Stocks

Buzzing stocks: Wipro, Vedanta, BLS International, RVNL, Berger Paints, Tata Power, Suraj Industries, IL&FS Transporation, Aditya Birla Fashion

Wipro, together with ServiceNow, has announced that they will contribute to Petrobras, the largest publicly traded company in Brazil and one of the largest oil, natural gas and derivatives exploration, production and distribution companies in the world, to advance its digital journey. The project aims to raise the level of service for internal users and reduce costs by modernizing and aligning IT infrastructure processes with the business through a modern cloud solution focused on automation and integration. The project scope is related to maintaining IT assets, systems updates, and digitising processes.

BLS International has acquired Mumbai headquartered, largest business correspondent in the country – Zero Mass Private Ltd -for ₹120 crore. With this all cash acquisition from company internal accruals, BLS international becomes the largest business correspondent network in India.

Berger Paints informed the stock exchanges that an accidental fire broke out at its Howrah Factory affecting the exit gate and the raw material handling area. The production area remained completely unaffected. Twentyone employees received injuries in an attempt to douse the fire. Most of them are out of danger currently, it said. . A few of them are critical and under close observation. The reason for the occurrence is under investigation. However, preliminary investigation points towards electrical short circuit in an AC unit. The operation of the factory is temporarily stopped but is expected to resume in a couple of days.

CRISIL Ratings has revised its outlook on the long term bank facilities of Aditya Birla Fashion And Retail Limited (ABFRL) to ‘Positive’ from ‘Stable’ and has reaffirmed the ratings at ‘CRISIL AA’. The short term ratings have been reaffirmed at ‘CRISIL A1+’. The revision in outlook factors expectation of further strengthening of the financial risk profile led by equity infusion of ₹2,195 crore to be completed over fiscals 2023 and 2024.

Khed Sinnar Expressway Limited (KSEL), a subsidiary of IL&FS Transportation Networks Limited had developed the Khed – Sinnar Section of the road in Maharashtra. KSEL had entered into a Settlement Agreement with National Highways Authority of India (NHAI) on April 6, 2022, for foreclosure of the Concession Agreement at a compensation of Rs 891.59 crore. Pursuant to the above, NHAI has today paid a sum of Rs 736.07 crore in the escrow account of KSEL upon making necessary deductions. The Project will be handed over to NHAI in due course.

Tata Power Solar Systems Limited (Tata Power Solar), one of India’s largest integrated solar companies and a wholly owned subsidiary of Tata Power Company, has commissioned a 450 MWDC capacity solar pant for Brookfield Renewable India. The installation entails set up of over 800,000 modules and was completed within record 7 months timeframe. The project will produce over 800GWh of clean energy annually and will help avoid up to 600,000 tons of annual CO2 emissions.

The board of Suraj Industries Ltd has approved an investment up to 20.08 per cent in the expanded Share Capital of Shri Gang Industries and Allied Products Limited by way of subscription up to 36 lakh equity shares of at ₹10 a share.

Vedanta has pledged 5.77 per cent stake in Hindustan Zinc Ltd for a term loan of ₹8,000 crore. The announcement comes days after the Cabinet Committee on Economic Affairs approved the government’s 29.5 per cent stake sale in Hindustan Zinc. The company further said the earlier encumbrance created by Vedanta aggregating to 64.92 per cent of paid-up share capital of Hindustan Zinc, to secure the syndicated term loan facility of ₹10,000 crore, had been released.

Rail Vikas Nigam Ltd (RVNL) has entered into an agreement with “Kyrgyzindustry” for execution of infrastructure projects in Kyrgyz Republic. Particularly the company is going to execute the railway line network on mutually agreed terms and conditions in the Kyrgyz Republic.

Published on June 09, 2022