Stocks in Focus on March 14: HDFC Bank, Paytm, Ruchi Soya, Lupin, Tech Mahindra and many more

The domestic equity markets ended with small gains on Friday, March 11, 2022, rising for the fourth straight session.

The barometer index, the S&P BSE Sensex rose 85.91 points or 0.15% at 55,550.30 and the Nifty 50 index gained 35.55 points or 0.21% at 16,630.45 on Friday. Source: pixabay

The domestic equity markets ended with small gains on Friday, March 11, 2022, rising for the fourth straight session. Strength in the European stock market and firm US index futures boosted sentiment. The barometer index, the S&P BSE Sensex rose 85.91 points or 0.15% at 55,550.30. The Nifty 50 index gained 35.55 points or 0.21% at 16,630.45. Both the indices have climbed about 5% in four straight sessions. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Monday, March 14, 2022. List of such Stocks:

LIC IPO: (Exclusive). LIC may delay its initial public offering (IPO) given the current volatile market conditions. Sources aware of the development informed Zee Business that the mega offering is likely to come by April-May 2022. With the current DRHP, LIC will be able to bring its IPO till May 12, 2022. The company has completed its roadshows after the DRHP was completed but the government's nod is awaited. The foreign investors are in wait-and-watch mode due to the Russia-Ukraine war.

HDFC Bank: The private lender on Saturday said the Reserve Bank of India (RBI) has lifted its restrictions on the business generating activities planned under the Bank's Digital 2.0 program. The bank has been allowed to issue new credit cards now. The restrictions were placed on the private sector lender in December 2020.

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Paytm: Reserve Bank of India (RBI) has barred Paytm Payments Bank from opening new accounts with immediate effect. RBI has also directed Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive audit of its IT system. In a statement, RBI said the onboarding of new customers will be subject to specific permission to be granted by it after reviewing the report of the IT auditors. This action is based on certain material supervisory concerns observed in the bank, RBI said.

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Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017. Paytm in its clarification has said that the regulator's action will not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments. This direction does not have an impact on the services that Paytm provides in partnership with other financial services institutions. The company is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems.

Ruchi Soya: Diversified FMCG company Ruchi Soya's follow-on public offer (FPO) will open remain open from March 24-28, 2022. The company will raise up to Rs 4,300 crore through this FPO. The issue also includes a reservation of up to 10,000 equity shares for subscription by eligible employees. Currently, Patanjali Group owns about 98.9% stake in Ruchi Soya. Post the FPO, Patanjali Group's holding in Ruchi Soya will come down to about 81% and the public would hold about 19%. A follow-on offering is the issuance of additional shares made by a company after an initial public offering.

Lupin: Drug firm Lupin has received approval from the US Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA), Vigabatrin for Oral Solution USP (500 mg). The product will be manufactured at Lupin's manufacturing facility in Goa. Vigabatrin for Oral Solution USP, 500 mg (RLD Sabril) had estimated annual sales of USD 275 million in the U.S.

Jubilant FoodWorks: Mr. Pratik Rashmikant Pota has resigned as the CEO and Wholetime Director of the Company as he wishes to pursue opportunities outside Jubilant FoodWorks Limited. Mr. Pota will continue in his current role till Wednesday, June 15, 2022.

Sobha Ltd.: Mr. Jagdish Chandra Sharma has tendered his resignation for the position of Director, Vice Chairman, Managing Director and Key Managerial Personnel of the Company with effect from April 1, 2022. He has resigned due to personal reasons. He will hold the said position till March 31, 2022.

Gail (India) Ltd: The Board of Directors of the Company on Friday approved the 2nd Interim Dividend of Rs 5 per share for the FY 2021-22. March 22, 2022, has been fixed as the Record Date for the purpose.

SAIL: The Board of Directors of the Company is scheduled to meet on March 16, 2022, to consider and approve the 2nd Interim Dividend for FY 2021-22. In case, the Board decides on the payment of dividend then the record date for payment of the Dividend would be March 29, 2022.

Allcargo Logistics: The Board of Directors of the company is scheduled to meet on March 16, 2022, to consider and approve the Interim Dividend for FY 2021-22. It has fixed March 25, 2022, as the Record Date for the purpose of Payment of Interim Dividend, if declared.

Hindalco: ICICI Prudential Mutual Fund has reduced its stakes in the company from 3.07% to 3.01%. It has sold 11.81 lakh shares on March 9, 2022.

Tech Mahindra: The company's board has approved the proposal to acquire 100% equity shares in Thirdware Solutions Limited for $4.2 crore. The acquisition will bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development, and implementation in areas like ERP (Enterprise Resource Planning), EPM (Enterprise Performance Management), RPA (Robotic Process Automation), and IIoT (Industrial Internet of Things).

Promoter Action

UPL: Promoter Group Harmoic Ventures Limited bought 0.16% stakes (six lakh GDRs) of the company from the London Stock Exchange.

JK Cement: Promoter Yadu International Ltd bought 2,400 shares (0.003% stakes) of the company on March 9, 2022.
Seshasayee Paper & Boards: Promoter Sri N Gopalaratnam bought 32,000 shares (0.051% stakes) of the company from the open market on March 9, 2022. Promoter Group Time Square Investments Private Limited has also bought 10,000 equity shares from the open market.

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