Markets

Stocks that will see action today (Feb 17)

K. S. Badri Narayanan | Updated on: Feb 17, 2022

Buzzing stocks: Reliance Ind, Wipro, TCS, GHCL, Arvind Smartspace, Vedanta, Best Agrolife, JMC Projects, CreditAccess, SJVN

Reliance Industries: India will allow companies that manufacture green hydrogen to install renewable energy generating plants without transmission costs, the country's power minister said on Wednesday. "Green hydrogen manufacturers can set up renewable energy capacity by themselves. We will give them free transmission until 2025 and banking for 30 days," Power Minister R.K. Singh said. It may be recalled that Reliance Industries recently said it will invest ₹5 lakh crore ($67.6 billion) in Gujarat over 10 to 15 years to set up a 100 GW renewable energy power plant and green hydrogen eco-system.

Microfinance lender CreditAccess Grameen on Wednesday said its board has approved the proposal to raise up to Rs 5,000 crore through debt securities and an additional USD 7.4 million (about Rs 55.5 crore) by issuing masala bonds. Its board of directors approved the proposal to raise funds up to Rs 5,000 crore, the company said in a regulatory filing.

Tata Consultancy Services announced a partnership with MATRIXX Software to offer a subscription management platform for communication service providers. This will help communication service providers transform their prepaid and postpaid businesses. 

Wipro received a five-year contract from ABB worth over $150 million to transform latter’s digital workplace services, which will help ABB’s 1,05,000 employees in over 100 countries.

Commercial vehicle maker Ashok Leyland partnered with Syncron for predictive vehicle maintenance solutions. As part of the partnership, Syncron is integrating an anomaly detection model into Ashok Leyland Condition Monitoring Systems (CMS), a release said on Wednesday.

Best Crop Science, a subsidiary of Best Agrolife, received a license for indigenous manufacturing of Spiromesifen technical, from Central Insecticides Board & Registration Committee. Spiromesifen acts as an insecticide and miticide that controls red spider mite in brinjal, whitefly & mite in cotton, European red mite & red spider mite in apple, chili & 0kra, yellow mite in chili, etc, it said in a notice to the stock exchanges. 

Moody's Investors Service on Wednesday said it has changed its outlook on Vedanta Resources Ltd to 'negative' from 'stable', owing to its largest near-term refinancing requirement amid tightening liquidity in the capital markets. The rating agency affirmed Vedanta Resources Ltd's (VRL) B2 corporate family rating (CFR) and the B3 rating on the senior unsecured notes issued by VRL and those issued by its wholly-owned subsidiary Vedanta Resources Finance II Plc, and guaranteed by VRL

Arvind SmartSpaces Ltd (ASL) has bought 35 acres of land in Pune for ₹100 crore. In a statement, ASL said it has finalised a binding agreement for an outright purchase of this land parcel at Bhugaon in Pune. The company will develop a luxury villas project with a development potential of 1.3 million square feet.

The board of GHCL has approved an additional capital budget amounting to ₹83 crore for the spinning division for FY22. The capex will be spent on the installation of a solar power plant of 20 MW for use by Madurai and Manaparai units of the spinning division in Tamil Nadu. 

State-owned SJVN has signed an initial pact with Rajasthan Electronics and Instruments Ltd (REIL) for the development of solar projects. REIL is under the administrative control of the Ministry of Heavy Industries, having the mandate to implement and promote solar PV projects of Ministry of New & Renewable Energy.

The Board of Directors of the JMC Projects is scheduled to meet on February to consider and approve the proposal for reorganisation. The company, however, did not provide any other details.

Published on February 17, 2022
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