Buzzing Stocks: HDFC Bank, Sheela Foam, Zee Entertainment, IREDA, Cipla, Inox Wind, Bajaj Finance and others in news

HDFC Bank: The bank has sold 27,81,897 shares (representing 3.03 percent of the equity capital) of Indraprastha Medical Corporation between February 29 and April 4, 2024, through the secondary market route. After the stake sale, the bank holds 2.45 percent of Indraprastha. The average selling price was Rs 199.38 per share, and the total stake sale worth was Rs 55.46 crore.

Sheela Foam: The District Consumer Disputes Redressal Commission (DCDRC) has issued an order in favor of Sheela Foam in the insurance claim matter. As per the order, the company has received compensation of Rs 21.4 crore along with an interest rate of 10 percent from the date of rejection, i.e., July 27, 2020. Additionally, the company has received Rs 7.5 lakh for mental anguish and losses and Rs 2.5 lakh for legal expenses.

Inox Wind, NBCC: The BSE has increased the circuit limit for 331 stocks, including IFCI, Mahanagar Telephone Nigam, Kesoram Industries, MMTC, Sanghi Industries, Shriram Asset Management Company, India Tourism Development Corporation, Jaiprakash Associates, Burnpur Cement, NBCC (India), Inox Wind, Sterling and Wilson Renewable Energy, Indiabulls Enterprises, BEML Land Assets, Plaza Wires, and Ginni Filaments, to 10 percent, from 5 percent earlier. The revised price band will be effective on April 5.

Nestle India: The National Consumer Dispute Redressal Commission, New Delhi (NCDRC) has dismissed the Central government’s plea against Nestle India regarding the unfair trade practice in selling Maggi Noodles. The government filed a complaint against the company in 2015, alleging that by selling Maggi noodles in the past, the company had indulged in unfair trade practices by manufacturing and selling hazardous and defective goods to the public. The government was seeking compensation of Rs 284.55 crore and punitive damages of Rs 355.41 crore.

Zee Entertainment Enterprises: Punit Misra has resigned as President, Content & International Markets, of the company due to pursuing interests outside the organization.

IRB Infra, RailTel Corporation: The BSE has raised the circuit limit for 168 stocks, including Force Motors, Mangalore Refinery and Petrochemicals, Lyka Labs, Sakthi Sugars, Vakrangee, Fortis Malar Hospitals, Zenotech Laboratories, Indian Overseas Bank, UCO Bank, IIFL Finance, IRB Infrastructure Developers, Jupiter Wagons, Punjab & Sind Bank, Housing & Urban Development Corporation, Khadim India, RailTel Corporation of India, Data Patterns (India), and Shelter Pharma, to 20 percent from 10 percent earlier. The revised price band will be effective on April 5.

Bajaj Finance: Assets under management (AUM) grew by 34 percent to Rs 3.3 lakh crore in the year ended March FY24, and the same in Q4 FY24 increased by Rs 19,400 crore. The deposit book in FY24 at Rs 60,100 crore grew by 35 percent compared to the previous fiscal. New loans booked during Q4 FY24 rose 4 percent to 7.87 million, while customer franchises during the quarter increased by 3.23 million.

Shipping Corporation of India, IREDA, and DB Realty: The BSE has increased the circuit limit for 14 stocks, including Shipping Corporation of India, Paramount Communications, Nucleus Software Exports, Indraprastha Medical Corporation, D B Realty, Indostar Capital Finance, EMS, the Indian Renewable Energy Development Agency,and Saksoft, to 20 percent from 5 percent earlier. The revised price band will be effective on April 5.

IndusInd Bank: The private sector lender has recorded deposits at Rs 3.85 lakh crore for the quarter ended March FY24, increasing 4 percent compared to the previous year and growing 14 percent over a year-ago period. Net advances jumped 5 percent QoQ and 18 percent YoY to Rs 3.43 lakh crore, while the CASA ratio at 37.9 percent dropped 60 bps compared to the previous quarter and declined 2.2 percent compared to the corresponding quarter of the previous fiscal.

Cello World: Subsidiary Cello Consumerware has commissioned its manufacturing facility in a phased manner in Rajasthan. Further, the glassware furnace coming up in the same facility will be operational by the end of Q1 FY25.

UltraTech Cement: The company has completed a 100 MW solar energy project under the group captive scheme in Rajasthan. This is the company’s first project for sourcing power for its captive consumption from the inter-state transmission network. Power from this project will be available to the company’s units in Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, and Odisha, among others. The company now has a capacity of 612 MW of renewable power and 278 MW of WHRS.

Bandhan Bank: The lender said loans and advances increased by 17.8 percent year-on-year to Rs 1.28 lakh crore, while deposits jumped by 25.1 percent to Rs 1.35 lakh crore in the quarter ended March FY24. CASA deposits grew by 18.1 percent YoY to Rs 50,151 crore, and retail deposits (including CASA) increased by 21.9 percent on-year to Rs 93,794 crore.

Cipla: After the inspection, the pharma company has received six inspectional observations in Form 483 from the US Food and Drug Administration (US FDA) for the Patalganga facility in Maharashtra. The US FDA has conducted a routine current good manufacturing practices (cGMP) inspection of the manufacturing facility on March 28 and April 4.

LTIMindtree: The IT company has signed a strategic partnership with Aforza (the cloud and mobile solutions company) to set up a training academy. They will deliver digital transformation in CRM and TPM across the consumer products industry.

Hero MotoCorp: The two-wheeler maker has received notices for a tax demand of Rs 308.65 crore with interest thereon of Rs 296.22 crore for six assessment years. This is due to certain disallowances for the assessment years FY14 to FY18 and FY20. The company will be filing appeals against the orders with appellate authorities, including rectification applications.

Prestige Estates Projects: The real estate developer has acquired 21 acres of prime land in Whitefield, Bengaluru, for Rs 450 crore. The company will develop a residential project spanning 4 million square feet on the land, with a projected gross development value (GDV) of Rs 4,500 crore.

SecureKloud Technologies: healthcare IT solutions provider Healthcare Triangle Inc., a step-down subsidiary of the company, has announced its partnership with Cynomi, a pioneer vCISO platform vendor. They will enhance cybersecurity in healthcare.

Radiowalla Network: The company will make its debut on the NSE Emerge on April 5. The final issue price has been fixed at Rs. 76 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

Sobha: The south-based real estate developer said sales value in the quarter ended March FY24 grew by 2.8 percent year-on-year to Rs 1,504 crore, and the company’s share in sales value at Rs 1,273.5 crore increased by 5.5 percent during the same period. The average price realization in Q4FY24 jumped 13.5 percent to Rs 11,230 per square foot compared to the year-ago period. The new sales area at the end of Q4FY24 stood at 1.3 million square feet, declining from 1.47 million square feet in Q4FY23.

TAC Infosec: Trading in its equity shares will commence on the NSE Emerge with effect from April 5. The final issue price has been fixed at Rs. 106 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.