Stocks To Watch

Axis Bank: Has revised its stake acquisition agreement with Max Financial. Post advise from the Reserve Bank of India, Axis Bank and its subsidiaries - Axis Capital and Axis Securities have agreed to enter into revised agreements with Max Financial to acquire up to 19% of the total equity. Axis Bank, under the revised agreement will acquire up to 9% stake while Axis Capital and Axis Securities will together acquire up to 3% of the share capital of Max Life. In addition, Axis entities will have the right to acquire and additional stake of up to 7% of the equity share capital of Max Life in one or more tranches.

Coal India: Production for the month of October up 18.7% to 46.8 MT. Offtake up 25% from last year to 50.5 MT.

Sun Pharma: Announced five-year sustained efficacy and safety results for Ilumya in patients with moderate-to-severe plaque psoriasis.

FDC: Launched stronger version of its Favipiravir brands used to treat mild to moderate cases of Covid-19.

Escorts: CRISIL has reaffirmed its rating on the company's long-term bank facilities at CRISIL AA-, while the outlook is revised to positive from stable. The rating on short-term facilities and commercial paper program has been reaffirmed at CRISIL A1+.

Aarti Industries: CRISIL upgraded long-term ratings of the company to CRISIL AA from CRISIL AA-. The outlook has been revised to stable from positive.

Embassy Office Park REIT: Included in the S&P Global Property Index and S&P Global REIT index.

V-Mart Retail: Opened seven new stores in Bihar, Rajasthan, Assam and Uttar Pradesh, while it has closed two stores in West Bengal.

United Breweries: Clarified that it has not received any communication from the Official Liquidator, Karnataka, regarding the winding up of United Breweries (Holdings) - one of the promoter sharehoders. Mcdowell Holdings had granted a loan to UBHL and had also provided third party security through pledge of shares of United Breweries held by it as investments, in respect of loans availed by UBHL from Yes Bank. Over a period of time, the total outstanding dues from UBHL to Mcdowell Holdings reached Rs 329.52 crore. Mcdowell has filed a claim of a similar amount as a creditor of UBHL with the official liquidator.

Atul Auto: Has increased its stake in Khushbu Auto Finance from 30% to 100% for a cash consideration of Rs 44.57 crore

Wheels India: Has started production at its newly commissioned cast aluminium wheel plant at Thervoy Kandigai in Tamil Nadu..

Zee Media: Board gave in-principle approval for raising Rs 300 crore via NCDs and issue of 15.5 crore compulsorily convertible preference shares worth Rs 90 crore to Miloeux Media & Entertainment.

Cochin Shipyard: Madhu Nair’s tenure as chairman and managing director of the company has been extended till January 2026.

Grasim Industries: Entered into a definitive agreement with Lubrizon Advanced Material to manufacture and supply Chlorinated Polyvinil Chloride (CPVC) resin in India. Initial production for the same is expected in April 2022. The company will be constructing a 1 lakh MT plant in Gujarat. Lubrizol will invest in the project in two phases to set up the CPVC plant at Grasim's Vilayat unit. Grasim will provide land, materials and utilities and will receive commercial charges over and above costs, in lieu of managing operations.

Siti Networks: Defaulted on principal worth Rs 64 crore and interest worth Rs 13 crore due to HDFC, IDBI Bank, SCB, RBL Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank.

PNB Housing Finance: The National Housing Bank has imposed a penalty of Rs 1.9 crore, plus 18% GST for non-compliance with certain regulations. The company will proceed to pay the penalty under protest with an option to resort to appropriate measures.

Punjab National Bank: Overnight MCLR cut by 15 basis points to 6.65% while one-month MCLR cut by 10 basis points to 6.7%.

Eicher Motors: Closes the business transfer agreement between Volvo Group India and VECV, post the receipt of all regulatory approvals.