Stocks to Watch: Zee Entertainment, TCS, Delhivery, RIL, NTPC, PTC India

Zee Entertainment: Zee Entertainment Enterprises Ltd on Wednesday settled with the markets regulator Securities and Exchange Board of India (Sebi) a case pertaining to an alleged violation of regulatory norms. Zee Entertainment Enterprises Ltd (ZEEL) paid ₹7 lakh as a settlement fee to the market regulator Sebi. The order came after ZEEL proposed to settle the pending proceedings “without admitting or denying the findings of fact and conclusion of law” through a settlement order.

Tata Consultancy Services: IT giant Tata Consultancy Services (TCS) and the UK’s largest workplace pension scheme, Nest on Wednesday expanded their long-standing partnership to focus on digitally transforming Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the United Kingdom. Nest and TCS have been working closely since 2011 when the digital, auto-enrolment pension scheme was first launched.

Delhivery: Private equity firm Carlyle will offload a 2.5 per cent stake in logistics firm Delhivery via a block deal, according to media reports. Carlyle is planning to offload 1.84 crore shares or 2.53 per cent stake in Delhivery, amounting to $86 billion at a floor price of ₹385.5 per share, which would be a minuscule discount as against the current market price. Citigroup will be appointed as the sole broker for the deal, according to reports.

Reliance Industries: Mukesh Ambani led Reliance Consumer Products Limited (RCPL), the FMCG arm and wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL), on Wednesday announced the expansion of its consumer packaged goods brand ‘Independence’ to North India. Reliance Retail Ventures Limited (RRVL) brand ‘Independence’ will sell its FMCG products ranging from staples to processed foods and other daily essentials to Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar.

NTPC: NTPC Board to consider raising funds up to ₹12,000 cr via NCDs on June 24. The company today announced in its corporate filing that the Board of Directors of the Company will meet in New Delhi on Saturday, June 24, 2023, to, consider the issuance of bonds or non-convertible debentures (“Bonds/NCDs”) up to Rs. 12,000 crore, subject to approval by shareholders at the following annual general meeting.

PTC India: PTC India Financial Services Ltd (PFS), on Wednesday informed the exchanges that its newly appointed Director (Finance) Mahendra Lodha will take over the responsibilities of the MD & CEO till the appointment of a regular MD & CEO. The move comes after the current MD & CEO Pawan Singh has been sent on leave. PFS has already initiated the process of selecting a new MD & CEO. In January this year, shareholders approved the reappointment of Singh as the MD & CEO.

IDFC First Bank: Madhivanan Balakrishnan has been elevated as the Executive Director and Chief Operating Officer of IDFC First Bank following the RBI’s approval, a statement said on Wednesday. His elevation was recommended by the nomination and remuneration committee for a period of three years, IDFC FIRST Bank said in the statement. Madhivanan has been a part of the bank since 2019 and is currently serving as the Chief Operating Officer.

NMDC: Life Insurance Corporation of India has reduced its stake in NMDC Ltd by 2 per cent between 14 March 2023, and 20 June 2023. LIC’s holding in state-run iron ore mining company NMDC Ltd now stands at 9.620 per cent from 11.690 per cent, with an estimated value of ₹650.3 crore based on Monday’s closing price. LIC sold around 6 crore shares in NMDC. The company trimmed its holding from 34,25,97,574 to 28,19,33,850 equity shares between 14 March 2023, and 20 June 2023.

JK Tyre & Industries: JK Tyre & Industries Ltd on Wednesday said India Ratings and Research (Ind-Ra) has upgraded its long-term issuer rating to low credit risk category ‘IND A ‘ from ‘IND A’. The rating agency has also revised the outlook on the company to stable from negative, JK Tyre & Industries said in a statement. As per India Ratings, securities with an ‘A’ rating are considered to have an adequate degree of safety regarding the timely servicing of financial obligations, and such securities carry low credit risk.

MedPlus Health Services: MedPlus Health Services Ltd, which runs a chain of pharmacies, on Wednesday, said it will be selling 500 off-patent therapeutic and chronic medicines under its own brand with a massive discount of 50-80 per cent. G Madhukar Reddy, managing director and chief executive officer, MedPlus, in a press conference here said the company tied up with multiple reputed pharmaceutical manufacturing companies to produce high-quality off-patent medicines that enable the firm to pass on the benefit to the consumer.

Updated: 22 Jun 2023, 07:26 AM IST