Stocks that will see action today: October 13, 2023

RITES Ltd, a central Public Sector Enterprise (CPSE) under the Ministry of Railways, has been granted ‘Navratna’ status by the Union Ministry of Finance .This makes RITES the country’s 16th Navratna.

BGR Energy Systems Limited has announced that the Product Business Division of the Company has secured single largest order from Mangalore Refinery and Petrochemicals Limited for supply of Air-Cooled Heat Exchanges (ACHE). The contract value is ₹112.75 crore (including taxes and duties) October 9, 2024, as the delivery date.

HDFC Asset Management Co. Ltd has offloaded over 2 per cent stake in Persistent Systems. In a disclosure to the stock exchanges, the IT firm said that HDFC Mutual through its various schemes reduced its holding from 5.14 per cent to 3.06 per cent. Shares of Persistent Systems closed 0.24 per cent higher at ₹5,775 on the BSE.

MIC Electronics has received Letter of Acceptance from Hyderabad Division of South-Central Railway Zone for enhancement of passenger amenities at seven stations – Nizamabad, Malakpet, Huppuguda, Kamareddi, Malkajgiri, Mahbubnagar, and Kurnool City. The aggregate value of the said Work-Order is ₹3,38,12,890.49.

Norway’s central bank Norges Bank on Thursday bought shares of wealth management firm 360 One WAM Ltd for ₹167 crore through an open market transaction. Meanwhile, Morgan Stanley Investment Funds Emerging Leaders Equity Fund offloaded more than 24.42 lakh shares of 360 One WAM. Details of the other sellers could not be ascertained.

Mahindra Lifespace Developers Ltd. has acquired 5.38 acres of land in the premier neighborhood of Wagholi in Pune. The land is estimated to have a development potential of over 1.5 million square feet of saleable area.

Dr Reddy’s Laboratories said that the United States Food & Drug Administration (USFDA) has completed a product specific Pre-Approval Inspection (PAI) at biologics manufacturing facility in Bachupally, Hyderabad. The inspection was conducted from October 4, to October 12. “We have been issued a Form 483 with nine observations, which we will address within the stipulated timeline,” it added.

The Reserve Bank of India has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd (One97 Communications) for non-compliance with certain provisions, including Know Your Customer (KYC) norms. The central bank also found non-compliance with certain provisions related to ‘RBI Guidelines for Licensing of Payments Banks’, ‘Cyber security framework in banks’ and ‘Securing mobile banking applications including UPI ecosystem’.

The National Company Law Appellate Tribunal (NCLAT) on Thursday adjourned the hearing to October 13 on a plea filed by Axis Finance against the merger of Filesadmin.co Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The appellate tribunal on Friday will hear another plea filed by private lender IDBI Bank, which has also challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) approving the merger.

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 2006 built Supramax Dry Bulk Carrier “Jag Rohan” to the buyers. The vessel was contracted for sale in September 2023. Excluding Jag Rohan, company’s current fleet stands at 41 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carrier) and 13 dry bulk carriers (2 Capesize, 7 Kamsarmax, 4 Supramax) aggregating 3.28 mn dwt.

SJVN Green Energy Limited (a wholly owned subsidiary of SJVN Limited) participated in the tariff based competitive bidding conducted by Rajasthan Urja Vikas Nigam Limited (RUVNL) for development of Solar Power Project in the state of Rajasthan. The Letter of Award has been received at a tariff of ₹2.62 / Unit for development of 100 MW Solar Power Project to be situated anywhere in Rajasthan. The Solar project shall be developed on Build Own and Operate (BOO) basis. Tentative cost of Construction / Development of this project is around ₹600 crore.

Containe Technologies Ltd has secured the approval for registration of the VLT (Vehicle Location Tracking) Devices, Model No: TRPRO 140 for usage in Odisha.

Integra Engineering India has announced capacity addition through 75,180 Square Feet in addition to its existing capacity of 1,78,313 square feet. The expansion project will be implemented at an outlay of ₹21.83 crore which will be funded through internal accruals and Bank financing.

Mercury EV-Tech Limited has inked the MOU with much acclaimed group- SRBH Motors Pvt Ltd who have developed various commercial vehicles like E-Tipper, E-Prime Movers, E-Dragger, E-Mini Bus, Cargo Containers etc at there Research and Development Centre at Mahiar, Madhya Pradesh, where they have invested more than ₹20 crore for the development of the R&D facility.

Banco New Energy Cooling Systems Limited, a wholly owned subsidiary of Banco Products (India) Limited, has commenced commercial production of its products namely, Heat exchangers for Locomotives at Jambusar, Ankhi, Bharuch, Gujarat.

Global pharma major Lupin Limited (Lupin) has eceived tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Calcium, Magnesium, Potassium, and Sodium Oxybates Oral Solution, 0.5 g/mL, to market a generic equivalent of Xywav® Oral Solution, 0.5 g/mL of Jazz Pharmaceuticals Ireland Limited. This product will be manufactured at Lupin’s Somerset facility in the US.