Stocks in Focus on February 22: Indiabulls Housing Finance, Vedanta, ICICI Bank, IDFC First Bank, Tata Group stocks and many more

Domestic equity indices declined for the fourth consecutive session on Monday, February 21, 2022. The ongoing Russia-Ukraine conflict, firm crude oil prices and relentless selling by foreign portfolio investors (FPIs) continued to put pressure on the domestic shares. The S&P BSE Sensex fell 149.38 points or 0.26% at 57,683.05. The Nifty 50 index lost 69.65 points or 0.40% to settle at 17,206.65. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Tuesday, February 22, 2022. List of such Stocks:

Indiabulls Housing Finance: The Enforcement Directorate (ED) has sought some information regarding certain clients including related documents for a case related to the Palghar case of 2019 from the company. The company has provided the data of clients to ED. Due to the stay on the matter, there is no scope for any more FIR.

Jagsonpal Pharmaceuticals: The company has received an open offer from Infinity Holdings for the acquisition of upto 68,11,480 fully paid-up equity shares of the face value of Rs 5 for each equity share representing 26% of the fully diluted voting equity share capital (“voting share capital”). The Open Offer is made at Rs 235 per share. The total valuation of the shares stands at Rs 269 crore. Promoter Aresko Progressive Private Limited has sold 43.73% stakes of the company to Infinity Holdings on February 21, 2022. After the stake sale, Infinity Holdings will be the new promoter of the company with Aresko. Infinity will have a 69.73% stake in the company after the open offer and Aresko Progressive Private Limited will continue to be the promoter with a 21.99% stake in the company.

Vedanta Ltd: The company on February 21, 2022, announced that it has made an oil discovery in its exploratory well in Rajasthan's Barmer district. The company holds 100% participating interest in the block. Management committee approval is pending. 

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ICICI Bank:  The private sector lender has entered into an agreement on Monday for investment in the equity shares of Verve Financial Services Private Limited. The bank will acquire 9.49% stakes in the company for a cash consideration of Rs 20 crore.

Hindalco: Novelis Inc. on Monday announced that it will invest approximately $5 crore to build a recycling center at its Ulsan Aluminum joint venture in South Korea. Fully funded by Novelis, the Ulsan Recycling Center will have an annual casting capacity of 100 kilotonnes of low-carbon sheet ingot.

Mahindra & Mahindra: Mahindra Engineering and Chemical Products Limited (MECPL), a wholly-owned subsidiary of Mahindra & Mahindra Ltd, had sold its entire stake aggregating 49% of the paid-up Equity Share Capital held in Mahindra Tsubaki Conveyor Systems Private Limited (MTC) to Tsubakimoto Bulk Systems Corp., for a consideration of Rs 58.89 crores. The sale process was completed on February 21, 2022. 

IDFC First Bank: IDFC FIRST Bank MD and CEO V Vaidyanathan has gifted 9 lakh shares of the bank held by him, worth over Rs 3.95 crore, to five individuals, including his trainer, house help and driver, to help them purchase homes. These five people are unrelated to the top official of the private sector bank. People to whom shares are gifted:  

- Mr Ramesh Raju ~ Trainers ~ 3 lakh shares 

- Mr Pranjal Narvekar ~ Househelp ~ 2 lakhs shares 

- Mr Algarsamy C Munapar ~ Driver ~ 2 Lakh shares  

- Mr Deepak Pathare ~ Office Support staff ~ 1 lakh shares  

- Mr Santosh Jogale ~ Househelp ~ 1 lakh shares  

In addition, the bank said Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities.

ISGEC Heavy Engineering: ISGEC has commissioned its high-capacity Biomass and Slop Fired Boilers in Thailand. The company has also started its largest Biomass Boilers for a Bio Ethanol project in Thailand for GKBI through an EPC company, Sbang Corp Ltd., Thailand.  

NHPC LTD.: The company has restarted power generation at Sewa-II Power Station (3 x 40 MW), Mashka (UT of J&K) which was under complete shutdown since September 25, 2020, due to damage of Head Race Tunnel (HRT).

Krsnna Diagnostics: The Health and Family Welfare Department, Himachal Pradesh has awarded a Tender for providing Diagnostic / Laboratory Services in Himachal Pradesh Government Health Institutions in the entire State of Himachal Pradesh to the Company. Tenure of Contract is up to five years from the date of signing the Contract.

CG Power: The Bombay High Court has quashed an assessment order of Rs 684 crore in respect of the Assessment Year 2018-19 against the company issued by the IT department. 

Tata Group in focus: Report from Bloomberg, the Supreme Court has agreed to hear the review petition of Shapoorji Pallonji Group against the ouster of Cyrus Mistry on March 9, 2022. Tata Sons had replaced Mistry as Chairman, less than four years after he took charge, in October 2016.

IndiaMART InterMESH: The company agreed with Fleetx Technologies to acquire a 16.53% stake for an aggregate amount of Rs 91.42 crore. Fleetx is a freight and fleet management platform which will help digitize its logistics operations. 

Bulk / Block Deal 

L&T Finance Holdings: BNP Paribas Arbitrage buys 5.79 crore shares at Rs 71.35 per share. Citigroup Global Markets Mauritius Private Limited sells 5.79 crore shares at Rs 71.35 per share.
Advani Hotels: Delta Corp sells 5.42 lakh shares at Rs 99.4 per share.

Promoter Action 

Khadim: Promoter buys 14,000 shares on February 17-18, 2022. 
Chambal Fertilisers & Chemicals: Promoter SIL Investments Limited bought 75,000 shares on February 21, 2022. Promoter Texmaco Infrastructure & Holdings Limited bought 1.9 shares on February 17-18, 2022. Promoted Texmaco Rail & Engineering sold 1.9 lakh shares on February 17-18, 2022.