Buzzing Stocks: Adani Ent, Anand Rathi, TCS, Aster DM Healthcare, Wipro, IIFL Finance, Rel Power and others

Reliance Power: As per the Business Transfer Agreement, the company has concluded the transfer of its 45 MW wind power project at Vashpet, Maharashtra, to JSW Renewable Energy (Coated) for Rs 132.39 crore.

Adani Enterprises: Adani Global, Mauritius, a wholly owned subsidiary of the company, has executed a shareholders’ agreement for acquiring a 49 percent stake in Adani Easysoft Smart Solutions, Abu Dhabi, from Easysoft Holding, UAE. Now, Adani and Easysoft Holding will hold 49 percent and 51 percent of Adani Easysoft Smart Solutions, with equal participation on the board of directors of Adani Easysoft Smart Solutions.

Tata Consultancy Services: The country’s largest IT services company has recorded 9.1 percent on-year growth in net profit at Rs 12,434 crore for the quarter ended March FY24, beating analysts’ estimates. Revenue from operations grew by 3.5 percent YoY to Rs 61,237 crore, driven by India, the UK, and the manufacturing segment, while the constant currency revenue growth was 2.2 percent. EBIT for the quarter grew by 10 percent to Rs 15,918 crore, with a margin expansion of 150 bps at 26 percent compared to the year-ago period. TCS reported a record total contract value of $13.2 billion during the quarter, while the full-year order book stood at an all-time high of $42.7 billion. The company announced a dividend of Rs 28 per share for the financial year 2023–24.

Results on April 15: GTPL Hathway, Hathway Bhawani Cabletel & Datacom, Metalyst Forgings, Ontic Finserve, Rajoo Engineers, Hit Kit Global Solutions, Shekhawati Poly-Yarn, Atam Valves, and Sybly Industries will release their quarterly earnings on April 15.

Anand Rathi Wealth: The wealth management company has recorded nearly 33 percent year-on-year growth in net profit at Rs 56.6 crore for the quarter ended March FY24, despite weak operating margin performance. Revenue from operations for the quarter grew by 29 percent to Rs 184.3 crore compared to the same period last year. The company said the board has approved a final dividend of Rs 9 per share for FY24 and the proposal of a buyback of equity shares worth up to Rs 164.65 crore of the company.

Wipro: FPEL Ujwal has issued equity shares to new offtakers and converted its existing optionally convertible debentures (OCDs) into equity shares. As a result of these transactions, Wipro’s shareholding in FPEL has diluted from 9.95 percent to 7.07 percent, with effect from April 11. In September 2023, Wipro signed a definitive agreement to subscribe for 9.95 percent equity share capital in FPEL Ujwal. The transaction was completed on October 10, 2023.

Aster DM Healthcare: The healthcare company has declared a special dividend of Rs 118 per share after the receipt of proceeds from the sale of the GCC business and redemption of redeemable preference shares issued to the company by Affinity Holdings, a wholly owned material subsidiary of the company.

Varun Beverages: The company has started commercial production of carbonated soft drinks and energy drinks (juices and value-added dairy products to be started) at its production facility in Gorakhpur, Uttar Pradesh.

Granules India: The US Food and Drug Administration (US FDA) has inspected the company’s Unit V facility at Visakhapatnam during April 8 and April 12 and concluded the said audit with zero 483s. This audit was a pre-approval inspection (PAI) and cGMP audit for active pharmaceutical ingredients (APIs) and formulations (FDs), oncology and non-oncology. This facility manufactures APIs and formulations of oncology and non-oncology products.

IIFL Finance: The board of directors of the company will be meeting on April 17 to consider the specific terms of the rights issue, such as the rights issue price and related payment mechanism, the rights entitlement ratio, the record date, and the timing of the rights issue. In March, the board approved fund raising up to Rs 1,500 crore via rights issue.

Coforge: The IT services company has received approval from shareholders to raise funds via qualified institution placement (QIP).

Sun TV Network: The company will commence transmission of its new Hindi general entertainment channel SUN NEO worldwide on April 15.

Lemon Tree Hotels: The hotel chain launched Tigerland Safari, A Lemon Tree Resort, in Chitwan, Nepal. This is the second property of the company in Nepal, after Lemon Tree Premier launched in Kathmandu earlier this month.

Sterlite Technologies: The company has raised Rs 1,000 crore via a qualified institution placement (QIP) issue as it has allotted 8,84,56,435 equity shares to eligible qualified institutional buyers at an issue price of Rs 113.05 per share.

Indian Overseas Bank: The bank has increased overnight to a two-year MCLR (marginal cost of fund-based lending rate) of 5 bps and a three-year MCLR of 10 bps, with effect from April 15.

Mphasis: The IT solutions provider has signed a multi-year global strategic collaboration agreement (SCA) with Amazon Web Services (AWS). The collaboration will enable the launch of Gen AI Foundry, led by Mphasis.AI for the financial services industry.

Bharti Hexacom: Sanjeev Kumar and Surajit Mandol have resigned from the board of the company with effect from April 12 due to the termination of the shareholder agreement upon the consummation of the initial public offer (IPO) of the company. Accordingly, both ceased to be directors. Both were non-executive directors on the board. Sanjeev Kumar is the chairman and managing director, and Surajit Mandol is the director (finance) of Telecommunications Consultants India, which offloaded its 15 percent stake in Bharti Hexacom via IPO and now holds the rest of the 15 percent in the company. Before the IPO, Bharti Airtel had a 70 percent stake and Telecommunications Consultants India had a 30 percent stake in the company.

Ami Organics: The company has received approval from the board of directors for raising funds up to Rs 500 crore through the issuance of equity shares or other eligible securities by way of a qualified institution placement (QIP).

ISMT: The company has received two contracts worth Rs 343.72 crore from Oil and Natural Gas Corporation (ONGC) for the supply of regular casing pipes. The contracts will be executed by February 13, 2025.