 0.36 percent of paid-up equity) held by the individual shareholders of CaratLane Trading in CaratLane for Rs 60.08 crore. The company currently holds 99.64 percent of the total equity share capital of CaratLane.

CMS Info Systems: Promoter Sion Investment Holdings Pte Limited exited the company by selling its entire shareholding of 4,17,71,975 equity shares (equivalent to 26.69 percent of paid-up equity) via open market transactions at an average price of Rs 370.38 per share, valued at Rs 1,547.15 crore. However, Societe Generale, Mathew Cyriac, IIFL Securities Limited Error Account, Morgan Stanley Asia Singapore Pte, Sanatan Financial Advisory Services, Think India Opportunities Master Fund LP, WF Asian Reconnaissance Fund, India Acorn ICAV, Abu Dhabi Investment Authority-WWay, Nomura Funds Ireland Public Ltd CoIndia Equity Fund, AIG Global Investment Corporation (Asia) A/C AIG Global Funds-AIG India Eq, ICICI Prudential Mutual Fund, and Kotak Mahindra Mutual Fund A/C Kotak Small Cap Fund picked 1,63,11,739 equity shares (or 10.4 percent of paid-up equity) worth Rs 604.08 crore.

ICICI Lombard General Insurance Company: Promoter ICICI Bank bought 69,82,852 equity shares (equivalent to 1.4 percent of paid-up equity) in the general insurance company at an average price of Rs 1,666.35 per share, valued at Rs 1,163.6 crore. However, Bharti Enterprises offloaded 62,50,900 equity shares (1.3 percent of paid-up equity) in the company at an average price of Rs 1,666.35 per share. Bharti Enterprises held a 3.7 percent stake in ICICI Lombard as of December 2023.

Aether Industries: The specialty and fine chemical manufacturer has appointed James W. Ringer as its new Chief Technology Officer (CTO) with effect from March 1, 2024. Ringer has already been working with Aether for the last 3 years as a business development and technology leader (Americas).

Capital Small Finance Bank: The small finance bank recorded net profit at Rs 28.93 crore for the quarter ended December FY24, rising 2.4 percent over a year-ago period, partly supported by other income and lower bad loan provisions. Net interest income grew by 1.3 percent year-on-year to Rs 87.44 crore for the quarter. Asset quality weakened with the gross non-performing assets (NPA) rising 24 bps QoQ to 2.97 percent and the net NPA increasing 17 bps to 1.53 percent in Q3 FY24.

Finolex Cables: Citibank NA, acting as the depository, has issued a Notice of Termination to the holders of global depository receipts (GDRs) of the company. The termination of the GDR program will become effective on April 15, 2024, and after the termination date, the GDRs will be delisted from Luxembourg Stock Exchange.

Texmaco Rail & Engineering: The company said the board of directors has approved the raising of funds up to Rs 150 crore via the issuance of convertible warrants by way of preferential issue to promoter(s), promoter group, or other(s).

GE T&D India: The company has secured orders worth Rs 370 crore from the Power Grid Corporation of India for the supply of 765 kV shunt reactors for various transmission system projects in India. These projects aim to facilitate the integration of renewable energy into the national electricity grid and enhance electricity transmission within the country, including Rajasthan and Karnataka.

Hindustan Zinc: The company has incorporated its wholly owned subsidiary, namely Hindmetal Exploration Services, with effect from February 26, 2024.

Remsons Industries: The company said the board has approved sub-division of one equity share of the company having a face value of Rs 10 each into five equity shares having a face value of Rs 2 each. This is subject to the approval of the members of the company.

Salasar Techno Engineering: The engineering and infrastructure solutions provider has entered into an agreement with ZETWERK Businesses for the supply of 25,000 MT of solar structures worth Rs 200 crore. The contract is expected to be completed within 12 months.

Gland Pharma: Phixen S A S (which carries on the business under the name Cenexi), a wholly owned step-down subsidiary of the company, has appointed Alain Kirchmeyer as its President, replacing Jim McPherson (Coaching and Consulting) (JMCL), with effect from February 27.

Tanla Platforms: Tanla India’s CPaaS provider has extended an exclusive partnership with Truecaller for business messaging. The partnership aims to help enterprises connect with their end-users and offer highly customized solutions, including rich media and engaging content.