Buzzing Stocks: Tata Motors, IIFL Finance, AU Small Finance Bank, NTPC and others in news

Tata Motors: The Tata Group company said its board of directors has given the approval for its demerger into two separate listed companies – the commercial vehicles business and its related investments in one entity, and the passenger vehicles business, including EVs and JLR, and its related investments in another entity. The demerger will be implemented through an NCLT scheme of arrangement, and all shareholders of Tata Motors will continue to have identical shareholding in both the listed entities.

Easy Trip Planners: The online travel tech platform has partnered with public sector lender Punjab National Bank (PNB) to launch the PNB EMT Credit Card. This power-packed, co-branded travel credit card is aimed at mass-to-premium customer segments and has been meticulously designed to offer a variety of rewards for Indian travellers.

IIFL Finance: The Reserve Bank of India (RBI) has directed the company to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning, securitising, or selling any of its gold loans. However, the RBI directed that the company continue to service its existing gold loan portfolio through the usual collection and recovery processes. The gold lending business contributed 32 percent of its total AUM at the end of the December FY24 quarter.

Cyient: The engineering and technology solutions company announced its membership with the Massachusetts Medical Device Industry Council (MassMedic), the largest regional MedTech association in the US. This partnership signifies a strategic move by Cyient to deepen its commitment to the healthcare sector.

CSB Bank: The Reserve Bank of India has approved the appointment of BK Divakara as whole-time director (executive director) of CSB Bank for three years, with effect from the date of taking charge. CSB will seek the approval of the shareholders for the said appointment within the prescribed period.

NTPC: NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has signed a Joint Venture Agreement (JVC) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) for the development of renewable power parks and projects in Uttar Pradesh. The RE power generated from the proposed JVC will meet the Renewable Generation Obligation (RGO) of the UPRVUNL.

DCB Bank: The bank has co-lending relationships with a few non-banking financial companies (NBFCs) beginning May 2021. Its Gold Loan co-lending arrangement with IIFL Finance has been in existence since August 2021. “As of now, our portfolio performance has been satisfactory. We have a due diligence process to give us reasonable assurance on the co-lending portfolio,” the bank said.

Tata Communications: The Department of Telecommunications, Government of India, has granted Tata Communications an additional authorization for providing M2M services in the national area under the company’s existing unified license agreement.

LTIMindtree: Fosfor, a product division of the technology consulting and digital solutions company, launched the Fosfor Decision Cloud (FDC). The FDC is a connected fabric that helps companies organise data to build automated, modular, trustworthy data transformation pipelines, build and deploy impactful AI applications, and harness the power of AI to make better business decisions faster.

Swan Energy: Leading Light Fund VCC The Triumph Fund sold 25,18,053 equity shares (equivalent to 0.95 percent of paid-up equity) via open market transactions. These shares were sold at an average price of Rs 721.09 per share, amounting to Rs 181.57 crore.

Infibeam Avenues: The Reserve Bank of India (RBI) has granted final authorization to the company to operate as an online payment aggregater under the Payment and Settlements Systems Act, 2007.

Star Housing Finance: The Board of Directors of the company will be meeting on March 9 to consider the raising of funds through the issuance of non-convertible debentures on a private placement basis.

NBCC: HSCC (India), a wholly owned subsidiary of NBCC, has received a work order worth Rs 92 crore from the Post Graduate Institute of Medical Education and Research (PGIMER), Chandigarh. The order includes the appointment of an architectural consultant for comprehensive planning, designing, and monitoring and supervision of the construction of an extension block for the Advanced Eye Center and DDTC in front of the Drug De-Addiction Center at PGIMER.

AU Small Finance Bank: The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of Fincare Small Finance Bank with AU Small Finance Bank. The effective date of the amalgamation will be April 1, 2024. All the branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank with effect from April 1, 2024.

Jindal Stainless: The stainless steel manufacturer commenced the usage of green hydrogen in its stainless steel plant in Hisar, Haryana, in association with Hygenco Green Energies, a global leader in deploying green hydrogen solutions. Meanwhile, promoter Virtuous Tradecorp picked up a 0.77 percent stake in the company via open market transactions on February 29 and March 1, increasing its stake to 7.38 percent from 6.61 percent earlier.

Brigade Enterprises: The Bengaluru-based real estate developer has launched the Dioro project at Brigade El Dorado. The project size is around 6.1 million square feet, with a potential revenue value of Rs 380 crore.

Macrotech Developers: The leading real estate developer has launched its qualified institution placement (QIP) issue on March 4. The floor price has been fixed at Rs 1,129.48 per share, which is a 4.68 percent discount to Monday’s closing price. Sources told CNBC-TV18 that the fund raised via QIP may be around Rs 3,300 crore.

Ramky Infrastructure: Chivukula Vasudev has resigned as Chief Financial Officer of the company with effect from March 4.

Exicom Tele-Systems: The electric vehicle charging solutions company will list its equity shares on the bourses on March 5. The final issue price has been fixed at Rs. 142 per share. In the gray market, its IPO shares traded at more than 100 percent premium over the issue price, market observers said.

eClerx Services: US subsidiary eClerx LLC has appointed Karolina Kocalevski as Chief Marketing Officer (CMO) with effect from March 4. She is part of the senior management of the eClerx group.

Purv Flexipack: The plastic products distributor, is going to debut on the NSE Emerge on March 5. The final issue price has been fixed at Rs. 71 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

Metropolis Healthcare: The diagnostic services provider has received an income tax demand of Rs 24.46 crore from the Assistant Commissioner of Income Tax, Mumbai (ACIT) for AY 2023–24.

Platinum Industries: The PVC stabilizer manufacturer, is set to debut on the bourses on March 5. The final issue price is Rs. 171 per share. The gray market premium has been more than 50 percent over the issue price, market observers said.

Tanla Platforms: The CPaaS provider launched Messaging as a Platform (MaaP) in Barcelona. MaaP is built upon the Rich Communication Services (RCS) standard to support Google RCS Business Messaging (RBM) and helps operators engage with their customers in richer, more interactive ways.