Buzzing Stocks: LIC, Crompton Greaves, SJVN, Ircon, JSW Energy, RailTel, Lupin & others in news

Life Insurance Corporation of India: The insurance giant has received approval from the government for a wage revision for its employees, effective August 1, 2022. The government has given LIC a nod to a 17 percent increase in the wage bill.

Crompton Greaves Consumer Electricals: The company has received a patent for its invention, the linear node tubular lighting system. This patent has been officially granted for 20 years, effective August 14, 2020. Further, Sachin Phartiyal has resigned as the business unit head of the home electricals segment due to personal and professional reasons. He will be relieved of his duties from April 9. Rajat Chopra, currently the business unit head of the pumps division, will take over as the business unit head of the home electrical segment with effect from April 10.

Aditya Birla Fashion and Retail: The company has received observation letters from BSE and the National Stock Exchange of India with respect to the Scheme of Amalgamation between the company and TCNS Clothing Company. The stock exchanges have issued ‘no adverse objection’ and ‘no objection’ to the scheme. The effectiveness of the scheme will be subject to the approval of the National Company Law Tribunal.

Lupin: The US Food and Drug Administration (US FDA) inspected Lupin’s manufacturing facility at Aurangabad from March 6 to March 15. The inspection closed with the issuance of a Form 483 with one observation. The company is confident of addressing the concern raised by the US FDA and will resolve the same at the earliest.

Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules with USP 5 mg/5 mg strength. Zydus is the first approved applicant for Finasteride and Tadalafil capsules and therefore is eligible for 180 days of CGT exclusivity. Finasteride and Tadalafil are used to treat benign prostatic hyperplasia.

Ircon International: The company has received the Letter of Award from the National Highways & Infrastructure Development Corporation (NHIDCL) for the construction of a 2.5-kilometer twin-tube uni-directional Aizawl bypass tunnel and its approaches of 2.1 km on the Sairang-Phaiawk section of the NH-6 in Mizoram in EPC mode at a quoted bid price of Rs 630.66 crore.

SJVN: Subsidiary SJVN Green Energy (SGEL) has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar project in GUVNL Phase XXIII. The tentative cost of construction and development for this project is Rs 1,100 crore.

JSW Energy: Subsidiary JSW Neo Energy has received a Letter of Award (LoA) for an additional 500 MW of wind capacity under the greenshoe option for the SECI wind power projects (Tranche XVI). Subsequent to this, the cumulative capacity allotted to JSW Neo under SECI Tranche XVI stands at 1,000 MW.

RailTel Corporation of India: The company has received the work order from the Municipal Corporation of Greater Mumbai for supply, installation, testing, commissioning, operations, and maintenance of HMIS (health management information system) for the Health Department of BMC, amounting to Rs 351.95 crore. In addition, the company has also received a work order worth Rs 130.6 crore from the State Project Director (Spd) of the of the Bihar Education Project Council (Bepc) for supply amounting to Rs 130.6 crore. The work order includes the appointment of an agency for the supply of teaching and learning material for classes I through V under a rate contract.

Dr. Lal PathLabs: The company said the board of directors approved the re-designation of Shankha Banerjee by appointing him as Chief Executive Officer (CEO) and key managerial personnel (KMP) with effect from May 21, 2024.

KPI Green Energy: The company has emerged as the successful bidder in the Maharashtra State Power Generation Co. (MAHAGENCO) tender for the development of a 100 MWAC solar power project. It has received a letter of intent from MAHAGENCO for the said order.

Torrent Power: The company has received a letter of award from Torrent Power’s distribution unit for setting up 300 MW (renewable energy power) grid-connected wind and solar hybrid projects. The tariff rate has been fixed at Rs 3.65 per kWh, and the contract period will be 25 years from the commissioning of the project.

Aurobindo Pharma: CuraTeQ Biologics, a wholly owned subsidiary of the company, said its Omalizumab biosimilar candidate BP11 has met the Phase 1 trial end points vis-à-vis the EU and US-sourced reference product Xolair. The PK/PD trial was conducted on 165 healthy volunteers in Australia and New Zealand.

DroneAcharya Aerial Innovations: The drone solutions provider has secured a supply order of drone controllers from the Northern Command. In addition, the company also placed an order for the supply of a precision mapping system from Earthtree Enviro. A precision mapping system will refine land management practices, optimize crop productivity, and foster biodiversity conservation in agroforestry projects. Further, DroneAcharya has also secured a contract to supply IT hardware for the Indian Army’s Drone Lab in Jammu and Kashmir (J&K).

Sandhar Technologies: The company has been granted a patent by the Controller of Patents for an invention entitled “System for Controlled Actuation of Electronic Handle Lock of a Vehicle and Method Thereof for 20 years, with effect from September 5, 2022.

Nova Agritech: The company has appointed Srinivasarao Mandalapu as its Chief Executive Officer (CEO) with effect from March 16 and will also invest Rs 10 crore in subsidiary Nova Agri Sciences through Unsecured Optionally Convertible Debentures (OCDs).

Dish TV India: The company said its Board of Directors has approved the appointment of Ritu Kaura as an independent director and Manoj Dobhal as an executive director of the company, with effect from March 15.

Pratham EPC Projects: The company will make its debut on NSE Emerge on March 18. The final issue price has been fixed at Rs. 75 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.