Buzzing Stocks: Adani Ent, Infosys, Tata Comm, Vodafone Idea, HDFC Bank, Ambuja Cement, Paytm, Zee and others

Adani Enterprises: Mumbai Travel Retail, a step-down subsidiary of Adani Enterprises, has completed the incorporation process of a joint venture company, King Power Ospree Pte (KPO), in Singapore, with KING Power International Pte, Singapore, for retail and wholesale business. Mumbai Travel Retail will hold 50 percent of the of the share capital of KPO.

One 97 Communications: The Paytm operator has received the go-ahead from the National Payment Corporation of India (NPCI) to start the user migration to the new Payment System Provider (PSP) bank handles immediately. Accordingly, it started transitioning ‘@paytm’ handles users to Axis Bank, HDFC Bank, SBI, and YES Bank, ensuring seamless UPI payments. All four banks are now operational on the TPAP (third-party application provider), streamlining the process for Paytm to shift user accounts to these PSP (payment system provider) banks.

Tata Consumer Products: The FMCG company has completed the acquisition of 8,26,07,277 equity shares (equivalent to 99.99 percent of paid-up equity) of Organic India from Fabindia. In January 2024, the board approved acquiring a 100 percent stake in Organic India from Fabindia.

Biocon: The biopharmaceutical company has signed an exclusive licensing and supply agreement with Biomm SA, a specialty pharmaceutical company in Brazil, for the commercialisation of its vertically integrated drug product, Semaglutide (gOzempic). The drug is used to improve glycemic control in adults with type 2 diabetes.

HDFC Bank: The bank said the board of directors on April 20 may consider the annual renewal of the issuance of long-term bonds (financing of infrastructure and affordable housing), perpetual debt instruments (part of additional Tier I capital), and Tier II capital bonds over the period of the next 12 months through private placement mode.

Angel One: The retail broking company has recorded a 27.3 percent on-year growth in consolidated net profit at Rs 340 crore for the quarter ended March FY24, despite weakness in operating margin. Revenue from operations grew by 64.4 percent YoY to Rs 1,357.3 crore during the quarter.

Ambuja Cements: The Adani family has fully subscribed to the warrants program in Ambuja by further infusing Rs 8,339 crore, taking the total capital infusion to Rs 20,000 crore. They have increased their stake in Ambuja by a further 3.6 percent to 70.3 percent, up from 63.2 percent. Ambuja intends to double its capacity to 140 MTPA by 2028.

Tata Communications: The Tata Group Company has reported consolidated net profit at Rs 321.2 crore for the quarter ended March FY24, declining 1.5 percent compared to the year-ago period, impacted by weak operating margin performance. Revenue from operations grew by 24.6 percent YoY to Rs 5,691.7 crore for the quarter.

Infosys: The country’s second-largest IT services company, announced a collaboration with Proximus, Belgium’s leading digital services and communications solutions provider, on the ServiceNow platform. Infosys helped Proximus standardize its existing processes on the ServiceNow platform and transform its customer service management (CSM) operations.

Vodafone Idea: The telecom operator has raised Rs 5,400 crore from several institutional investors via an anchor book launched on April 16, a day before the FPO opening. A total of 74 institutional investors made investments in the company, including GQG Partners, Morgan Stanley, Fidelity, FIAM Group, UBS Fund Management, The Master Trust Bank of Japan, and HDFC Mutual Fund.

Power Grid Corporation of India: Power Grid has been declared the successful bidder to establish an inter-state transmission system for the evacuation of power from Rajasthan REZ Phase IV, from a potential renewable energy zone in the Khavda area of Gujarat under Phase IV, and from Rajasthan REZ Phase IV. These projects are on a build, own, operate, and transfer (BOOT) basis in Gujarat and Rajasthan.

Zee Entertainment Enterprises: The National Stock Exchange on April 16 has decided to remove the media and entertainment company from the futures and options segment, with effect from June 28. The existing unexpired contracts for the expiry months of April, May, and June 2024 would continue to be available for trading until their respective expiry, and new strikes would also be introduced in the existing contract months, but no contracts will be available for trading in the stock with effect from June 28. ZEEL has decided to withdraw the merger implementation application filed before the National Company Law Tribunal (NCLT) in Mumbai against Sony. The decision was taken by the board after seeking appropriate legal advice.

Results on April 18: Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines will be in focus ahead of quarterly earnings on April 18.

Indian Overseas Bank: The public sector lender said the board of directors will meet on April 22 to consider fund raising for FY25 through follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), or preferential issue. The fund-raising will take place in one or more tranches within 12 months from the date of approval.

Coffee Day Enterprises: Tikri Investments, the personal fund owned by JSW veteran Prashant Jain, has bought 40 lakh equity shares (equivalent to 1.89 percent of paid-up equity) in the company at an average price of Rs 70.94 per share, via open market transactions, which amounted to Rs 28.37 crore. Prashant Jain is the former MD and CEO of JSW Energy.

Piramal Pharma: The US Food and Drug Administration (US FDA) has issued an Establishment Inspection Report for the company’s Riverview manufacturing facility, USA, after successfully closing the inspection of the said manufacturing facility.

