Stocks that will see action on February 22, 2022

K. S. Badri Narayanan | Updated on: Feb 22, 2022

Buzzing stocks: Tata group stocks, Vedanta, Hindalco, Hero MotoCorp, Krsnaa Diagnostics, M&M, IndiaMart, Adani Enterprises, ISGEC,

Tata group stocks: The Supreme Court has agreed to hear arguments on the review petition filed by Cyrus Mistry against the top court’s judgment of March 2021 that favoured the Tatas. The review petition was taken up for consideration by a three-judge bench headed by Chief Justice NV Ramana and comprising Justices AS Bopanna and V Ramasubramanian on February 15. In March 2021, the top court had set aside the judgment of the National Company Law Appellate Tribunal (NCLAT) and had ruled in favour of the Tatas. In a setback to Cyrus Mistry, his cross-appeals were dismissed by the Supreme Court and his removal from the position of the Executive Director of Tata Sons was upheld by the top court.

Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters has created a new position, titled Chief Growth Officer, integrating the Marketing, Sales and After-Sales functions. Ranjivjit Singh - heading Marketing - is being elevated to this newly constituted role of Chief Growth Officer, with immediate effect.

IndiaMART, India’s largest B2B marketplace, has announced an investment of ₹91.42 crore in Fleetx Technologies Private Limited. As part of the transaction, IndiaMART has agreed to acquire shares via a mix of primary and secondary share purchases, and its final holding post the round shall stand at 16.53%. Fleetx.io has raised a total of Rs.145 Crores in this round, led by IndiaMART along with participation from existing investors IndiaQuotient and BEENEXT. Fleetx.io is a freight and fleet management software that helps fleet operators and businesses digitise their operations. It helps them improve the safety, efficiency and sustainability of their vehicles and operations.

The Adani Group has announced it has signed a non-binding Memorandum of Understanding with Ballard Power Systems to evaluate a joint investment case to commercialise hydrogen fuel cells in various mobility and industrial applications in India. Under the MoU, both parties will examine various options, including potential collaboration for fuel cell manufacturing in India. The focus will be on Adani Enterprises.

Vedanta Ltd has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on February 21, 2022 of an Oil Discovery in its exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1 in Barmer District of Rajasthan. The approval of the Management Committee has also been sought. The block was awarded to the company in October 2018 and is one of the 41 Blocks awarded to it in OALP-I round of bidding. The company holds 100 per cent participating interest in the block.

Novelis Inc., the world leader in aluminium rolling and recycling, has announced that it will invest approximately $50 million to build a recycling centre at its Ulsan Aluminum joint venture in South Korea. Fully funded by Novelis, the Ulsan Recycling Center will have an annual casting capacity of 100 kilotonnes of low-carbon sheet ingot. Once online, we expect the recycling centre to reduce the company's carbon emissions by more than 420,000 tons each year. It may be recalled that Novelis was acquired by Hindalco Industries for $6 billion in 2007.

Mahindra Engineering and Chemical Products Limited, a wholly-owned subsidiary of Mahindra & Mahindra, had agreed to sell its entire stake aggregating 49 per cent of the paid-up equity share capital held in Mahindra Tsubaki Conveyor Systems Private Limited to Tsubakimoto Bulk Systems Corp., for ₹58.89 crore. MECPL on Monday completed the transaction.

ISGEC has commissioned its largest Biomass Boilers for a Bio Ethanol project in Thailand for GKBI through an EPC company, Sbang Corp. Ltd. The scope of work included setting up 2 Biomass Boilers of 230 TPH capacity, each operating at 105 Bar and 540 Deg. C. These boilers are designed with the capability to burn 50 per cent cane leaf. Also set up was a 60 TPH Slop Fired Boiler.

An 'Agreement for Sale' has been entered into between Dhunseri Tea & Industries Limited and Sri Shyam Santi Tea (nominee of Sanjay Rasiwasia, Tinsukia, Assam) for sale of 'Santi Tea Estate' (excluding the Tea Manufacturing Factory) on February 20. The possession of the etate has been handed over to the buyer, the company said in a notice to the stock exchanges.

The Board of DSJ Keep Learning Ltd has approved allotment of about 41.45 lakh shares of the company, at ₹1 each, upon conversion of the existing loan, on a preferential basis to New Bonanza Impex Private Limited, a Promoter Entity.

The Board of Directors of Datasoft Application Software (India) Limited has approved to carry on the business of designing, manufacturing, packaging, assembling, Trade, Import, Export or service of SMT components, including all types of Semiconductor chips, chip modules, Sensors, Transducers, Actuators, Discrete semiconductor devices, display Assembly and Touch Panels, Micro and Nano-Electronic components, assembly, testing, marking and packaging (ATMP) of electronics, mechanics (plastic and metal parts) for electronic applications, Semiconductor Wafers, Display fabrication units including Liquid Crystal Displays (LCD), Light Emitting Diode (LED), Organic Light Emitting Diode (OLED), etc. for electronic applications.

Affle (India) Limited has announced that it has received intimation from its wholly-owned subsidiary Company, Affle International Pte. Ltd that all closing conditions with regard to the acquisition of 28.33 per cent shares of Appnext Pte. Ltd. have been completed.

The Government of Himachal Pradesh, the Health and Family Welfare Department, Himachal Pradesh, has awarded a tender for providing Diagnostic/Laboratory Services in H.P. Govt. Health Institutions in entire State of Himachal Pradesh to Krsnaa Diagnostics Limited. As per the Tender awarded, the company will install, operate and maintain Routine and Advance Laboratory testing facilities at selected Public Health Institutions (PHIs) including Government Medical Colleges, Districts / General Hospitals owned by Government and Community Health Centers.

IB Infotech Enterprises Limited has agreed to subscribe to 2.02 lakh equity shares at a price of ₹10 a share constituting 81 per cent of the total equity Share capital of Pearl Leisure Private Limited. The equity shares will be acquired at a price of ₹10 a equity share aggregating to ₹20,25,000.

Published on February 22, 2022
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