Buzzing Stocks: Biocon, JSW Energy, Zee Ent, MOIL, J&K Bank, Shriram Properties, UltraTech Cements & others

Biocon: Subsidiary Biocon Biologics has completed the transfer of its branded formulations business in India to Eris Lifesciences on a slump sale basis for Rs 1,242 crore. The branded formulations business comprises metabolics, oncology, and critical care diagnostics.

MOIL: The manganese ore mining company has recorded the best ever production of any financial year since inception, at 17.56 lakh metric tons, growing sharply by 35 percent year-on-year. This is 29 percent higher than the previous best-ever production of 13.64 lakh metric tons in FY08. Meanwhile, it has achieved the best ever sales of 15.36 lakh metric tons in FY24, a 30 percent YoY growth, which is 10 percent higher than the previous best ever sales of 13.92 lakh metric tons in FY08. The company has also achieved the best ever production of electrolytic manganese dioxide (EMD) at 1,413 metric tons, up by 28 percent YoY. EMD is a 100 percent import substitution product, used mostly for pharmaceuticals and the manufacturing of batteries.

Zee Entertainment Enterprises: The media and entertainment company’s MD and CEO, Punit Goenka, have decided to implement a 20 percent reduction in their remuneration. The management of the company, under his leadership, is implementing all the required measures across verticals to optimize costs and enhance productivity. In FY23, Punit Goenka received Rs 35 crore as remuneration.

Britannia Industries: The biscuit maker said the board of directors has approved the appointment of Susheel Navanale as the Chief Information Officer, with effect from April 3.

UltraTech Cement: The company has commissioned two greenfield capacities: a 2.70 mtpa cement grinding unit at Karur, Tamil Nadu, and a 2.70 mtpa integrated cement plant at Kukurdih, Chhattisgarh. With this, its total domestic grey cement manufacturing capacity increased to 146.2 mtpa, while along with its existing capacity of 5.4 mtpa in the UAE, the company now has a total of 151.6 mtpa.

Anupam Rasayan India: The company has signed a letter of intent with a Japanese multinational company worth $90 million (Rs 743 crore) over the next 7 years to supply two advanced intermediates using fluorination chemistry.

PNC Infratech: The company has executed a settlement agreement with the National Highways Authority of India and its subsidiary, PNC Raebareli Highways, for Rs 117.15 crore under the Vivad Se Vishwas II (Contractual Disputes) Scheme of the Government of India.

Jammu & Kashmir Bank: The bank has signed a corporate agency agreement with New India Assurance Company for servicing and soliciting their insurance products through the bank’s branch network.

Ramco Cements: The company has commissioned Line II and commenced commercial production on March 31, 2024. The cement manufacturing capacity of Line II is 0.90 million metric tons per year (MTPA). With the commissioning of Line II, the aggregate capacity of the Odisha grinding unit has increased to 1.8 MTPA.

Tamilnad Mercantile Bank: The bank has received a notice of tax demand of Rs 110.04 crore from the Assessment Unit, Income Tax Department, for Assessment year 2022–23, due to certain additions and disallowances made. The bank is in the process of challenging the said order in the appropriate forum within the prescribed timelines.

Hindustan Zinc: The mined metal production for the quarter ended March FY24 declined 1 percent YoY to 299 kt, but the same increased 11 percent on a sequential basis, driven by a mix of improved mined metal grades and higher ore production across mines. Refined metal production at 273 kt was up 6 percent QoQ due to better plant availability, and the year-on-year increase was 1 percent.

JSW Energy: The JSW Group company has received approval from the board of directors for raising funds up to Rs 5,000 crore via qualified institution placement (QIP) in one or more tranches.

HCL Technologies: The IT services company said HCL Investments UK, a step-down wholly owned subsidiary of the company, has completed the divestment of a 49 percent equity stake in its joint venture (JV) with US-based State Street International Holdings. The subsidiary has received $172.5 million for the divestiture of a joint venture and the termination of an agreement for related services.

National Aluminium Company: The company has achieved the highest-ever cast metal production of 4,63,428 metric tons, bauxite excavation of 76,00,230 metric tons, and metal sale of 4,70,108 metric tons in FY24. During the year, the company has also added a new aluminum alloy ingot (AL59) to its product range.

