Stocks to Watch: Check out the companies making headlines before the opening bell today.
Power Grid Corporation of India: Power Grid has been designated the preferred bidder for the installation of an inter-state transmission system for the construction of Khavda pooling station-3 (KPS3) in Khavda RE Park on a build, own, operate, and transfer (BOOT) basis. For the aforementioned project, the business has secured a letter of intent. The project scope includes the construction of a new 765/400kV GIS substation, a 765kV D/C transmission line, and associated works in Gujarat.
Tata Power Renewable Energy, a subsidiary of Tata Power, has authorised the preferential allocation of 20 crore compulsorily convertible preference shares with a face value of Rs 100 each, totaling Rs 2,000 crore, to GreenForest New Energies Bidco. GreenForest is governed by the laws of England and Wales. GreenForest has already completed both tranches of its Rs 2,000 crore investment in Tata Power Renewable Energy.
Vodafone Idea has allocated the remaining 4,000 optionally convertible debentures (OCDs) with a face value of Rs 10 lakh apiece to ATC Telecom Infrastructure. The corporation has now completed the whole procedure of allocating 16,000 OCDs to ATC. On February 25, shareholders approved the allotment of OCDs at the company’s extraordinary general meeting.
Bharat Electronics: During Aero India 2023, the Navratna military PSU inked a frame supply agreement with Thales Reliance Defense Systems (TRDS), Nagpur, for the manufacturing and delivery of TR modules, radar LRUs (line replaceable units), and micro modules.
Zydus Lifesciences: The United States Food and Drug Administration (USFDA) has approved Apixaban pills, which inhibit the action of certain clotting components in the blood. The medicine would be made in Moraiya, Ahmedabad, at a formulation manufacturing plant. Apixaban tablets had yearly sales of $18,876 million in the United States. In addition, the business has acquired FDA clearance for Olmesartan Medoxomil and hydrochlorothiazide tablets, which are used to treat high blood pressure (hypertension). The medicine, which had annual sales of $41.7 million in the United States, would be made at a formulation manufacturing plant in Ahmedabad SEZ.
Aditya Birla Capital has established a relationship with the National Payments Corporation of India (NPCI) to develop and promote digital payment options to its clients through its subsidiaries. Aditya Birla Capital has entered the payments market through its operating companies with this cooperation.
Seamec: The business has engaged in a charter agreement with HAL Offshore for the charter rental of the vessel “Semec Paladin” for a 5-year contract with ONGC. For sea activities, the charter charge is $35,000 per day. The vessel has been modified and has arrived in India, where it is being prepared for mobilisation under the ONGC contract. The overall contract value over the course of five years will be around $64 million.
Samvardhana Motherson International: The automobile component maker has completed the acquisition of Daimler India Commercial Vehicles’ frame production and assembly activities (DICV). It inked a strategic agreement to buy those assets in September last year, as well as a long-term arrangement with DICV for the delivery of the whole frame assembly.
Gradiente Infotainment is in negotiations with the BU Abdullah Group of Businesses about a future partnership and joint venture throughout the Middle East and Africa. These initiatives are part of Gradiente’s development and diversification plan, with projects outlaying a total of Rs 1,800 crore announced so far, of which Rs 1,100 crore are in the media and entertainment company and a business news channel, “Gradiente Business,” at a project expenditure of Rs 700 crore.
Stovec Industries: For the fiscal year ending December 2022, the printing solutions provider has recommended a dividend of Rs 47 per share. If authorised by shareholders at the next annual general meeting, the dividend will be paid to qualifying members on or before the due date. The firm reported a 72% year-on-year drop in Q4CY22 profit at Rs 1.66 crore, owing to poor operating performance and a high base due to an unusual gain of Rs 1.59 crore in Q4CY21. Income from operations increased by 6.5% year over year to Rs 60.9 crore.