Buzzing Stocks: Tata Motors, IIFL Finance, Federal Bank, ITC, Zydus, L&T Finance Holdings and others

Tata Motors: The commercial and passenger vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a vehicle manufacturing facility in the state. The MoU envisages an investment of around Rs 9,000 crore over 5 years and can potentially create up to 5,000 jobs.

ITC: Marquee Investors, Government of Singapore, and ICICI Prudential Mutual Fund bought 9,15,45,678 equity shares and 59,26,138 equity shares in the FMCG company, respectively, via open market transactions. They bought shares at an average price of Rs 400.25 per share, valued at Rs 3,901.3 crore. Foreign investor British American Tobacco, through its subsidiary Tobacco Manufacturers (India), sold 43,68,51,457 equity shares in the company at the same price, valued at Rs 17,484.98 crore.

IIFL Finance: The company has received approval from the board of directors for fund raising up to Rs 1,500 crore through the issue of equity shares on a right basis to its existing eligible shareholders and Rs 500 crore through the issue of non-convertible debentures on a private placement basis. Further, the board also approved the re-designation of Abhiram Bhattacharjee as the Chief Operating Officer of the company, with effect from March 13. Abhiram is currently serving as Chief of Staff. Shivalingam A. Pillai is appointed as Chief Compliance Officer of the company after Mauli Agarwal stepped down from the current position of Chief Compliance Officer pursuant to her transition into another role.

L&T Finance Holdings: The NBFC has issued clarification note on news reports stating – L&T Finance has exited the market after a decision taken by the Reserve Bank of India. The company says it continues to offer a range of financial products and services under the brand name L&T Finance and the circular issued by RBI has been misrepresented by a section of the media. In December 2023, it had successfully completed the merger of its subsidiaries, L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with itself. Post the completion of the merger, Certificate of Registration of L&T Finance and L&T Infra Credit were surrendered to RBI and the company is now in the process to change the name to L&T Finance from L&T Finance Holdings after completing the regulatory formalities.

Power Mech Projects: The company has incorporated a new wholly owned subsidiary namely PMTS Private Limited. Subsidiary will design & develop technologies, which are required for construction companies and companies in other sectors/ industries including implementation of the ERP & monitoring systems.

Apl Apollo Tubes: US-based Capital Group through its affiliate New World Fund Inc acquired 27,89,398 equity shares in the company via open market transactions at an average price of Rs 1,601.1 per share, amounting to Rs 446.61 crore. However, Principal Global Investors Collective Investment Trust sold 15,31,367 equity shares at an average price of Rs 1,600.16 per share, against its shareholding of 28,77,356 equity shares or 1.04 percent stake as of December 2023.

Adani Green Energy: Subsidiary Adani Renewable Energy Fifty Nine Limited has entered into power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) for supply of 534 MW of solar power projects. With execution of these PPAs, Adani Green Energy now has a total renewable energy project portfolio of 21,778 MWac capacity.

DLF: DLF Home Developers (DHDL), a wholly-owned material subsidiary, has received approval from board of directors for raising of funds through issuance of non-convertible debentures (NCDs) worth up to Rs 600 crore on a private placement basis, to the eligible investors.

Coforge: The board of directors of the company will be meeting on March 16 to consider the raising of funds.

Zydus Lifesciences: Zydus has launched Olaparib, a PARP inhibitor, under the brand name IBYRA in India. The drug will target specific genetic mutations prevalent in certain types of cancers, paving the way for more tailored and effective treatment approach.

Federal Bank: The private sector lender has stopped issuance of new co-branded credit cards. The bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to the resumption of new issuance. The bank will continue to offer credit cards to new and existing customers in the non-co-branded segment and will also continue to service existing customers who currently hold co-branded credit cards issued by the bank.

Cyient: The engineering and technology solutions company has signed a multi-year services agreement with Airbus for cabin and cargo engineering.

Gopal Snacks: The Rajkot-based ethnic and western snacks maker is set to debut on the BSE and NSE on March 14. The final issue price has been fixed at Rs. 401 per share. Its equity shares will be available for trading in the normal market segment (rolling settlement).

Coromandel International: The company has received direction from the Tamil Nadu Pollution Control Board to remit an amount of Rs 5,92,50,888 as environmental compensation due to ammonia gas leakage in the subsea pipeline near shoreside, outside the company’s plant premises at Ennore. The company said there is no material impact on its financials, and the production at the Ennore unit is about 10 percent of the monthly production volume.

Indian Hume Pipe: The joint venture formed between the companies AMR India (AMRIL) and Shoda Constructions (SCPL) has received the work order related to water supply projects and sewerage projects under AMRUT 2.0 from the Government of Telangana. The value of the work order is Rs 1,137.77 crore, and the share of the company in the work order is 20 percent, i.e., Rs 227.55 crore.

Cholamandalam Investment and Finance Company: The company has purchased 4.67 acres of land from DLF IT Offices in Chennai for Rs 735 crore.

PC Jeweller: The State Bank of India (SBI) has accepted the ‘one-time settlement’ proposal submitted by the jewelry company. The company had opted for a one-time settlement to settle the outstanding dues. The terms of the approved one-time settlement include cash and equity components, the release of securities and mortgaged properties, etc.

South Indian Bank: The lender said it would not onboard any fresh customers in its co-branded credit card segment until it fully complies with the regulatory guidelines issued by the Reserve Bank of India. However, the lender will continue to service the existing customers who hold co-branded credit cards.

KEC International: The infrastructure EPC major has secured new orders of Rs 2,257 crore across its various businesses, including transmission and distribution projects in India and the Americas and its first international order for a pipeline laying project. With these orders, its year-to-date order intake has surpassed Rs 16,000 crore.

Sanofi India: The company signed an exclusive distribution and promotion agreement with Emcure Pharmaceuticals for its Cardiovascular products including Cardace, Clexane, Targocid, Lasix, and Lasilactone in India.

DB Realty: The Mumbai-based real estate developer has raised Rs 920.2 crore as the board of directors approved allocation of 3,56,66,675 equity shares to institutional investors at an issue price of Rs 258 per share, which is at a discount of Rs 12.87 per share to the floor price of Rs 270.87 per share.

Shree Karni Fabcom: The company will make its debut on the NSE Emerge on March 14. The issue price is Rs 227 per share. Its equity shares will be available for trading in trade-for-trade surveillance segment (TFTS).

Ruchi Infrastructure: Shantiram Kutumbkam Food Services has bought 15,52,622 equity shares (equivalent to 0.7 percent of paid-up equity) in the company at an average price of Rs 10.5 per share. However, Patanjali Foods, the part of promoter group, sold 15 lakh shares in Ruchi at same price, against its shareholding of 2.72 crore equity shares or 12.37 percent stake as of December 2023.

Koura Fine Diamond Jewelry: The gold and diamond jewelry wholesaler is set to list its equity shares on the BSE SME on March 14. The issue price is Rs 55 per share. The stock will be in trade-for-trade segment for 10 trading days.

Indus Towers: The Board of Directors of the company has approved the appointment of Sarabhjit Singh as the Chief Internal Audit & Assurance Officer and Internal Auditor of the company with effect from March 14.

Indian Terrain Fashions: Venture capital firm Polaris Banyan Holding has bought 2,96,650 equity shares (equivalent to 0.67 percent of paid up equity) in the company at an average price of Rs 78.94 per share. With this, Polaris picked 8,92,880 equity shares or 2 percent stake in the company from last week.

Azad Engineering: The company has signed a 7-year strategic contract valued at $35 Million with the steam power business of GE Vernova for supply of high-complex, rotating airfoils for nuclear, industrial and thermal power industry.