Stocks to Watch: Paytm, Adani, TCS, SpiceJet, L&T, NHPC

One97 Communications: Shareholders of One97 Communications, which operates under the Paytm brand, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company, according to the scrutinizer report filed by the firm on Sunday. Investors advisory firm IiAS had recommended against the reappointment of Sharma and several other resolutions that were part of the agenda of the 22nd Annual General Meeting held on Friday. IiAS had said Sharma made several commitments in the past to make the company profitable, however, these have not played out.

Adani Enterprise: The Adani Group is likely to launch next week an open offer worth ₹31,000 crore to acquire a 26% stake each in Swiss firm Holcim’s two Indian listed entities Ambuja Cements and ACC, from public shareholders. In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for USD 10.5 billion. Markets regulator Sebi granted approval for the open offer this week. The open offer is estimated at over ₹31,000 crore if fully subscribed.

TCS: Tech giant, Tata Consultancy Services (TCS) has likely delayed variable compensation payments to select employees by about a month for the June 2022 quarter. TCS is not alone who has delayed their employees’ variable payment. It is said that the Tata Group-backed company is yet to finalise variable payout for these select employees and is expected to pay by this month-end. IT companies have hiked wages for their employees, which impacted their margins in June 2022 quarter. However, they continue their plan for hiring and raising salaries.

L&T: Larsen & Toubro (L&T) on Saturday announced the commissioning of a green hydrogen plant at its AM Naik Heavy Engineering Complex in Hazira, Gujarat. Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited, inaugurated the plant. The production of green hydrogen based on an alkaline electrolysis process has begun, Larsen & Toubro said in a statement. The plant will produce 45 kg of green hydrogen daily, which will be used for captive consumption in the company’s Hazira manufacturing complex.

IIFL Finance: CDC Group Plc, the development finance institution owned by the UK government, on Friday divested a 3.56% stake in IIFL Finance Ltd for ₹453 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), CDC Group Plc sold 1,35,01,587 shares of the company. The shares were disposed of at an average price of ₹335.64 apiece, valuing the transaction at ₹453.16 crore.

Adani Power: Adani Power Limited on Friday said it has agreed to acquire DB Power Limited, which owns and operates a running 2×600 MW thermal power plant at District Janjgir Champa in Chhattisgarh, for ₹7,017 crore. “This is to inform that Adani Power Limited has agreed to acquire DB Power Limited, which owns and operates a running 2×600 MW thermal power plant at District Janjgir Champa in Chhattisgarh,” Adani Power said in a regulatory filing to the stock exchanges.

NHPC: State-owned hydro power giant NHPC on Friday announced its plan to develop two hydroelectric projects of 750MW and 450MW in Nepal, for which it inked a pact on Thursday in Kathmandu. “NHPC Ltd signed an MOU with Investment Board Nepal (IBN) to develop 750 MW West Seti and 450 MW SR-6 Hydroelectric Projects in Nepal,” a company statement said.

SpiceJet: The Directorate General of Civil Aviation (DGCA) suspended the licence of the pilot-in-command (PIC) of a SpiceJet flight for 6 months after he ignored the co-pilot’s input onboard a Boeing B737 aircraft on 1 May from Mumbai to Durgapur encountered severe turbulence during descent, ANI reported quoting sources. A SpiceJet Boeing B737 aircraft operating flight SG-945 from Mumbai to Durgapur encountered severe turbulence during descent which resulted in injuries to a few passengers.

ONGC: State-owned Oil and Natural Gas Corporation (ONGC) is preparing for a record third interim chairman as no full-time head of India’s most profitable company has yet been selected in 17 months since the post fell vacant, sources said. ONGC is without a regular chairman and managing director since April 2021. Subhash Kumar, the senior-most director on the company board and the director for finance, was named officiating head after Shashi Shanker superannuated on March 31, 2021. And when Kumar retired on December 31, 2021, Alka Mittal, Director for Human Resources, was given an additional charge.

Wockhardt: Drug firm Wockhardt on Saturday said it has tied up with various partners to roll out products in the US market with its Illinois-based manufacturing plant all set to relieve all workers in a phased manner as part of business restructuring in the US market. The Mumbai-based company said it has engaged multiple US Food and Drug Administration (USFDA) approved manufacturing partners in the US market, after thorough due diligence and inspection of their facilities, to manufacture various products for sale in the US/ North America.

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