Stocks to Watch: SpiceJet, NTPC, Inox Green, Infibeam, Nalco

SpiceJet: Shareholders of SpiceJet on Monday approved the re-appointment of Ajay Singh as a director of the no-frills airline. At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for the financial year ended March 31, 2022. In a regulatory filing, the carrier said the reappointment of Singh as a director liable to retire by rotation was cleared by the shareholders with a requisite majority.

NTPC: India’s largest power producer NTPC Ltd on Monday signed a non-binding memorandum of understanding (MoU) with Italy-based Maire Tecnimont Group’s Indian arm Tecnimont Pvt Ltd to jointly evaluate and explore the possibility to develop a commercial-scale green methanol production facility at the NTPC project in India. Through this move, the two organisations aim to jointly evaluate and explore the possibility of developing a commercial-scale green methanol production facility at the NTPC project in India, according to a company statement.

Inox Green: Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230 MW fleet. However, the company did not disclose the value of the transaction and the name of the target company. The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by the end of January 2023, a company statement said.

Godrej Properties: With an objective to develop a plotted residential project, realty firm Godrej Properties has purchased around 62 acres of land in the Kurukshetra district of Haryana. The cost of the land is ₹100 crore and the firm is eyeing a revenue of ₹550 crore from the property. The project aims to provide about 1.4 million square feet of plotted residential development, according to a regulatory filing by the company.

Infibeam Avenues: Infibeam Avenues Ltd., the country’s first listed payments infrastructure firm, has received a Perpetual Licence from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue. The licence will allow BillAvenue to function as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). BillAvenue is a unified, interoperable online bill payment platform, built on the NPCI’s Bharat BillPay infrastructure to provide ‘anytime, anywhere’ bill payment facilities to customers.

NALCO: Khanij Bidesh India Ltd (KABIL) has evinced interest to collaborate with Argentina-based CAMYEN for prospecting two areas for the extraction of lithium in the South American country, an official release said on Monday. KABIL, a joint venture company between NALCO, HCL and MECL, was formed in 2019 for sourcing strategic minerals like lithium and cobalt from overseas locations. The JV expressed interest to partner with CAMYEN, Argentina, recently for prospecting two areas identified with the objective of establishing projects for the extraction of lithium in due course of time, the Mines Ministry said in the release.

GPT Infraprojects: GPT Infraprojects (GPT) announced on Monday that its subsidiary –RMS GPT Ghana Limited — has bagged an order valued at ₹123 crore from RMS Concrete, Ghana. According to the statement, the subsidiary will manufacture and supply 130,000 set standard gauge pre-stressed railway concrete sleepers. The company also said this contract is in the name of the subsidiary in which GPT Infra’s share is 60 per cent for which the subsidiary is setting up a factory in Ghana.

Central Bank of India: State-owned Central Bank of India will raise up to ₹1,500 crore this fiscal by issuing Basel III compliant bonds. The decision was taken at the bank’s board meeting held on Monday. The board of directors considered and approved raising capital through the issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for amounts up to ₹1,500 crore, the bank said in a regulatory filing.

Power Mech Projects: Power Mech Projects (Power Mech) on Monday said it has bagged three projects, including one from the Adani Group, totalling ₹1,034.13 crore. In a regulatory filing, the company said it has received service orders/letters of award (LOA) worth ₹1,034.13 crore. A service order for execution of retrofitting of flue gas desulphurisation (FGD) system is from the Adani Group for its thermal power plants located at Mahan (Madhya Pradesh), Raigarh and Raipur in Chhattisgarh, Power Mech said.

Suven Pharmaceuticals: Suven Pharmaceuticals promoter Jasti family is selling a 50.1 per cent stake in the company for ₹6,313.08 crore to global private equity investor Advent International, according to regulatory filings. Subsequently, the PE major through its manager Kotak Mahindra Capital Company Ltd has announced an open offer to acquire 26 per cent more in the listed contract development and manufacturing organisation from public shareholders, entailing a total outgo of ₹3,276.25 crore if fully subscribed.