Stocks to watch: ITC, Bajaj Finance, IRB, Dixon, RVNL

ITC: Shareholders of ITC have approved the demerger of the company’s hotel business, paving the way for the listing of ITC Hotels. The decision was made during a virtual meeting, with 99.6% of shareholders voting in favor. The new entity, ITC Hotels, will handle the hotel and hospitality business.

Bajaj Finance: Bajaj Finance has has approved the initial public offering (IPO) of Bajaj Housing Finance, comprising a fresh issue of equity shares of up to ₹4,000 crore. The IPO is to comply with RBI’s regulatory norms for “upper layer” NBFCs to list within three years of being notified.

Wipro: The company has secured a $500-million contract from a top US communication service provider. The IT major will offer managed services for certain products and industry-specific solutions over five years.

ICICI Bank: The Securities and Exchange Board of India (SEBI) has issued a warning to ICICI Bank over its outreach program encouraging ICICI Securities’ shareholders to vote for its delisting. The regulator has asked the bank to take action against the employees involved and submit a report. The bank disclosed the SEBI letter to the stock exchanges. The regulator’s observations were based on complaints from shareholders about repeated calls and messages from the bank urging them to vote for the delisting.

Tata Chemicals: Tata Chemicals Europe, a subsidiary of Tata Chemicals, has been fined £1.1 million by the Chester Crown Court in the UK. The fine pertains to a safety incident that occurred in 2016, which led to the injury and subsequent unexpected death of a contractor.

HUL: Hindustan Unilever Limited has appointed Arun Neelakantan, the company’s chief digital officer, as executive director of customer development, effective 1 July. Neelakantan will succeed Kedar Lele, who is leaving for an external opportunity.

Vedanta: The mining conglomerate received approvals from the majority of its creditors for a proposed demerger of its businesses. The proposal marks an important step in the company’s plan to split into six independent listed companies.

IRB Infrastructure Developers: The company and its associate IRB Infrastructure Trust announced a strong year-on-year toll revenue growth of 30% for May 2024. The combined toll collections for the month amounted to ₹536 crore, significantly higher than the ₹411 crore collected in May 2023.

Dixon Technologies: The company has entered into a term sheet with HKC Corporation to form a joint venture (JV) arrangement for manufacturing of Liquid Crystal Modules (LCM), thin film transistor liquid crystal display modules (TFT-LCD Modules), assembly of end products like smartphones, TVs, monitors and auto displays and selling HKC branded end products in India.

RVNL: Rail Vikas Nigam has been awarded a ₹495 crore contract by the National Thermal Power Corporation (NTPC). The contract pertains to the execution of balance civil and HM works at the Barrage Complex, including part of the Head Race Tunnel (HRT) package for the Rammam Hydro Electric Project Stage-III. The project, which has a capacity of 3x40 MW, is expected to be completed in 66 months.

PB Fintech: Tencent Cloud Europe BV offloaded a 0.73% stake in Policybazaar’s parent firm PB Fintech for ₹416 crore through an open market transaction.

Zomato: The food safety department raided Blinkit’s warehouse in Hyderabad’s Devarayamjal area and found several safety measures not being followed. Blinkit is the quick commerce arm of Zomato. The department officials found that the premises were “very disorganised (and) unhygienic” and that the storage racks were “dusty”.

Hero MotoCorp: The company announced on Thursday that it will acquire an additional 2.2% stake in Ather Energy for ₹124 crore. The acquisition is expected to be completed by 31 July. Currently, Hero MotoCorp holds a 39.7% stake in Ather Energy.

Muthoot Microfin, SBI: Muthoot Microfin announced on Thursday that it has entered into a strategic co-lending partnership with SBI. Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-generating enterprises.

Welspun Enterprises: The company has resolved its long-standing legal dispute with Indian Oil Corporation (IOCL) over the Panipat Naphtha Cracker Project (EPCC-12A Project). As per the settlement terms, IOCL will pay Welspun Enterprises ₹23.67 crore, including a principal of ₹15.96 crore and interest of ₹7.41 crore. The settlement amount must be paid in full by 14 June.

GMR Power and Infra: The company has approved the allotment of 15,026 secured non-convertible debentures amounting to ₹150 crores at a coupon rate of 10.92% per annum.

Power Grid Corporation of India: The company announced that Ravindra Kumar Tyagi, its chairman and managing director, will take additional charge as the director of projects from 1 July.

Sun Pharmaceuticals: The company and its subsidiaries have entered into an agreement to acquire 9.6% of total outstanding securities in Haystack Analytics.

RITES: The company received a Letter of Award for loco hiring along with operation and maintenance from Tata Steel.

Paytm: The company’s share of the unified payments interface (UPI) market in India fell for a fourth straight month. Paytm accounted for 8.1% of total UPI transactions in May, down from 13% in January.

Orient Green Power: The company will seek shareholders’ approval to raise its authorised share capital to ₹2,500 crore from the existing ₹1,600 crore in its annual general meeting later this month.

Oberoi Realty: The company has set 24 June as the record date for the payment of final dividend for FY23-24 of ₹2 per equity share.

Jubilant Pharmova: The company proposed the acquisition of a 19.89% stake in O2 Renewable Energy XVI.

CanFin Homes: The company recommended to its members the issuance of shares through QIP, preferential allotment, or rights issue, not exceeding ₹1,000 crore.

Union Bank: The bank is set to discuss a capital raising plan on 11 June, which may include rights issue, private placements, QIPs, or preferential allotment.

United Breweries: The company has launched 'Queenfisher Premium Lager Beer’ in the larger beer mild segment category in Maharashtra.

Regency Fincorp: The company has opened three new branch offices in Raikot, Ludhiana (Punjab), and Yamuna Nagar (Haryana).

Medplus Health Services: The company’s subsidiary, Optival Health Solutions, received two suspension license orders for stores in Mumbai.

Zen Technologies: The company successfully delivered its Zen Anti‐Drone System to the Army Air Defense College in Gopalpur, Odisha.

India Pesticides: The company commissioned an intermediate plant for backward integration of a fungicide that was primarily being imported.

Scan Projects: The company reported that its promoter group member Vijay Lakshmi, gifted around 60 lakh shares to Nirmal Gupta.