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Buzzing Stocks: TVS Motor, P&G, Delhivery, JSW Steel, Axis Bank and others in news.
TVS Motor Company: The Chennai-based two-and-three-wheeler maker announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, the automobile importer and retailer in Europe. This partnership signifies a significant step towards global expansion for TVS Motor Company.
Procter & Gamble Hygiene & Health Care: Procter & Gamble Hygiene will trade ex-dividend with effect from November 17, and the dividend is Rs 105 per share. Man Infraconstruction, Archean Chemical Industries, Axita Cotton, Computer Age Management Services, Gabriel India, IFL Enterprises, Indian Railway Catering and Tourism Corporation, Jamna Auto Industries, KP Energy, Metropolis Healthcare, MRF, Info Edge (India), Nile, Nexus Select Trust, Page Industries, Panama Petrochem, Polyplex Corporation, Precision Wires India, Ram Ratna Wires, R R Kabel, Shradha AI Technologies, Stylam Industries, United Spirits, Vidhi Specialty Food Ingredients, and Yug Decor will also trade ex-dividend on the same date.
Axis Bank: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 90.92 lakh on Axis Bank for non-compliance with Know Your Customer (KYC) Directions, Loans, and Advances—Statuary and Other Restrictions, Guidelines on Managing Risks and Code of Conduct in Outsourcing Financial Services by Banks, and Code of Conduct for Opening and Operating Current Accounts.
SJVN: The state-owned hydroelectric power generation company has signed a power purchase agreement for a 200 MW grid-connected wind power project with the Solar Energy Corporation of India (SECI). Its subsidiary, SJVN Green Energy (SGEL), bagged 200 MW at a tariff of Rs 3.24 per unit on a build-own-operate (BOO) basis in an open competitive tariff bidding process. With this project, the wind portfolio of the company now stands at 497.6 MW. The tentative cost for the development of this project is Rs 1,400 crore, and the project is expected to generate 482 million units in its first year.
Delhivery: Foreign investor SoftBank is planning to sell a stake worth $150 million in Delhivery via a block deal, sources told Moneycontrol. SoftBank may sell around 4 percent of its stake if the block deal fructifies. Svf Doorbell (Cayman), owned by the Japanese conglomerate Softbank, held a 14.46 percent stake in Delhivery as of September 2023.
JSW Steel: After considering the demand and supply scenario of iron ore in India, the company has withdrawn its application for the final mine closure plan for the surrender of the Jajang iron ore block in Keonjhar, Odisha. On September 1, 2023, due to uneconomic operations, the company submitted a notice for surrender of a mining lease in respect of the Jajang iron ore block before the Indian Bureau of Mines. It had acquired a total of four iron ore mining leases in Odisha through an auction in 2020.
Manappuram Finance: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 42.78 lakh on Manappuram Finance for non-compliance with certain provisions of the Non-Banking Financial Company—Systemically Important Non-Deposit-Taking Company and Deposit-Taking Company (Reserve Bank) Directions.
JSW Infrastructure: The company has received a letter of award from the Karnataka Maritime Board, Government of Karnataka, for the development of the port at Keni in Karnataka on a public-private partnership basis. The estimated cost of the project is Rs 4,119 crore, with an initial capacity of 30 MTPA.
DCX Systems: The cables and wire harness assemblies manufacturing company has received approval from the Board of Directors for fund raising up to Rs 500 crore via public issue, preferential issue, rights issue, private placement(s), or qualified institution placement.
Brigade Enterprises: Brigade Group has signed a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million square feet of residential housing in Bengaluru with a gross development value (GDV) of Rs 2,100 crore. The group has a strong pipeline over the next year of around 13 million square feet in Bengaluru, Hyderabad, and Chennai, of which 11 million square feet are from residential projects.
Kalyani Cast-Tech: Kalyani Cast-Tech will list its equity shares on the BSE SME. The issue price is Rs. 139 per share. The stock will be available in the trade-for-trade segment for 10 trading days.
