Stocks To Watch on February 28: Equity markets saw another day of consolidation through a recovery in the second half. Tuesday marked the sixth straight closing in a narrow range of 160 points for Nifty. Analysts said usually such volatility contraction is followed by a big move on either side.
Capital Finance: IndoStar Capital Finance has signed an agreement to raise Rs 457 crore through preferential allotment of warrants to promoter Brookfield Asset Management and non-promoter investor Florintree Tecserv LLP.
Titan: Titan Co has executed an agreement to acquire a 0.4% stake or 1,19,489 shares in subsidiary CaratLane.
Vodafone-Idea: Cash-strapped private telecom operator, Vodafone-Idea, on Tuesday saw its board approve a Rs 45,000-crore fund raising initiative—including a Rs 20,000 crore equity-based fund raise from existing investors. A shareholder meet for the fund raise is expected to take place on 2 April, post which the operator expects to complete the equity fund raise by the end of the upcoming June quarter. Following the equity fund raise, Vodafone-Idea will further look to raise debt—taking the total amount of funding up to Rs 45,000 crore. Existing promoters of Vodafone-Idea will also be involved in the equity fund raise, the company confirmed in a media statement.
Patanjali Foods: The Supreme Court on Tuesday served a contempt notice to Ramdev-owned Patanjali Ayurved and its managing director Acharya Balakrishna for issuing misleading advertisements about health cures in violation of an earlier order. The apex also court barred Patanjali from promoting products claimed to cure diseases such as heart ailments and asthma. However, Patanjali Foods said in a regulatory filing, “The observations of the Supreme Court of India do not relate to Patanjali Foods Limited which is an independent listed entity and operates in the space of edible oil and food FMCG products only”.
CMS Info Systems: In what could be one of its most successful exits from India, global private equity firm Baring Private Equity Asia through its affiliate Sion Investment Holdings, completely exited its stake in leading cash management solutions provider CMS Info Systems. The company offloaded its remaining 26.7% holding, or 41.77 million shares, through a block deal on Tuesday. The sale, estimated to be worth Rs 1,503.8 crore, was conducted at a floor price of Rs 370 per share, a 7% discount from the Monday’s closing price on the National Stock Exchange (NSE).
Zee Entertainment Enterprises: The board of directors of Zee Entertainment Enterprises (ZEEL) has expanded and strengthened the role of the independent advisory committee set up last week to review and examine all allegations raised by the regulatory agencies against the company, its promoters and key managerial personnel through a deep-dive exercise. The committee will take necessary measures to investigate the allegations, with the sole interest to protect the rights of the company’s shareholders and other stakeholders, ZEEL said in a statement on Tuesday.
Hindustan Zinc: Vedanta Group firm Hindustan Zinc on Tuesday announced the formation of a new subsidiary Hindmetal Exploration Services Pvt Ltd, with an aim to lead the company’s foray into strategic mineral exploration and diversification of its portfolio. “…The company has incorporated Hindmetal Exploration Services Private Limited, a wholly-owned subsidiary of Hindustan Zinc Ltd, with an objective to explore, discover, develop and tap mineral resources,” Hindustan Zinc said in a regulatory filing.
Texmaco Rail & Engineering: The flagship company of the Adventz Group, Texmaco Rail & Engineering, on Tuesday said its board of directors has approved plans to raise up to Rs 150 crore through a preferential issue of convertible warrants to its promoters and promoter groups. The board has authorised its Capital Issue Committee to finalise the structure, terms, and conditions of the issuance, as well as other related matters.
JSW Energy: The company on Tuesday announced that its arm, JSW Neo Energy, has secured a Letter of Award (LoA) from SJVN Ltd for a solar capacity project of 700 MW that will be connected to the interstate transmission system (ISTS). This LoA has been received against a tariff-based competitive bid invited for setting up 1,500 MW ISTS-connected solar power projects, JSW said in a filing to the stock exchanges. With this order, the company’s total locked-in capacity increases to 11 GW comprising 1.4 GW of solar capacity.
Tata Elxsi: Tata Elxsi and Telefónica have implemented a cloud-native infrastructure management system powered by ETSI Open-Source MANO (ETSI OSM). These advancements mark a new phase in the evolution of telco-cloud technologies and signify a commitment to driving digital transformation across the telecommunications industry.
Torrent Power: The power company has emerged as the successful bidder and received a letter of intent from PFC Consulting for the establishment of an inter-state transmission scheme “transmission system for the evacuation of power from renewable power projects in Solapur (1,500 MW) SEZ in Maharashtra. The project has been initiated to evacuate renewable energy with a capacity of 1,500 MW from Solapur and entails the setting up of a transmission line of 44 km from the existing Solapur substation of Power Grid Corp. to Solapur substation (to be established by Torrent Power). In due course, PFC Consulting will transfer the project SPV to Torrent Power.
Piramal Pharma: The pharma company said a fine of €1,82,001 was imposed on its step-down subsidiary Piramal Critical Care B V (PCC BV) by the Audiencia Nacional, Spain. PCC BV is contemplating filing an appeal against the Audiencia’s judgment before the Supreme Court in Spain. The fine levied on PCC BV does not have any material impact on the financials, operations, or other activities of the company.