PNB, NTPC, TVS Motor, Shriram Finance and others in news today

Stocks to watch: Check out the companies making headlines before the opening bell on August 18, 2023.

Nifty Next 50: Punjab National Bank, TVS Motor Company, Shriram Finance, Trent and Zydus Lifesciences will be included in Nifty Next 50, with effect from September 29. However, ACC, FSN E-Commerce Ventures, HDFC AMC, Indus Towers, and Page Industries will be excluded from the index. The National Stock Exchange has announced replacements on account of semi-annual review of broad market indices including Nifty Next 50, Nifty500, Nifty100, Nifty Midcap150, Nifty Smallcap250 and Nifty Midcap 50.

LTIMindtree: US-based supplemental insurance provider Aflac Incorporated has selected LTIMindtree as its digital transformation partner for application modernisation and cloud transformation. The partnership will rearchitect Aflac’s legacy applications with a cloud-first approach in collaboration with Amazon Web Services, ensuring performance efficiency, cost optimisation, and operational excellence with heightened security.

NTPC: The state-owned power generation company has executed the business transfer agreement (BTA) with its subsidiary NTPC Mining for hiving off the coal mining business. The BTA will become effective upon completion of the conditions precedent mentioned in the BTA. On July 29, NTPC received the board approval for spinning off the mining business, consisting of six coal mines, to NTPC Mining through BTA.

Jain Irrigation Systems: The company has received the board nod for short and medium term fund raising to meet various obligations. It will raise funds worth Rs 76.12 crore through promoter allotment. Alpha Alternatives Structured Credit Opportunities Fund an SPV of Alpha Alternatives Holdings and its associates will subscribe to share warrants worth Rs 123.43 crore. Both warrants will be converted into equity shares in 18 months from the allotment.

Tata Steel: The Tata Group company will hold a meeting of its equity shareholders on September 18. They will consider the TRF merger with Tata Steel, and if thought fit, with or without modification(s), approve the scheme of amalgamation.

IFGL Refractories: Foreign promoter Krosaki Harima Corporation, Japan has exited IFGL Refractories by selling its entire personal holding. Krosaki has sold 55.90 lakh equity shares, which is equivalent to 15.51% of total paid-up equity, via off-market transaction, for Rs 111.8 crore. Indian promoter Bajoria Financial Services was the buyer.

Tribhovandas Bhimji Zaveri: Subhasis Sinha has resigned as Head-HR, senior management personnel of the jewellery company with effect from August 16. Sinha resigned due to certain personal family constraints.

Astral: Subsidiary Seal IT Services, UK has incorporated new step–down subsidiary. The main objective of the new subsidiaries is to distribute, transmit & sell building chemicals from UK into Ireland as an EU-Entity for importer responsibilities.

Udaipur Cement Works: Shrivats Singhania has resigned as director & chief executive officer of the company. The shareholders of the company approved Singhania’s resignation.

IFL Enterprises: Dolar Kirit Shah has resigned from the post of Managing Director and Chief Financial Officer of the company with effect from August 17. The board has appointed Kamlesh Kanaiyalal Joshi as an Additional Director cum Managing Director and also Chief Financial Officer of the company with effect from same date.

South Indian Bank: The Reserve Bank of India has approved an appointment of P R Seshadri as Managing Director & CEO of South Indian Bank for three years with effect from October 1, 2023.

NLC India: The state-owned entity has entered into long term power usage agreement with Rajasthan Urja Vikas Nigam for supply of 300 MW solar power under CPSU scheme at Rajasthan.

Axis Bank: The Reserve Bank of India has approved an appointment of Subrat Mohanty as Executive Director of Axis Bank for three years, with effect from August 17.

Adani Enterprises: Mundra Solar Energy, a step down subsidiary of the company, has received the commercial operational date (COD) certificate from Solar
Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant at Mundra in Gujarat. The plant has a capacity of 2.0 GW per annum. The company holds 74% shares of Mundra Solar Energy through its wholly-owned subsidiary Adani Tradecom Limited.