Buzzing Stocks: NTPC, Godrej Properties, SJVN, Park Hotels, Avenue Supermarts, others in news

Avenue Supermarts: The D-Mart operator has opened a new store in Bengaluru, Karnataka. With this, the total number of stores as of date stands at 347.

NTPC: The state-run power producer said the board has given investment approval for the Singrauli super thermal power project, Stage III (2×800 MW). The current estimated cost of the project is Rs 17,195.31 crore.

SJVN: Subsidiary SJVN Green Energy (SGEL) has bagged the 200 MW solar power project in the tariff-based competitive bidding conducted by Gujarat Urja Vikas Nigam at a tariff of Rs 2.66 per unit. This 200 MW solar power project will be developed on a build-own-operate (BOO) basis, and the tentative cost of its development will be around Rs 1,100 crore. The power purchase agreement will be signed between GUVNL and SGEL for 25 years.

Godrej Properties: The Mumbai-based real estate developer has entered into definitive agreements to develop a township project on a 62-acre land parcel in North Bengaluru under a profit-sharing model. This project offers 5.6 million square feet of saleable area with an estimated booking value of Rs 5,000 crore. The company now expects to launch the first phase of development on this land in the upcoming financial year.

Central Bank of India: The bank has appointed Bharat Bhushan Mutreja as General Manager, SAM, Recovery, and Legal Department, with effect from March 1. Bharat is appointed in place of Rajesh Kumar, who got superannuated.

Dr. Lal PathLabs: Bharath U has resigned as Chief Executive Officer (CEO) and key managerial personnel of the company. His last working day as CEO would be May 20, 2024.

Zaggle Prepaid Ocean Services: Zaggle has entered into an agreement with Axis Bank. It will be a referral partner of the bank to carry out activities such as sales and distribution, marketing, and campaigning bundled with Zaggle expense management to drive forex card spends and greater usage of the software for five years.

KPI Green Energy: The company has signed a power purchase agreement for a 200 MWAC (240 MWp) grid-connected solar photovoltaic power project.

APL Apollo Tubes: The company has received an order from the State Tax Officer, Intelligence, Hosur, Tamil Nadu, for a GST demand of Rs 16,86,44,732 comprising tax, interest, and penalty.

Gujarat Ambuja Exports: The company has commissioned a 120 TPD liquid glucose unit at its existing unit in Malda, West Bengal. With this expansion, the collective liquid glucose capacity now reaches 900 TPD across five locations.

MOIL: The state-owned manganese ore mining company achieved its best ever February production of 1.51 lakh metric tons of manganese (Mn) ore, up 15 percent YoY, while sales at 1.56 lakh metric tons increased by 18 percent over a year-ago month.

Owais Metal and Mineral Processing: The company will list its equity shares on the NSE Emerge on March 4. The final issue price has been fixed at Rs. 87 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment. Its public issue was subscribed to 206.9 times during February 26–28 per share. Its equity shares were available at around a 150 percent premium over the issue price in the grey market, an unofficial platform for trading in IPO shares until the listing, the market observers said.

Bank of India: Prashant Thapliyal, the newly elevated chief general manager, has been appointed as the functional head of asset recovery, credit monitoring, stress asset resolution, and legal departments of the bank with effect from March 1.

Finolex Industries: The company has entered into a share purchase agreement and shareholder agreement with special purpose vehicle (SPV) Hinduja Renewables One (HROPL) and Hinduja Renewables Energy (HREPL) for the purchase of solar power under the captive power policy of the government. HREPL is the majority shareholder of HROPL. Finolex will be acquiring a 15.30 percent stake in HROPL, which will be held during the entire power purchase tenure of 25 years. The said project will supply solar power to Finolex’s units at Urse and Ratnagiri in Maharashtra.

SMS Pharmaceuticals: The European Directorate for the Quality of Medicines and HealthCare (EDQM) conducted a GMP (good manufacturing practice) inspection of the company’s active pharmaceutical ingredient (API) manufacturing facility at Vizianagaram, Andhra Pradesh, from February 28 to March 1. The report is awaited.

Swan Energy: Subsidiary Swan LNG has pre-paid its entire loan along with interest to its consortium of banks amounting to Rs 2,206 crore. The group’s external debt position was Rs 4,128 crore in September 2023, reduced to Rs 3,817 crore in December 2023, and now stands at Rs 1,675 crore. The company is fully focused on growth and, in parallel, is continuously endeavoring to reduce debt from the balance sheet.

Info Edge India: The internet company said its mobile applications, namely Naukri Jobseeker, Naukrigulf Job Search App, and 99acres Buy, Sell, and Rent Property, have been reinstated on the Google Play Store. It is working with Google to re-instate the rest of the mobile applications—Naukri Recruiter and Shiksha.

Apeejay Surrendra Park Hotels: The hotel chain will release its October-December FY24 quarter earnings scorecard on March 4. This is the first earnings scorecard by the company after listing on the bourses in February.

Patel Engineering: The company received a Letter of Acceptance (LOA) for a Rs 525.36 crore contract with a joint venture partner in Khammam City, Telangana, for the RCC Protection Wall Project. Patel Engineering’s share in the contract is Rs 267.93 crore.

Wardwizard Innovations & Mobility: The company that manufactures electric two-wheelers under the brand Joy e-bike and three-wheelers under the brand Joy e-rik in India inaugurated its new assembly line facility for electric two-wheelers in Deoghar, Jharkhand. The plant will have an initial annual capacity of 20,000 units.

Cosmic CRF: The company has bagged an order worth a basic value of Rs 9.45 crore and a gross value of Rs 11.15 crore for the supply of cold-rolled sections for BOXNHL wagons. The order is expected to be completed within 3 months.

PSP Projects: The company has received new work orders worth Rs 386.24 crore for the construction and maintenance of the Human and Biological Gallery at Science City, Ahmedabad (Rs 268.11 crore) and the construction of the commercial building ORYX at Gift City, Gandhinagar (Rs 118.13 crore). With these orders, the total order inflow during the financial year 2023–24 till date amounts to Rs 3,012.85 crore.

Signature Global: The real estate developer has announced pre-formal launch sales of more than Rs 3,600 crore for its latest premium housing residential development project, DE LUXE-DXP, in Gurugram, spread over 16.5 acres. This project presents a sales potential of 2.7 million square feet.

Digispice Technologies: Vinit Kishore has resigned as Chief Financial Officer of the company. He will be serving his notice period until April 30, 2024.

Avantel: The company has received a purchase order worth Rs 4.24 crore from Material Organization, Visakhapatnam, and another order of Rs 7.20 crore from Larsen & Toubro.

Pharmaids Pharmaceuticals: The company has completed the acquisition of a 99.86 percent shareholding in Adita Bio Systems for Rs 52.5 crore. Adita Biosystems is engaged in GLP developmental services, drug discovery, laboratory animal services, and animal diet.