Stocks to Watch: Paytm, HDFC, Vedanta, Adani Transmission, Tata Power

One97 Communication: The board of Digital financial services firm One97 Communications (OCL), which owns the Paytm brand, on Tuesday announced a ₹850 crore share buyback scheme through the open market route to shore up its collapsing stock price. Paytm shares ended at ₹538.40 on BSE on Tuesday. The maximum size of the buyback of equity shares from the open market route through the Indian stock exchanges is ₹850 crore, excluding buyback tax, at a price not exceeding ₹810 per share.

HDFC Bank/HDFC: Mortgage lender HDFC Ltd on Tuesday said it has received approval from exchanges for the transfer of non-convertible debentures (NCDs) to its subsidiary HDFC Bank. This is part of its plan to facilitate the merger of HDFC Ltd with HDFC Bank. Touted as the biggest transaction in India’s corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

Vedanta: Vedanta Group on Tuesday said that it has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week in Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies.

Yes Bank: Private sector lender Yes Bank on Tuesday said its board has approved the allotment of 361.61 crore equity shares and 255.97 crore warrants to private equity majors – The Carlyle Group and Advent – following the Reserve Bank of India’s nod for the same. The private lender also said that it has appointed a nominee each from the PE firms as additional directors on its Board. Sunil Kaul is Carlyle’s nominee while Shweta Jalan is Advent’s nominee.

Adani Transmission: Adani Transmission on Tuesday said it has incorporated a wholly-owned subsidiary Adani Cooling Solutions Ltd. According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid-up share capital of ₹1,00,000 each to carry on the District Cooling System business. The entity will commence its business operations in due course, it added.

Piramal Enterprises: Piramal Enterprises on Tuesday announced that the company’s wholly owned subsidiary Piramal Capital & Housing Finance Limited has acquired a 100% stake in PRL Agastya Private Limited for a cash consideration of ₹90 crore. PRL Agastya is engaged in the business of construction and development of real estate projects. The objective of the acquisition is to acquire office space.

Tata Power: Tata Power has received shareholder approval to appoint former Union home secretary Rajiv Mehrishi as an independent director on its board. The special resolution for the appointment of Mehrishi as an independent director was passed with the requisite majority, according to a regulatory filing on Tuesday. Mehrishi is a retired Indian Administrative Service (IAS) officer of the 1978 batch belonging to the Rajasthan cadre and has a wide experience of over 42 years.

Bank of Baroda: State-owned Bank of Baroda (BoB) on Tuesday said it plans to sell its majority stake in Nainital Bank. The board of directors of the bank has approved the divestment of its majority shareholding in Nainital Bank Limited (NBL) and authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties (IPs), the lender said in a regulatory filing. BoB currently holds 98.57 per cent of the total equity share capital of NBL.

Kotak Mahindra Bank: Kotak Investment Advisors Ltd (KIAL) on Tuesday marked the close of Kotak Infrastructure Investment Fund (KIIF), a category-II alternate investment fund (AIF) with a corpus of ₹6,000 crore. The fund has already received commitments of ₹5,328 crore from anchor investors including the Canada Pension Plan Investment Board (CPP Investments) and the Asian Infrastructure Investment Bank (AIIB).

PTC India: Power trading solutions provider PTC India on Tuesday said Mohammad Afzal has been appointed as power ministry nominee director on its board. Afzal’s appointment has been approved by the board in a circular resolution on December 12, 2022. He is a Joint Secretary (Transmission) in the Ministry of Power. Afzal holds M.E. (First with Honours) in Power System Engg. degree from the then University of Roorkee (Now, Indian Institute of Technology, Roorkee).