Buzzing Stocks | Indian Overseas Bank, Axis Bank and others that will be in focus today

Axis Bank | Axis Bank will sell its stake in its UK subsidiary – Axis Bank UK Limited – to OpenPayd Holdings Ltd, the private lender said in a regulatory filing on March 31. “This transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA),” the bank said.

Shree Pushkar Chemicals & Fertilisers | Rating agency ICRA has reaffirmed its long-term rating for the company’s line of credit (LOC) at ‘A+’. “The outlook for the long-term is positive. The rating committee of ICRA has also reaffirmed the short-term rating for the LOC at ‘A1’,” said the company in its BSE filing.

Indian Overseas Bank | The PSU bank in its BSE filing said it has received a capital infusion of Rs 4,100 crore from the government towards contribution of Central Government in the preferential allotment of equity shares of the bank during the Financial Year 2020-21, as government’s investment.

Central Bank of India | The PSU bank had entered into a binding agreement to sell its entire equity stake in Central Bank Home Finance to Centrum Housing Finance in December 2020. The long stop date for the same share purchase agreement being March 31, 2021 has lapsed. Therefore, the said binding agreement stands rescinded with effect from April 1, 2021, said the bank in its BSE filing. In separate news, the government on March 31 announced capital infusion totaling Rs 14,500 crore in four public sector banks (PSBs) through zero-coupon bonds. The government will infuse Rs 4,800 crore in Central Bank of India. These non-interest bearing bonds have been issued to the Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank. The government will infuse Rs 4,800 crore in Central Bank of India, Rs 4,100 crore in Indian Overseas Bank, Rs 3,000 crore in Bank of India and Rs 2,600 crore in UCO Bank.

Sunteck Realty | Mumbai-based property developer Sunteck Realty has secured around 7 acre land parcel at Borivali (West). The company will develop a luxury residential project. JLL India was the exclusive transaction partner for the joint venture, said Sunteck in its BSE filing, adding it is expected to generate a project topline of around Rs 1,750 crore over the next 4-5 years.

NHPC | The power company in its BSE filing said it had completed the formalities for takeover of Rangit Stage-IV HE Project (120 MW) by remitting Rs 165 crore to Jalpower Corporation (JPCL) for distribution to the creditors. JPCL is now a wholly-owned subsidiary company of NHPC.

Adani Green Energy | Adani Green Energy in its BSE filing said it had completed acquisition of 100 percent of the share capital and all the securities of Surajkiran Renewable Resources from Skypower Southeast Asia III Investments and Skypower Southeast Asia Holdings 2 Ltd.

NTPC | India’s largest power generation company, in its BSE filing, said consequent upon successful commissioning and due approvals, first part capacity of 70 MW of 85 MW Bilhaur Solar PV Project at Bilhaur, Uttar Pradesh, is declared on commercial operation. With this, the commissioned as well as commercial capacity of NTPC and NTPC group has become 51,725 MW and 64,490 MW, respectively, it added.

Likhitha Infrastructure | Likhitha Infrastructure in its BSE filing said it received orders worth Rs 200.22 crore from various oil & gas distribution companies during the March quarter 2021. One order worth Rs 169.47 crore is for cross-country pipeline laying and related works, while the second of Rs 30.75 crore is for city gas distribution pipeline and related works.

Hindustan Aeronautics | State-owned defence firm, Hindustan Aeronautics, in its BSE filing, said in spite of the COVID-19 pandemic, the company had recorded a 6 percent growth in provisional revenue at Rs 22,700 crore for FY21 compared to Rs 21,438 crore in FY20, citing the improved productivity after suspending the operations for one month in the beginning of the year.

Bodal Chemicals | Bodal Chemicals in its BSE filing said it has completed the acquisition of Siel Chemical Complex, a chemical unit, at Rajpura, Punjab, from Mawana Sugars. Further, operations from the said unit will be merged with Bodal Chemicals with effect from April 2021, it added.