Buzzing Stocks: Tata Communications, Mazagon Dock, Wipro, IREDA, Lemon Tree Hotels, L&T and others

Technology stocks in focus: IT services provider Accenture lowered its revenue forecast for fiscal year 2024 to 1-3 percent from 2-5 percent earlier, due to economic uncertainty leading clients to reduce spending on consulting services.

Tata Communications: The company has received approval from the board of directors to enter into a business transfer agreement for the hive-off of its identified new edged digital services business to its wholly owned subsidiary, Novamesh, as a going concern on a slump sale basis for Rs 458 crore.

Mazagon Dock Shipbuilders: The Mumbai Port Authority (MbPA) has allotted land and buildings (workshop land and clark basin) measuring 14.55 acres, which are adjacent to MDL Mumbai Yard, on a long-term lease basis to Mazagon Dock for 29 years, with effect from April 1, 2024, to March 31, 2053. The total allotment cost is Rs 354 crore.

Lemon Tree Hotels: The company has signed a franchise agreement for a new hotel property in Ranchi, Jharkhand. The said hotel property is expected to open in FY25.

Indian Renewable Energy Development Agency: The company said the board meeting will be held on March 28 to consider the borrowing program up to Rs 24,200 crore for FY 2024–25. The borrowing includes fund raising through the issuance of bonds, term loans, commercial paper, etc. from domestic and international markets.

Larsen & Toubro: The country’s largest infrastructure company’s board of directors will be meeting on March 27 to seek approval for fund raising, including debt issues.

Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters, has launched the VIDA Advantage package for its VIDA V1 Pro-electric scooter. The VIDA Advantage package offers peace of mind to customers by making EV ownership hassle-free.

Crompton Greaves Consumer Electricals: The company has received notice for a tax demand of Rs 68.67 crore (comprising tax of Rs 57.13 crore and interest of Rs 11.54 crore) from the Assessment Unit of the Income Tax Department for the Assessment Year 2022–23. The impact of the same on financials is Rs 54 crore.

Mahindra Lifespace Developers: The Mahindra Group company has launched a residential project, Mahindra Zen, in Bengaluru South. The said project is registered with the Karnataka Real Estate Regulatory Authority.

Wipro: Wipro IT Services LLC, the step-down subsidiary of the company, has entered into an agreement with General Motors and Magna International to incorporate a new entity, i.e., SDVerse LLC. The said transaction was completed on March 20.

Tata Chemicals: The company has received an order from the National Faceless Assessment Centre, Income Tax Department, for a penalty of Rs 103.63 crore for disallowance of interest. The company is planning to appeal against this order before the National Faceless Appeal Centre (appellate authorities) and expects favorable orders from the appellant authorities.

Karnataka Bank: The lender launched a qualified institution placement (QIP) issue on March 21 to raise funds. The floor price has been fixed at Rs 231.43 per share.

JSW Holdings: Vikasa India EIF I Fund has picked 59,210 equity shares in the company at an average price of Rs 6,253.26 per share, via open market transactions, amounting to Rs 37.02 crore.

Ujjivan Small Finance Bank: The Reserve Bank of India has approved the appointment of Carol Kripanayana Furtado as a whole-time director of Ujjivan Small Finance Bank for three years, with effect from May 1, 2024.

Muthoot Capital Services: The company has completed a securitization transaction, raising Rs 61.4 crore through the assignment of loan receivables aggregating to Rs 66.07 crore. This is the second securitization or direct assignment transaction carried out by the company during FY24.

Bank of India: The bank said the board of directors will be meeting on March 27 to consider the proposal of fund raising through the issue of long-term (infra) bonds.

Agro Tech Foods: Sachin Gopal has resigned as the managing director of the company. The effective date of his resignation will be decided based on the effective date of acquiring control over the company by the acquirer, and the same will be notified separately.

Prestige Estates Projects: Bengaluru-based real estate development company Prestige Group acquired 62.5 acres of land in Indirapuram Extension, NCR. The cost of acquisition is Rs 468 crore, along with a revenue share. The acquired land will be developed primarily as residential, complemented by education and retail.

Bharat Dynamics: The state-owned defense company has declared an interim dividend of Rs 8.85 per equity share for the financial year 2023–24 and also announced the sub-division of the existing one equity share (of a face value of Rs 10 each) into two equity shares (of a face value of Rs 5 each). The board has given its approval for the appointment of G Gayatri Prasad, General Manager (Finance), as the Chief Financial Officer of the company after the cessation of N Srinivasulu as Director (Finance) and Chief Financial Officer on January 31, 2024.

Sarda Energy and Minerals: Natural Resources Energy, the subsidiary joint venture company, has received the Letter of Intent for composite license from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra, for Surjagad 1 iron ore block in Maharashtra. It has received a composite license for iron ore on an area of 1526 hectares. Sarda Energy has a 51 percent economic interest in the joint venture company.

NLC India: The company said the board of directors will be meeting on March 27 to consider raising foreign currency loans through external commercial borrowings (ECB) up to $600 million through the direct route. The board will also seek external assistance from Multilateral Development Banks (MDBs) through the Department of Economic Affairs (DEA) for upcoming renewable power projects.

Star Housing Finance: The retail-focused semi-urban and rural housing finance company has entered into a co-lending partnership with Tata Capital Housing Finance. The partnership aims to leverage the domain of Star Housing Finance in the low-ticket affordable housing finance space and the mutual synergies arising out of its operations.

Visco Trade Associates: The company has received approval from the board of directors for a sub-division of shares of the company from a face value of Rs 10 each to a face value of Rs 2 each, which is subject to the approval of members of the company.

KP Green Engineering: The company will list its equity shares on the BSE SME on March 22. The final issue price has been fixed at Rs. 144 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Enfuse Solutions: The company will make its debut on the NSE Emerge on March 22. The final issue price has been fixed at Rs. 96 per share. Its equity shares will be available in the trade-for-trade surveillance segment.

Enser Communications: The trading in equity shares of the company will commence on the NSE Emerge with effect from March 22. The issue price is Rs 70 per share. Its equity shares will be available in the trade-for-trade surveillance segment.