Stock To Watch On March 21: Lifted by beneficial international sentiment and strong direct tax assortment, Indian markets rebounded on Wednesday closing with modest positive aspects. In at the moment’s commerce, shares of TVS Motor, Wipro, Aster DM Healthcare, RVNL, ZEE amongst others can be in focus due to varied information developments.
Zee Entertainment Enterprises: On Wednesday, Sebi assured the Bombay High Court that it will chorus from any motion regarding the summons issued to Subhash Chandra of Zee Entertainment Enterprises for 3 weeks in reference to an alleged fund diversion case. Chandra, who had petitioned the court docket on March 5, claimed that the language of the summons issued by Sebi steered that the allegations have been already conclusively confirmed. He requested the court docket to declare the summons as illegal and invalid. Justices GS Kulkarni and Firdosh Pooniwalla, forming a division bench, granted Sebi a fortnight to reply and postponed the listening to for 3 weeks. In a separate context, R. Gopalan, a former bureaucrat and unbiased chairman of the ZEEL board, believes that the corporate’s efficiency declined over the previous two years whereas the administration was preoccupied with the unsuccessful merger with Sony Pictures Networks India (SPNI). He asserts that it’s time for the corporate to reclaim its previous success.
Wipro: According to a submitting submitted to the inventory exchanges, Wipro Ltd has named Anne-Marie Rowland as the brand new CEO of Capco. Rowland, who’s at the moment the managing companion of Capco’s operations within the UK and Ireland, will assume her new position as CEO from April 1, 2024. Wipro acquired the British consulting agency Capco for $1.45 billion on April 29, 2021. Rowland will succeed Lance Levy, who served as Capco’s CEO for almost ten years. She will report straight to Thierry Delaporte, the CEO and Managing Director of Wipro, and can even be a part of the Wipro Executive Committee (WEC).
Crompton Greaves Consumer Electricals: The firm has been awarded an order for a photo voltaic water pumping system below the PM-KUSUM scheme for the state of Haryana. The order, authorized by Haryana’s New and Renewable Energy Department and HAREDA, encompasses the supply, set up, and commissioning of photo voltaic photovoltaic water pumping methods valued at over ₹9 crore. The cumulative orders obtained from HAREDA to date quantity to ₹65.6 crore.
Wockhardt: Pharmaceutical firm Wockhardt introduced on Wednesday that it has initiated a Qualified Institutional Placement (QIP) to collect funds. The base worth for every share is about at ₹544.02, which is sort of equal to the inventory’s closing worth on the identical day. However, the corporate has not delared the quantum of how a lot cash it plans to increase in its alternate submitting.
TVS Motor: TVS Motor, a producer of two and three-wheelers, introduced on Wednesday that it plans to distribute 4 cumulative non-convertible redeemable desire shares (NCRPS), every valued at ₹10, for each single share held as of the report date. These NCRPS will carry an annual coupon price of 6% and are set to be redeemed 12 months after the allotment date.
PB Fintech: On Wednesday, PB Fintech, the promoter of PolicyBazaar, introduced that its board has given the inexperienced gentle for the institution of a completely-owned subsidiary devoted to the fee aggregator enterprise. The newly fashioned subsidiary, named PB Pay Private Limited, is about to function as a fee aggregator. It will facilitate each home and/or cross-border transactions, topic to the approval of the Reserve Bank of India. The firm goals to help retailers with each offline and digital fee acceptance infrastructure, as said in a regulatory submitting.
Cyient, HAL: IT options supplier Cyient introduced on Wednesday that Infotech HAL Ltd, a three way partnership equally owned by Cyient and HAL, has begun a company insolvency decision course of. This course of, initiated below part 10 of the Insolvency and Bankruptcy Code, 2016, is being carried out earlier than the Bengaluru bench of the National Company Law Tribunal (NCLT).
Zomato: Just a day after the announcement of a “pure veg” fleet for patrons with vegetarian dietary preferences, Zomato CEO Deepinder Goyal said that there can be no on-floor segregation of riders. In a publish on X shared on March 20, Goyal clarified that each one Zomato riders can be donning purple uniforms, no matter the kind of order they’re delivering. This was a departure from the earlier announcement that the “pure veg” fleet can be identifiable by inexperienced uniforms. Customers will now give you the chance to distinguish their “pure veg” fleet completely by way of the app.
Suzlon Energy: On Wednesday, Suzlon introduced that its board of administrators has given the inexperienced gentle to convert 22.86 lakh partly paid-up fairness shares, every with a face worth of ₹2, into totally paid-up fairness shares.
Prince Pipes: The PVC pipes firm introduced on Wednesday that it has signed an asset buy settlement valued at ₹55 crore. The settlement, with Klaus Waren Fixtures Pvt Ltd and NM Shah, contains the acquisition of property such because the “Aquel” model, all mental property, land, buildings, civil buildings, and different workplace tools. The buy can be made in two installments, the corporate mentioned in an alternate submitting.
RVNL: RVNL emerged because the lowest bidder for a undertaking value Rs 167.28 crore of SER HQ-Electrical/South Eastern Railway.
LIC: State-run Life Insurance Corporation of India (LIC) mentioned it has fired an worker, who has been banned by markets regulator Sebi in a entrance-operating case after the incident was reported final 12 months.
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