Crompton Greaves Consumer Electricals: The company has received a patent for an invention: Ceiling Fan Blade Mounting with Extended Lift Angle Causing Broadening of the Resultant Air Delivery Cone. This patent was officially granted a patent number on April 15, 2024, for a term of 20 years, effective April 5, 2018.

ICICI Lombard General Insurance Company: The company recorded net profit at Rs 520 crore for the quarter ended March FY24, growing 19 percent over a year-ago period. Gross direct premium income grew by 22 percent year over year to Rs 6,073 crore during the quarter, while the combined ratio improved to 102.2 percent in Q4 FY24 from 104.2 percent in Q4 FY23. Return on average equity (ROAE) was 17.8 percent in Q4 FY2024, compared to 17.2 percent in Q4 FY2023.

Brigade Enterprises: The Bengaluru-based real estate developer has recorded pre-sales of Rs 6,013 crore in FY24 and Rs 2,243 crore in Q4 FY24, the highest ever for both in terms of a quarter as well as a financial year. Additionally, it reported real estate sales volumes of 7.55 million square feet in FY24 and 2.72 million square feet in Q4 FY24, along with average realization for FY24 increasing by 23 percent over FY23. Collections across the group for FY24 stood at Rs 5,915 crore, rising from Rs 5,424 crore for FY23. Under the operational leasing portfolio, leasing grew by 14 percent YoY, with 1 million square feet of additional area leased over FY23, achieving 97 percent occupancy in the overall portfolio.

Shilpa Medicare: AGES, Austria, has issued GMP certification for the company’s Unit 4 in Jadcherla, Telangana. The said unit was inspected by AGES on January 22–26, 2024. The previous EU-GMP inspection for this facility was in January 2020. The said unit is engaged in the manufacture, testing, and distribution of sterile injections, non-sterile tablets, and capsule-finished dosage forms in the US, Europe, and the rest of the world.

Bank of Maharashtra: Divesh Dinkar has been designated as Chief Compliance Officer (CCO) of the bank, with effect from April 16.

Sanghi Industries: The cement company said the Board of Directors will be meeting on April 22 to consider raising funds in one or more tranches.

Ind-Barath Energy (Utkal): The subsidiary of the company, had initiated arbitration against Tamil Nadu Generation and Distribution Corporation (TANGEDCO) regarding disputes arising out of the Power Purchase Agreement dated August 8, 2013. The Arbitral Tribunal issued an award, allowing Ind-Barath Energy’s claim for recovery of Rs 120 crore from TANGEDCO along with 9 percent interest from the date of wrongful encashment of performance bank guarantee by TANGEDCO until payment of the entire amount. The Arbitral Tribunal rejected TANGEDCO’s counterclaim for recovery of Rs 118 crore as penalty and Rs 200 crore towards termination charges.

PC Jeweller: The jewelry company has received board approval for raising funds up to Rs 1,500 crore via rights issues to eligible equity shareholders. The board also approved the preferential issue of fully convertible warrants up to Rs 500 crore.

Skipper: Abhishek Goel has resigned as Vice President, Production, and senior management personnel of the company with effect from April 16, to pursue academic interests.

Hathway Cable and Datacom: The company has reported consolidated net profit of Rs 34.57 crore for the quarter ended March FY24, against a loss of Rs 14.6 crore in the corresponding period of the last fiscal, backed by strong operating performance. Revenue from operations grew by 7.35 percent year-on-year to Rs 493.4 crore for the quarter.

Krishna Institute of Medical Sciences: SPANV Medisearch Lifesciences, a subsidiary of the company, has received a notice for tax demand of Rs 306.97 crore from the Income Tax Department for the assessment year 2022-2023.

Jubilant Pharmova: The US Food and Drug Administration (US FDA) had inspected subsidiary Jubilant Generics’ (JGL) solid dosage manufacturing facility at Roorkee from January 25 to February 2, 2024, and has determined the inspection classification as voluntary action indicated (VAI). Based on this inspection and the USFDA VAI classification, the Roorkee facility is considered to be in an acceptable state of compliance with regard to current good manufacturing practices (cGMP). With this, the US FDA has concluded that this inspection is closed. Meanwhile, its subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA, has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA.

Elin Electronics: The board of directors has appointed Praveen Tandon as Chief Executive Officer of the company with effect from April 17, 2024.

Sunteck Realty: The real estate company had pre-sales of Rs 678 crore in Q4 FY24, up 26 percent on a YoY basis. Its FY24 pre-sales stood at Rs 1,915 crore, a growth of 20 percent on a year-over-year basis. It had collections of Rs 296 crore for the quarter ended March FY24, up 10.3 percent YoY, and collections in FY24 stood strong at Rs 1,236 crore, down 1.1 percent compared to FY23.

Wardwizard Innvations and Mobility: The electric vehicle manufacturer dispatched 3,801 units of electric two-wheelers and 16 three-wheelers in March 2024. Further, it sold over 26,996 units of electric vehicles, including two-wheelers and three-wheelers, in FY24.