Stocks on Focus: ZEEL, Wipro, Crompton Greaves, Wockhardt, TVS, PB Fintech

Equity benchmark indices, Sensex and Nifty, are expected to have a strong start on March 21, 2024, following the positive performance of global equities. At 7:30 am, Gift Nifty futures were up by 150 points, reaching 22,077 over Nifty futures’ last close. 

Zee Entertainment Enterprises: During a recent court hearing, the Securities and Exchange Board of India (SEBI) assured the Bombay High Court that it would not take any action against Subhash Chandra, the Chairman of Zee Entertainment Enterprises, for three weeks in connection with an alleged fund diversion case. Chandra had filed a petition on March 5, arguing that the language in the SEBI summons suggested that the allegations against him had already been conclusively proven, and requested the court to declare the summons as unlawful and invalid. Justices GS Kulkarni and Firdosh Pooniwalla granted SEBI two weeks to respond to Chandra's petition and postponed the hearing for three weeks. In another development, R. Gopalan, the independent Chairman of the ZEEL board and a former bureaucrat, has expressed concern that the company's performance has declined over the past two years while the management was focused on an unsuccessful merger with Sony Pictures Networks India (SPNI). He believes that it's time for the company to focus on reclaiming its past success.

Wipro: Wipro Ltd has announced that Anne-Marie Rowland will be the new CEO of Capco, according to a filing submitted to the stock exchanges. Rowland, who is currently managing partner of Capco's operations in the UK and Ireland, will take up her new position as CEO from April 1, 2024. Wipro acquired the British consulting firm Capco for $1.45 billion on April 29, 2021. Rowland will succeed Lance Levy, who served as Capco's CEO for almost a decade. She will report directly to Thierry Delaporte, CEO and Managing Director of Wipro, and will also join the Wipro Executive Committee (WEC).

Crompton Greaves Consumer Electricals: The company has recently received an order to provide a solar water pumping system for the state of Haryana under the PM-KUSUM scheme, which has been approved by Haryana's New and Renewable Energy Department and HAREDA. The order includes the installation, provision, and commissioning of solar photovoltaic water pumping systems worth over Rs 9 crore. The company has received cumulative orders worth Rs 65.6 crore from HAREDA up to this point.

Wockhardt: On Wednesday, Wockhardt, a pharmaceutical company, announced its initiation of a Qualified Institutional Placement (QIP) to raise funds. The base price for each share has been set at Rs 544.02, which is almost equal to the closing price of the stock on the same day. However, the company has not disclosed the amount of money it intends to raise in its exchange filing.

TVS Motor: TVS Motor, a manufacturer of two and three-wheelers, announced on Wednesday that it plans to distribute four cumulative non-convertible redeemable preference shares (NCRPS) valued at Rs 10 each for every single share held as of the record date. These NCRPS will carry an annual coupon rate of 6% and are set to be redeemed 12 months after the allotment date.

PB Fintech: PB Fintech, the parent company of PolicyBazaar, has announced that it has received approval from its board to create a new subsidiary called PB Pay Private Limited. The new company will operate as a payment aggregator and facilitate domestic and cross-border transactions, subject to approval from the Reserve Bank of India. PB Pay Private Limited will provide offline and digital payment acceptance infrastructure to merchants, as stated in a regulatory filing.

Cyient, HAL: On Wednesday, Cyient, an IT solutions provider, announced that Infotech HAL Ltd, a joint venture equally owned by Cyient and HAL, has initiated a corporate insolvency resolution process before the Bengaluru bench of the National Company Law Tribunal (NCLT). This process has been initiated under section 10 of the Insolvency and Bankruptcy Code, 2016.

Zomato: Zomato CEO Deepinder Goyal recently announced that there will be no physical segregation of riders, a day after revealing plans to launch a "pure veg" fleet for customers with vegetarian dietary preferences. Goyal stated that all Zomato riders will wear red uniforms, irrespective of the type of order they are delivering. This update is a change from the previous announcement that the "pure veg" fleet would be identifiable by green uniforms. From now on, customers will be able to distinguish the "pure veg" fleet exclusively through the Zomato app.

Suzlon Energy: On Wednesday, Suzlon announced that its board of directors has given the green light to convert Rs 22.86 lakh partly paid-up equity shares, each with a face value of Rs 2, into fully paid-up equity shares.

Prince Pipes: On Wednesday, the PVC pipes company announced that it has signed an asset purchase agreement worth Rs 55 crore with Klaus Waren Fixtures Pvt Ltd and NM Shah. The agreement involves the acquisition of various assets such as the "Aquel" brand, all intellectual property, land, buildings, civil structures, and other office equipment. According to an exchange filing, the purchase will be made in two installments.