ESAF Small Finance Bank: The bank has operationalized the Authorized Dealer Category 1 license (foreign exchange operations) with effect from April 2.

Dhanlaxmi Bank: The bank recorded total business at Rs 24,668 crore for the quarter ended March FY24, growing 6.3 percent over the same period last year, with total deposits rising 6.8 percent to Rs 14,259 crore and gross advances increasing 5.6 percent to Rs 10,409 crore during the same period. CASA increased 2.8 percent to Rs 4,381 crore in Q4 FY24 compared to the corresponding period last fiscal, while gold loans at Rs 2,839 crore rose by 24.85 percent during the quarter.

Aspire & Innovative Advertising: The trading in the company’s equity shares will commence on the NSE Emerge with effect from April 3. The issue price is Rs. 54 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

SRM Contractors: The Jammu and Kashmir-based EPC contractor will list its equity shares on the bourses on April 3. The final issue price has been fixed at Rs. 210 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Shriram Properties: The company has received a tax penalty order amounting to Rs 446.79 crore for the assessment year 2018–19 from the Deputy Commissioner of Income Tax, Chennai, in respect of income tax proceedings for matters related to the sale of shares in one of its subsidiaries, Shriram Properties and Infrastructure. This penalty order relates to the tax demand, which was already challenged before the Madras High Court, and the High Court has given an interim order directing the department to maintain the status quo. The company is in the process of challenging it before relevant judicial forums and is confident of defending the penalty order in view of the facts and merits of the case.

Vruddhi Engineering Works: Trading in the company’s equity shares will commence on the BSE SME with effect from April 3. The issue price is Rs 70 per share. The stock will be in the trade-for-trade segment for 10 trading days.

Ashiana Housing: The company has sold the entire 224 units in Phase 3 of ‘Ashiana Amarah’ (Gurugram) by March 30, 2024, for Rs 440.32 crore. Phase 3 has a total saleable area of 3.77 lakh square feet.

Zensar Technologies: The Accounting and Corporate Regulatory Authority (ACRA), Singapore, has approved the merger of Foolproof Singapore Pte Ltd, Singapore (a step-down subsidiary) with Zensar Technologies (Singapore) Pte Ltd, Singapore (a wholly owned subsidiary). Accordingly, Foolproof Singapore Pte, Singapore, has merged into Zensar Technologies (Singapore) Pte, Singapore, and ceased to exist as a separate legal entity on April 1.

Bartronics India: The company has received approval from the board of directors for raising funds up to Rs 49.90 crore via a rights issue.

Sunteck Realty: The real estate developer has entered into a long-term agreement for its commercial building in Mumbai with Bennett, Coleman & Co. This will generate revenue of close to Rs 2,000 crore over the course of 29 years.

Gokaldas Exports: Government Pension Fund Global sold 3,47,198 equity shares (equivalent to 0.55 percent of paid-up equity) in the company via open market transactions. These shares were sold at an average price of Rs 777.05 per share, amounting to Rs 26.98 crore.

Gconnect Logitech and Supply Chain: The company will debut on the BSE SME on April 3. The issue price is Rs. 40 per share. The stock will be in the trade-for-trade segment for 10 trading days.

PC Jeweller: Karur Vysya Bank has accepted the company’s one-time settlement proposal. The company had opted for a one-time settlement to settle the outstanding dues.

GE T&D India: The company has received a letter from General Electric Company (GEC) saying it intends to split GEC into GE Aerospace and GE Vernova. With this, the energy business of GEC will be spun off under GE Vernova Inc., with effect from April 2. General Electric Company is the ultimate holding company of GE T&D India. The spin-off of the energy business would result in the transfer by GEC of 75 percent of its ultimate and indirect shareholding in GE T&D India to GE Vernova Inc. Thus, GE Vernova Inc. will substitute for GEC and become the ultimate holding company of GE T&D.

Blue Pebble: The company will make its debut on the NSE Emerge on April 3. The issue price is Rs. 168 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

Viceroy Hotels: The trading in equity shares of the company will recommence on the bourses, with effect from April 3, post-capital reduction pursuant to the resolution plan. Its equity shares will be available for trading in the T group and will continue to be available in the trade-to-trade segment.