Stocks in Focus on March 10: PNB Housing Finance, Bharti Airtel, L&T Finance, Arvind, GAIL and many more

The domestic equity markets surged on Wednesday, March 9, 2022, extending gains for the second day. A strong uptrend in the European stock market and US index futures boosted the sentiments of investors. The barometer index, the S&P BSE Sensex, jumped 1,223.24 points or 2.29% at 54,647.33. The Nifty 50 index advanced 331.90 points or 2.07% at 16,345.35. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Thursday, March 10, 2022. List of such Stocks:

PNB Housing Finance: The company's board has approved raising Rs 2,500 crore through a rights issue to meet capital adequacy norms and support business growth.

Bharti Airtel: The Company has entered into an Agreement resulting into the acquisition of an aggregate 9.012% equity stake in Avaada Clean TN Project Private Limited at Rs 7.89 crore. Avaada Clean TN Project Private is a special purpose vehicle formed to own and operate the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. 

L&T Finance:  The Competition Commission of India (CCI) on Wednesday approved the acquisition of 100 per cent share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC).

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Jindal Stainless (Hisar): Jindal Stainless (Hisar) Ltd (JSHL) became the first integrated stainless steel manufacturing company in India producing coils, sheets and plates, and among the select few in the world, to get certified with AS 9100D Certification, a Quality Management System for Aviation, Space, and Defence Organizations. The Certification validates JSHL’s competence to constantly meet highly stringent standards of the aerospace industry. It also enables JSHL to get listed in OASIS, the Online Aerospace Supplier Information System database, which showcases the Company's offerings to aerospace manufacturers. The AS 9100D certification journey was driven by the top management and implemented by a team of around 120 people across the supply chain, within 15 months.

Arvind: The company said that operations at the Ankur unit of the Company have fully resumed. Operations at the Ankur unit had been disrupted due to the disconnection of the effluent discharge connection. The unit had contributed 5% of the consolidated revenue and 6% of the consolidated EBIDTA of the company for FY21.

Restaurant Brands Asia: The company has completed the acquisition of a controlling stake of 87.75% in PT Sari Burger Indonesia (“BK Indonesia”) on March 9, 2022. Consequent to the above, BK Indonesia has become a subsidiary wherein the Company holds 87.75% in BK Indonesia.  

GAIL: The company has said that March 22, 2022, will be the record date for payment of the second interim dividend if so approved by the Board.

Power Grid: On Wednesday, the government received Rs 1,969-crore dividend from Power Grid, DIPAM. 

Jindal Photo: The Floor Price for the Delisting Offer has been determined as Rs 268.04 per equity share. The Indicative Price for the Delisting Offer has been determined as Rs 269 per equity share. The offer will open between March 17-24, 2022. The Promoter and Promoter Group of the Company holds 74,59,815 equity shares representing 72.72% of the paid-up share capital of the Company. HNI has a 6.91% stake in the company and retail has 12.74% stakes in the company. 

Brightcom Group: The Board of Directors of Brightcom Group Ltd has approved the allotment of 15 crore equity shares of the Company, fully paid-up, pursuant to the conversion of preferential warrants into equity, to Mr Shankar Sharma. The Company had allotted 1,50,00,000 warrants to him on January 23, 2022, against a payment of 25% of the total amount. On March 9, 2022, he has paid the remaining 75% of the amount.

Urja Global: The Board of Directors of the Company is scheduled to meet on March 16, 2022, to consider and approve the appointment of Gaurav Aggarwal as Chief Executive officer (CEO) of the company. It will also consider the proposal to subscribe to additional shares in a wholly-owned subsidiary of the company 'Urja Batteries Limited' by way of rights issue.

Camlin Fine Sciences: Promoter Infinity Holdings acquired one crore shares (6.37% stakes) via preferential allotment in the company on February 23, 2022.