Buzzing Stocks: Reliance, PB Fintech, UPL, Coal India, NTPC, Oil India, JSW Steel and others in news

Reliance Industries: Billionaire Mukesh Ambani-owned Viacom 18 Media and The Walt Disney Company have signed binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom 18 and Star India. Reliance has agreed to invest Rs 11,500 crore in the JV for its growth strategy. The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies. After completion of this deal, Reliance will hold a 16.34% stake in the joint venture, Viacom 46.82%, and Disney will hold 36.84%. Nita Mukesh Ambani will be the chairperson of the JV, with Uday Shankar as vice-chairperson.

Coal India: The state-owned coal mining company has signed a joint venture agreement (JVA) with BHEL to undertake the coal-to-chemicals business. Initially, they will set up a coal-to-2,000-TPD ammonium nitrate plant using BHEL’s in-house-developed PFBG (pressurised fluidised bed gasification) technology. Coal India will hold a 51% stake, and the remaining 49% stake will be owned by BHEL.

PB Fintech: The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to Policybazaar Insurance Brokers (Policybazaar), a wholly owned subsidiary of PB Fintech, to act as a composite insurance broker with effect from February 28. With this, the category of Policybazaar has been changed from Direct Insurance Broker (Life & General) to Composite Insurance Broker.

NTPC: NTPC Green Energy, a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO) for the development of renewable energy parks in Maharashtra. The joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.

ICICI Securities: The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI Securities. The warning has been issued in connection with the inspection of books and records for the merchant banking activities of the company. ICICI Securities said the administrative warning will have no impact on the financial, operational, or other activities of the company.

JSW Steel: The company has incorporated a new wholly-owned subsidiary, JSW Green Steel, in Mumbai on February 27.

Oil India: The board meeting of the company will be held on March 8 to consider the second interim dividend for the financial year 2023–24, if any.

Cyient: The IT services company has incorporated its wholly owned subsidiary, Cyient Global Captive Solutions, to carry on the business of providing manpower placement.

Jubilant FoodWorks: The trading of the shares of DP Eurasia NV, a step-down subsidiary of the company, on the London Stock Exchange was cancelled by the Financial Conduct Authority on February 28.

BGR Energy Systems: Promoter Sasikala Raghupathy sold further 17,73,243 equity shares (equivalent to 2.46% of paid-up equity) in BGR via open market transactions at an average price of Rs 55.81 per share. With this, Sasikala has offloaded a total of 1,42,48,504 equity shares (equivalent to 19.74% of paid-up equity) since February 21 against the shareholding of 1,73,14,450 equity shares (23.99%) as of December 2023. However, Anita Jaideep Sampat picked 4 lakh shares in BGR at an average price of Rs 54.85 per share, and Malti Narendra Sampat bought 4 lakh shares at an average price of Rs 54.87 per share.

Brightcom Group: The capital markets regulator SEBI has issued a confirmatory order in the Brightcom Group (BGL) case after a detailed investigation of irregularities found in the preferential allotments made by BGL in the financial years (FY) 2019–20 and 2020–21. The regulator has restrained Suresh Kumar Reddy, the promoter-cum-CMD, from buying, selling, or dealing in securities, either directly or indirectly. Further, the regulator has revoked the directions issued against Shankar Sharma, Kishan Prakash, Ishan Prakash, and Shivkrishna Harakchand Damani.

Venus Pipes & Tubes: The stainless steel pipes and tubes manufacturer has announced its foray into the fittings business and capacity expansion for seamless and welded pipes and tubes. The company will be spending Rs 175 crore for the next phase of growth.

Punjab & Sind Bank: The bank has received approval from the board of directors to raise capital up to Rs 2,000 crore through public issue, rights issue, qualified institutional placement(s), preferred issue, or any other mode in one or more tranches within a period of 12 months.

GPT Healthcare: The healthcare services provider is set to debut on the bourses on February 29. The final issue price has been fixed at Rs. 186 per share.

UPL: Shriram Finance is going to replace UPL in the Nifty 50 with effect from March 28. Shriram has the highest 6-month average free-float market capitalization within the eligible universe as a replacement for UPL, the exchange said. Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation, and REC will replace Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance in the Nifty Next 50.

KSB: The pumps and valves manufacturer has recorded consolidated net profit of Rs 54.9 crore for the quarter ended December 2023, falling 1.8% compared to the year-ago period, impacted by a weak operating margin. Revenue from operations increased by nearly 15% YoY to Rs 602.6 crore for the quarter. The board has recommended a final dividend of Rs. 17.5 per share.

Juniper Hotels: Norges Bank, on account of the Government Pension Fund Global, has bought 21,77,724 equity shares (or 0.98% stake) in the luxury hotel chain at an average price of Rs 398.15 per share.