Buzzing Stocks: Paytm, IndusInd Bank, PB Fintech, ABFRL, Exide, Lupin, Gland Pharma and others

One 97 Communications: Foreign portfolio investors increased their shareholding in the Paytm operator by 2 percent to 20.64 percent in the March FY24 quarter, from 18.64 percent in the December FY24 quarter. During the same period, mutual funds raised their stake in the company by 1.16 percent to 6.15 percent from 4.99 percent, but foreign direct investment dropped to 39.77 percent from 45.08 percent. Meanwhile, associate entity Paytm Payments Bank informed One 97 Communication that Surinder Chawla has resigned as Managing Director and CEO of Paytm Payments Bank due to personal reasons and to explore better career prospects. He will be relieved from Paytm Payments Bank with effect from June 26. As per the company’s disclosure on March 1, 2024, nearly all agreements between the company and Paytm Payments Bank have been terminated.

IndusInd Bank: IndusInd International Holdings (IIHL), the promoter entity of IndusInd Bank, has signed a definitive agreement with Invesco India Asset Management to form a joint venture. IIHL will acquire a 60 percent shareholding in Invesco India Asset Management, while Invesco Limited will retain a 40 percent stake in the newly formed joint venture. Both IIHL and Invesco will have sponsor status.

PB Fintech: The Policybazaar operator has incorporated a wholly owned subsidiary, namely PB Pay.

Lupin: The pharma company has launched its first generic version of Oracea (Doxycycline capsules, 40 mg) in the United States after receiving approval from the United States Food and Drug Administration (US FDA). Doxycycline capsules, which are used for the treatment of only inflammatory lesions (papules and pustules) of rosacea in adult patients, had estimated annual sales of $128 million in the US, as per IQVIA MAT February 2024.

Exide Industries: The automotive battery manufacturer has entered into an agreement to acquire a 26 percent equity stake in Clean Max Arcadia, a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions, for the generation and supply of solar power. Through SPV, the company will promote renewable energy on a long-term basis by qualifying as a captive consumer for a solar capacity of 14.85 MWp at its factory in Bawal, Haryana.

Aditya Birla Fashion and Retail: The company has incorporated a new company, Aditya Birla Lifestyle Brands (ABLBL). The incorporation of the new company is for the proposed demerger of Madura Fashion and lifestyle businesses of the company.

Paisalo Digital: The company said assets under management (AUM) grew by 32 percent to Rs 4,622 crore at the end of the March FY24 quarter, while disbursements increased by 38 percent to Rs 3,588 crore, and the co-lending loan disbursement grew by 100 percent to Rs 1,128 crore during the same period. Customer franchise at the end of the March FY24 quarter stood at 4.29 million, as compared to 1.50 million at the end of the March FY23 quarter.

RattanIndia Power: Ankur Mitra has resigned as Chief Financial Officer (CFO) and key managerial personnel of the company, with effect from April 9. The board has appointed Manish Ratnakar Chitnis as Chief Financial Officer of the company as of the same date. Further, Gaurav Toshkhani is appointed as Company Secretary (CS) and key managerial personnel of the company with immediate effect, in place of Lalit Narayan Mathpati.

Nirlon: ICICI Prudential Mutual Fund has bought 9.07 lakh equity shares (equivalent to 1 percent of paid-up equity) in the company at an average price of Rs 430 per share. However, Sadafuli Finvest was the seller in this deal, offloading 9,07,302 equity shares at the same price.

Nippon Life India Asset Management: Gopal Khaitan has resigned as Principal Officer (PMS) and senior managerial personnel of the company to pursue his interests outside the company, with effect from April 9. Gurbir Singh Chopra will be taking charge as Principal Officer, PMS, with effect from April 10.

Gland Pharma: Nicomac Machinery, an entity connected to the former promoter of the company, Dr. Ravi Penmetsa, sold 19,55,452 equity shares (equivalent to 1.18 percent of paid-up equity) in the pharma company at an average price of Rs 1,735.31 per share. Lakumi Trust offloaded 61,65,486 equity shares (3.7 percent of paid-up equity) at an average price of Rs 1,739.1 per share.

Edelweiss Financial Services: Foreign investor CLSA Global Markets Pte Ltd. bought 53,24,705 equity shares (equivalent to 0.56 percent of paid-up equity) at an average price of Rs 74.5 per share, which amounted to Rs 39.67 crore. However, foreign portfolio investor Pabrai Investment Fund 3 Ltd was the seller in the deal, which, as of December 2023, held a 2.28 percent stake in the company.

Shyam Metalics and Energy: The metals manufacturing company has established a new stainless steel hot rolled coils (HRC) facility at the existing plant in Sambalpur, Odisha, as a part of its expansion plan. The new facility, with an increased capacity of 0.3 million metric tons per annum (MTPA), will specialize in the production of 200 and 400 series stainless steel hot-rolled coils by utilizing captive raw materials.

Gateway Distriparks: Sikander Yadav has resigned as Chief Financial Officer of the company due to personal reasons. His last working day will be May 31, 2024.

Silgo Retail: Arihant Jain has resigned as Chief Financial Officer and Internal Auditor of the company with effect from April 9, due to personal reasons.

Five-Star Business Finance: US-based private equity firm TPG Asia VII SF Pte sold 56,54,972 equity shares (equivalent to 1.93 percent of paid-up equity) of the company at an average price of Rs 752.02 per share, via open market transactions, which amounted to Rs 425.26 crore. TPG held a 11.22 percent stake in the company as of December 2023.

Shivalik Rasayan: The United States Food and Drug Administration (US FDA) inspected the API facility of the company at Dahej in Gujarat during April 1 and April 9 this year. The US FDA closed the inspection with seven observations. These observations are procedural in nature.