Stocks to watch: Bajaj Finance, NTPC, Paytm, Federal Bank, BPCL

NTPC: India’s largest power producer is looking for a strategic investor in its renewable energy business before taking the unit public next year, a company official with knowledge of the matter said. NTPC Renewable Energy Ltd, a wholly owned subsidiary of the New Delhi-based firm, is planning an international roadshow in the financial year beginning April to find a partner and expects an investor to boost the value of the subsequent IPO, the officer said.

Bajaj Finance: Bajaj Housing Finance has announced its new festive offer wherein home loans are now as low as 6.65% p.a. subject to terms and conditions. The housing finance company will give an option to eligible applicants to link their home loan interest rates to the repo rate of the Reserve Bank of India and benefit from a possible rate cut by the apex body.

Federal Bank: Private lender Federal Bank on Wednesday said it has signed a memorandum of understanding (MoU) with Schwing GMBH, Germany’s subsidiary Schwing Stetter (India) Ltd, one of the largest manufacturers of concrete and construction equipment in India.

Bajaj Auto: Bajaj Auto announces today’s investment 300 crore and started work in a new unit at Akurdi for manufacturing of electric vehicles. This unit will have a production capacity of 500,000 EVs per year. Akurdi (Pune) is also the site of the original Chetak scooter factory that made Bajaj Auto a household name in India. It is spread over half a million square feet and will provide employment to around 800 people.

Paytm: Paytm Payments Bank, a subsidiary of Paytm, has announced the appointment of three independent directors. The board of Paytm Payments Bank has approved the appointment of former DPIIT secretary Ramesh Abhishek), SBI along with banking giant Manju Agarwal and banker Shinjini Kumar as independent directors. Paytm Payments Bank, an affiliate of One97 Communications, which recently listed on stock exchanges, has seven board members including MD and CEO Satish Kumar Gupta and chairman Vijay Shekhar Sharma. Abhishek, former secretary of DPIIT, has been a part of government initiatives like Make in India, Startup India and regulatory reforms.

PVR: Multiplex chain operator PVR Ltd today said it has increased the ticket prices in Telangana by 50% in line with the latest instructions issued by the state government, the company informed the exchanges today. Currently, the cost of movie tickets for mainstream seats is 150, which will be raised 250 + GST, while reclining seats will be charged 300+ as opposed to GST 250 currently.

SJVN Limited: State-run hydroelectric major SJVN Ltd. will invest Rs. 60,000 crore for harnessing 5097 MW of hydroelectric power in Arunachal Pradesh. The company has been allotted five hydel projects by the state government, which are now expected to be commissioned with SJVN and expected to be commissioned in the next 8-10 years.

Varun Beverages: Incorporated a new entity ‘Varun Beverages RDC SAS’ in the Democratic Republic of Congo to further the business of manufacturing, selling, trading and distributing carbonated and non-carbonated beverages.

Bharat Petroleum Corporation: Life Insurance Corporation of India acquired 2.019% stake in Bharat Petroleum through an open market transaction, increasing the shareholding from 5.01% to 7.03%.

Telecom Stock: Icra Ltd on Wednesday stabilized its rating on the telecom sector from negative following the recent tariff hike by telcos and a four-year moratorium on adjusted gross revenue and spectrum dues. For FY22, the telecom sector is expected to contribute approx. 54,000 crore for non-tax receipts of the government which will be close to the budget estimate for the fiscal, it said.