Stock To Watch On March 21: Lifted by favourable global sentiment and solid direct tax collection, Indian markets rebounded on Wednesday closing with modest gains. In today’s trade, shares of TVS Motor, Wipro, Aster DM Healthcare, RVNL, ZEE among others will be in focus due to various news developments.
Zee Entertainment Enterprises: On Wednesday, Sebi assured the Bombay High Court that it would refrain from any action concerning the summons issued to Subhash Chandra of Zee Entertainment Enterprises for three weeks in connection with an alleged fund diversion case. Chandra, who had petitioned the court on March 5, claimed that the language of the summons issued by Sebi suggested that the allegations were already conclusively proven. He requested the court to declare the summons as unlawful and invalid. Justices GS Kulkarni and Firdosh Pooniwalla, forming a division bench, granted Sebi a fortnight to respond and postponed the hearing for three weeks. In a separate context, R. Gopalan, a former bureaucrat and independent chairman of the ZEEL board, believes that the company’s performance declined over the past two years while the management was preoccupied with the unsuccessful merger with Sony Pictures Networks India (SPNI). He asserts that it’s time for the company to reclaim its past success.
Wipro: According to a filing submitted to the stock exchanges, Wipro Ltd has named Anne-Marie Rowland as the new CEO of Capco. Rowland, who is currently the managing partner of Capco’s operations in the UK and Ireland, will assume her new role as CEO from April 1, 2024. Wipro acquired the British consulting firm Capco for $1.45 billion on April 29, 2021. Rowland will succeed Lance Levy, who served as Capco’s CEO for nearly ten years. She will report directly to Thierry Delaporte, the CEO and Managing Director of Wipro, and will also join the Wipro Executive Committee (WEC).
Crompton Greaves Consumer Electricals: The company has been awarded an order for a solar water pumping system under the PM-KUSUM scheme for the state of Haryana. The order, approved by Haryana’s New and Renewable Energy Department and HAREDA, encompasses the provision, installation, and commissioning of solar photovoltaic water pumping systems valued at over ₹9 crore. The cumulative orders received from HAREDA to date amount to ₹65.6 crore.
Wockhardt: Pharmaceutical company Wockhardt announced on Wednesday that it has initiated a Qualified Institutional Placement (QIP) to gather funds. The base price for each share is set at ₹544.02, which is nearly equivalent to the stock’s closing price on the same day. However, the company has not delared the quantum of how much money it plans to raise in its exchange filing.
TVS Motor: TVS Motor, a manufacturer of two and three-wheelers, announced on Wednesday that it plans to distribute four cumulative non-convertible redeemable preference shares (NCRPS), each valued at ₹10, for every single share held as of the record date. These NCRPS will carry an annual coupon rate of 6% and are set to be redeemed 12 months after the allotment date.
PB Fintech: On Wednesday, PB Fintech, the promoter of PolicyBazaar, announced that its board has given the green light for the establishment of a fully-owned subsidiary dedicated to the payment aggregator business. The newly formed subsidiary, named PB Pay Private Limited, is set to operate as a payment aggregator. It will facilitate both domestic and/or cross-border transactions, subject to the approval of the Reserve Bank of India. The company aims to assist merchants with both offline and digital payment acceptance infrastructure, as stated in a regulatory filing.
Cyient, HAL: IT solutions provider Cyient announced on Wednesday that Infotech HAL Ltd, a joint venture equally owned by Cyient and HAL, has begun a corporate insolvency resolution process. This process, initiated under section 10 of the Insolvency and Bankruptcy Code, 2016, is being carried out before the Bengaluru bench of the National Company Law Tribunal (NCLT).
Zomato: Just a day after the announcement of a “pure veg” fleet for customers with vegetarian dietary preferences, Zomato CEO Deepinder Goyal stated that there will be no on-ground segregation of riders. In a post on X shared on March 20, Goyal clarified that all Zomato riders will be donning red uniforms, regardless of the type of order they are delivering. This was a departure from the previous announcement that the “pure veg” fleet would be identifiable by green uniforms. Customers will now be able to distinguish their “pure veg” fleet exclusively through the app.
Suzlon Energy: On Wednesday, Suzlon announced that its board of directors has given the green light to convert 22.86 lakh partly paid-up equity shares, each with a face value of ₹2, into fully paid-up equity shares.
Prince Pipes: The PVC pipes company announced on Wednesday that it has signed an asset purchase agreement valued at ₹55 crore. The agreement, with Klaus Waren Fixtures Pvt Ltd and NM Shah, includes the acquisition of assets such as the “Aquel” brand, all intellectual property, land, buildings, civil structures, and other office equipment. The purchase will be made in two installments, the company said in an exchange filing.
RVNL: RVNL emerged as the lowest bidder for a project worth Rs 167.28 crore of SER HQ-Electrical/South Eastern Railway.
LIC: State-run Life Insurance Corporation of India (LIC) said it has fired an employee, who has been banned by markets regulator Sebi in a front-running case after the incident was reported last year.
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