Stocks in Focus on March 17: Oil India, Voltas, M&M, JSW Energy, ADF Foods and many more

The equity benchmarks rallied on Wednesday, March 16, 2022, tracking positive global stocks. Firmness in banks and IT shares pushed the benchmarks higher. The barometer index, the S&P BSE Sensex surged 1,039.80 points or 1.86% at 56,816.65. The Nifty 50 index gained 312.35 points or 1.87% at 16,975.35. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Thursday, March 17, 2022. List of such Stocks:

Oil India: The Board of Oil India on Wednesday approved investment in its subsidiary company - Numaligarh Refinery for implementation of the petrochemical project, i.e., polypropylene unit and its associated facilities at Numaligarh at an estimated capital cost of Rs 6555 crore. The Board also approved the formation of a joint venture company between Assam Gas and Oil India for the three geographical areas offered by the Petroleum and Natural Gas Regulatory Board under the 11th round of city gas distribution bidding.

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Voltas Limited: The Board of Voltas has approved a proposal to enter into a Joint Venture arrangement with Highly International (Hong Kong) Limited, a wholly-owned subsidiary of Shanghai Highly (Group) Company Limited to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products, on such terms and conditions as may be mutually agreed between the parties. Voltas will hold 40% stakes in the JV. 

Mahindra & Mahindra Ltd: Company has on Wednesday signed a share purchase agreement and a share subscription and shareholders agreement with Carnot Technologies Private Limited (“Carnot”), an associate of the Company. Pursuant to the secondary purchase and primary infusion the company will acquire 7,423 equity shares from its existing shareholders and also subscribe to 1,613 Series C Compulsory Convertible Cumulative Participating Preference Shares (Series C CCCPS), respectively of Carnot with an investment of around Rs 14 crore. Upon completion of these transactions, the shareholding of the Company in Carnot will increase from 15.60% of the equity share capital to approximately 52.69% of the equity share capital of Carnot and it will become a Subsidiary of the Company.

JSW Energy: The company on Wednesday said that it has completed the streamlining and reorganisation of its renewable and thermal power businesses. It has completed: 

1. Transfer of 100% of the equity shares held by JSW Future Energy Limited in (i) JSW Renew Energy (Kar) Limited and (ii) JSW Renewable Energy (Dolvi) Limited, to JSW Neo Energy Limited (JSWNEL).

2. Transfer of 100% of the equity shares held by JSW Hydro Energy Limited in JSW Energy (Kutehr) Limited to JSWNEL.

3. Transfer of 100% of the equity shares held by the Company in JSW Hydro Energy Limited to JSWNEL.

Consequent to the aforesaid transfers, JSW Renew Energy (Kar) Limited, JSW Renewable Energy (Dolvi) Limited, JSW Energy (Kutehr) Limited and JSW Hydro Energy Limited have now become wholly-owned subsidiaries of JSWNEL.

Jindal Stainless / JSL Hisar / Tata Steel / JSW Steel: EU hikes duty on steel coming from India and Indonesia. Duty on cold-rolled steel increased from 10% to 14.3%. 

ADF Foods Ltd.: The company on Wednesday said certain promoter and non-promoter warrant holders have exercised their rights for the conversion of 9,43,500 Warrants out of 19,50,000 Warrants into an equivalent number of Equity Shares. Consequently, the Board of Directors of the Company at its Meeting held on Wednesday allotted 9,43,500 Equity Shares at an issue price of Rs 362 per share. The aggregate subscription money received by the Company in respect of the said shares is Rs 3415.47 lakhs. With this, the promoter and promoter Group holding will increase from 31.42% to 33.58%

NXT Digital / Ashok Leyland: The board of directors of NxtDigital Ltd (NDL) has accorded in-principle approval for the merger of Hinduja Leyland Finance Ltd (HLFL), a non-banking finance company into NDL, subject to all statutory or regulatory approvals and approval of the shareholders. The proposed acquisition will result in the merged entity having assets aggregating above Rs 29,000 crore.

Jindal Poly: The Board of Directors of the company has approved the transfer of the Packaging Films Business Undertaking by the Company to JPFL Films Private Limited (JPFL Films). The Company has entered into a share subscription and purchase agreement (SSPA) and shareholders' agreement (SHA) with Private Holdings Fourteen (DIFC) Limited, a special purpose vehicle of Special Investment Fund of Brookfield (Brookfield SPV) and JPFL Films, in connection with, inter alia, investment by Brookfield SPV in JPFL Films of Rs 2,000 crore for the acquisition of non-controlling minority stake in JPFL Films, which is subject to the approval of the members of the Company by way of an ordinary resolution through Postal Ballot. Board has approved the sale of partial holding of Preference Shares held in Jindal India Powertech Limited for a total consideration of Rs. 105 crore. 

Coastal Corporation Ltd: The Board of Directors of the Company is scheduled to meet on Tuesday, March 29, 2022, to consider a proposal to issue equity shares to the existing shareholders on the right basis. 

IGL: Indraprastha Gas Limited (IGL) and Kinetic Green have entered into a strategic agreement for Battery Swapping Technology. They have also launched a battery-swapping station, Energy Cafe, in New Delhi. 

BEL: The Board of Directors of the company is scheduled to meet today for consideration of the interim dividend for FY22. 

Jindal Photo: The delisting offer will be open from March 17 to March 24. Price fixed at 268/share. 

SAIL: The board of Steel Authority of India Ltd (SAIL) on Wednesday approved Rs 2.50 per share as the second interim dividend for FY22. 

BEML: Board of Directors of BEML Limited will meet on Tuesday, March 22, 2022, to consider the Interim Dividend for FY 2021-22 on equity shares if any.

Bajaj Holdings: Sanjiv Bajaj has been reappointed as MD And CEO.

Bajaj Finserv: Sanjiv Bajaj has been reappointed as MD.

Reliance Capital: CEO Mr. Dhananjay Tiwari resigns.