Buzzing Stocks: Paytm, Ashok Leyland, Tata Consumer, Crompton Greaves, RailTel and others in news

One97 Communications: The National Payments Corporation of India (NPCI) has given approval to One97 Communications, Paytm’s parent entity, to participate in UPI services as a third-party application provider (TPAP) under a multi-bank model. Under the new model, Paytm will provide the payment service in partnership with four new banks—Axis Bank, HDFC Bank, State Bank of India, and Yes Bank—who will act as its payment system provider (PSP).

Wipro: The technology services and consulting company has entered into an agreement with Desjardins to modernize consumer banking services using its NetOxygen Platform. The solution will improve Desjardins’ consumer lending and credit card business.

Ashok Leyland: Private equity firm Creador has invested $50 million in Hinduja Tech, the engineering R&D services company and a subsidiary of Ashok Leyland, to acquire 19.6 percent of the company’s shareholding. This investment placed Hinduja Tech at a post-money equity value of $255 million.

Tata Consumer Products: The board of directors of the company has approved the Share-based Long Term Incentive Scheme 2024 for the grant of performance share units (PSUs) to the eligible employees of the company and its subsidiaries. The company would be issuing PSUs not exceeding $9,000,000 in one or more tranches.

Crompton Greaves Consumer Electricals: The company has bagged orders from the Government of Maharashtra, Haryana, and Rajasthan for the supply, installation, testing, and commissioning of solar photovoltaic water pumping systems (SWPS) with PV modules under the PM-KUSUM Scheme.

Biocon: Indranil Sen has resigned as Chief Financial Officer of the company with effect from March 15. He resigned as CFO to pursue opportunities outside the organization.

RailTel Corporation of India: The company has received a work order from Odisha Computer Application Centre (OCAC) amounting to Rs 113.46 crore. It will establish IP-MPLS network connectivity in Odisha under OdishaNet Phase 1.0.

PTC India Financial Services: Mahendra Lodha has withdrawn his resignation as the Director (Finance) and CFO of the company. Now, he will continue as Director (Finance) and CFO, and he will also have additional charge of MD and CEO until a new incumbent joins as MD and CEO.

Gopal Snacks: Quant Small Cap Fund has bought 8.05 lakh equity shares and Quant Mutual Fund Active Fund 7 lakh shares in the ethnic and western snacks maker (equivalent to 1.2 percent of paid-up equity) at an average price of Rs 374.21 per share via open market transactions.

NCC: Subsidiary NCC Infrastructure Holdings (NCCIHL) has reached a settlement with TAQA India Power Ventures (TAQA) and Himachal Sorang (HSPL) for the amounts payable under the arbitration award(s) related to the Himachal Sorang Power Project. The project was divested in favor of TAQA in September 2012. NCCIHL has already made provision of Rs 140 crore in its books of account up to February 2024 towards the disputed amounts. As per the settlement, NCCIHL has agreed to pay Rs 175 crore to TAQA in three instalments, i.e., Rs 85 crore by March 31, 2024, Rs 45 crore by July 31, 2024, and the balance of Rs 45 crore by December 31, 2024, under the arbitration award(s).

Gujarat Fluorochemicals: The company has incorporated its subsidiary, namely IGREL Mahidad, for the generation and distribution of electricity power by using conventional and/or nonconventional energy sources.

Apeejay Surrendra Park Hotels: The company has launched its fourth hotel, Zone by The Park, in Digha, West Bengal.

Eris Lifesciences: The pharma company has received approval from the board of directors for its agreement to acquire a 19 percent equity stake in Swiss Parenterals from the promoters of the company for Rs 237.50 crore. Further, the company also acquired Biocon Biologics’ India-branded formulation business for Rs 1,242 crore, thereby entering the Rs 30,000+ crore injectables market in India.

Shakti Pumps (India): The submersible pump manufacturer has received a letter of award from the Maharashtra Energy Department Agency (MEDA) for 3,500 solar photovoltaic water pumping systems (SPWPS) at various locations in Maharashtra under component B of the PM-KUSUM scheme. The work order is worth around Rs. 93 crore.

Navin Fluorine International: The company is going to make an additional investment of Rs 250 crore in subsidiary Navin Fluorine Advanced Sciences (NFASL) by subscribing to non-convertible, redeemable preference shares for repayment of the existing intercorporate deposits and further business funding requirements of NFASL.

India Grid Trust: IndiGrid 2, a wholly owned subsidiary of India Grid Trust, has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for setting up 180 MW and 360 MWh battery energy storage systems in Gujarat for ‘on demand’ usage. The project will be setup under the build-own-operate (BOO) model. The project will have an annual revenue of over Rs 97 crore with a concession tenure of 12 years post-commercial operation date (COD).

Pune E-Stock Broking: The company will make its debut on the BSE SME on March 15. The final issue price has been fixed at Rs. 83 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Mold-Tek Packaging: Goldman Sachs Funds: Goldman Sachs India Equity Portfolio sold 2,36,368 equity shares in the company at an average price of Rs 804.98 per share, valued at Rs 19.03 crore.

Ruchi Infrastructure: Shantiram Kutumbkam Food Services has bought an additional 19,28,821 equity shares in the company at an average price of Rs 11.7 per share; however, Patanjali Foods sold a further 20 lakh shares in the same company at the same price.

Rose Merc: The company has signed a subscription agreement to acquire a 50 percent stake in LK Vet Care to enter the rural B2C market with the animal husbandry sector.

Sundaram Clayton: Promoter Venu Srinivasan sold 14,16,247 equity shares (equivalent to 7 percent of paid-up equity) at an average price of Rs 1239.99 per share, valued at Rs 175.61 crore. However, SBI Mutual Fund bought an additional 7.74 lakh equity shares, and Govindlal Mansukhlal Parikh purchased an additional 5,35,802 equity shares at an average price of Rs 1,240 per share.

Bombay Burmah Trading Corporation: The Assistant Commissioner of State Tax, Mumbai, has initiated a search on March 13 at its registered office in Mumbai under the Maharashtra Goods and Services Tax Act. The corporation has extended its full cooperation with the officials and responded to the clarifications and details sought by them. They do not foresee any material impact on the business of the corporation.

Elpro International: The company has acquired equity shares worth Rs 6.31 crore of Ami Organics, which develops advanced pharma intermediates for active pharmaceutical ingredients.