Stocks in Focus on March 16: Zomato, PNB, Minda Corporation, ITC, Dredging Corporation and many more

The equity benchmarks closed with steep losses on Tuesday, March 15, 2022, ending the five-day winning streak. Indices witnessed profit booking after rising for five straight sessions. The barometer index, S&P BSE Sensex fell 709.17 points or 1.26% at 55,776.31. The Nifty 50 index lost 208.3 points or 1.23% at 16,663.30. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, March 16, 2022. List of such Stocks:

Zomato Ltd: The online food delivery platform has acquired a 16.66% stake in Mukunda Foods Private Limited, a food robotics company, for cash consideration of $5 million. Besides, the board also approved a loan of up to $15 crore to Grofers India(Blinkit) in one or more tranches. Interest will be charged at 12% annually. In addition, Zomato, reportedly, would acquire controlling stakes in the startup Blinkit for a value of around $70-80 crore. Zomato currently holds about 10% stakes in Blinkit. 

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Punjab National Bank: State-owned Punjab National Bank (PNB) has reported a borrower fraud of Rs 2,060.14 crore in the non-performing account (NPA) of IL&FS Tamil Nadu Power Co. Ltd. The bank has already made provisions amounting to Rs 824.06 crore, as per prescribed prudential norms.

Minda Corporation: Ministry of Heavy Industry has approved the company's Production Linked Incentive (PLI) scheme for the automobile industry. 

ITC Ltd.: ITC Limited has acquired 1,040 Compulsorily Convertible Preference Shares of Rs 10 each of Mother Sparsh Baby Care Private Limited (Mother Sparsh). With the aforesaid acquisition, the Company's shareholding in Mother Sparsh aggregates 16% of its share capital on a fully diluted basis.

Dredging Corporation of India Ltd / Cochin Shipyard: Dredging Corporation's board has signed a contract with Cochin Shipyard for the construction of a 12,000 cubic meter hopper capacity trailer suction hopper dredger for euro 104 million under the Make in India - Atma Nirbhar Bharat program. The construction period is about three years.  

Tata Motors: Tata Motors has received orders for the supply of 250 EVs from Aurangabad Mission Green Mobility (AMGM). 

United Spirits: Inbrew Beverages, reportedly, is likely to buy a $30 crore portfolio of Indian brands being sold by Diageo Plc. Diageo may sell lower-margin brands including Haywards, Bagpiper whisky and White Mischief vodka. 

Paytm: Munish Ravinder Varma resigned as non-executive, non-independent director of the company due to personal commitments and other pre-occupations. 

PB Fintech: Munish Ravinder Varma has resigned as non-executive, a non-independent director who has tendered from the company due to personal reasons and other pre-occupations.   

Infosys Ltd: The board of the company will meet on April 13, 2022, to consider financial statements for the period ended March 2022. 

Bulk / Block Deals 

Hatsun Agro: Malabar India Fund sold 119,999 shares at Rs 1194/share. Malabar Value Fund sold 88,001 shares at Rs 1194/share. Promoter Chandramogan R G bought the entire chunk of 2,08,000 SHARES 

Rane Brakes: Promoter Rane Holdings buys 50,000 shares at Rs 670.35 per share. United India Insurance sells 50,000 shares at Rs 670.31 per share.