Stocks to watch: Infosys, TVS Electronics, TCS, Gillette India, NTPC

InfosysInfosys: India’s second-largest IT services company Infosys has slashed average variable pay of employees to around 70% for the June quarter, amid margin squeeze and higher employee costs, according to sources. The company has reduced the variable pay for the June quarter or Q1 FY23 to around 70% and the employees have been informed about the same. Recently, Wipro and TCS withdrew variable pay of employees mainly due to pressure on margins, inefficiency in their talent supply chain and investment in technology.

TVS Electronics: TVS Electronics on Monday inked a business transfer agreement with GTID Solutions Development to enter the mobile POS software solutions and authentication solutions space, including applications required for segments such as retail, digital payment solutions, cloud computing software Hardware offered along with solutions etc. Banks and Govt. TVS Electronics will acquire the business and IP rights of GTID Solutions. TVS Electronics expects the transaction to be completed on or before October 31, 2022.

TCSTata Consultancy Services (TCS) on Monday said that South Africa’s Absa Corporate and Investment Bank (CIB) has appointed the Indian IT giant to digitally transform its investment banking services. TCS will offer its ‘BaNCS’ platform to enable on-cloud trading and investment services for Absa CIB’s clients. As part of the agreement, TCS Absa will power CIB’s front and mid-end operational services, including trade management, clearing and settlement of trades, and other “operational and administrative” services, the companies said in a joint statement. Huh.

Gillette IndiaShaving product maker Gillette India Ltd on Monday reported a more than two-fold increase in its net profit. 67.59 crore during the fourth quarter ended June 30, 2022, led by a strong sales growth. The company, which follows the July-June financial year, had reported a profit of 27.53 crore in the corresponding quarter of the last financial year. Its revenue from operations grew 26.81% 552.89 crore during the quarter under review 435.98 crore in the same quarter.

NTPCPublic Sector Enterprise NTPC Limited has commissioned the first part of the 20 MW Gandhar Solar PV Project at Gandhar, Gujarat. The company made the announcement in a regulatory filing to the stock exchanges on Monday. NTPC has successfully commissioned the first part of the 20 MW Gandhara Solar PV project, making it the fourth successful renewable energy project to be commissioned this month.

Bank Of BarodaState-owned Bank of Baroda on Monday said it would raise 2,500 crore from bonds to fund business growth. The Bank’s Capital Raising Committee in its meeting held on Monday has approved the issuance of Basel III compliant Additional Tier 1 (AT1) bonds for the total issue size. 2,500 crore in single or multiple tranches, the lender said in a regulatory filing.

Sobha LimitedMarkets regulator SEBI has settled adjudication proceedings against realty firm Shobha Ltd and four individuals after settling a case related to alleged fraudulent trading and disclosure omissions. a settlement amount 2,92,50,000 has been paid by four persons. Among others, it was alleged that Shobha Ltd. had misappropriated Service Tax/GST dues of the person on receipts for construction of residence of a DK Shivakumar (DKS) in three financial years – 2016-17, 2017-18 and 2018. was presented incorrectly. -19.

RBL Bank: RBL Bank said on Monday that its board has approved to increase 3,000 crore to fund the growth of the lender’s business. The bank said in a regulatory filing that the fundraising would be subject to shareholders’ approval. In addition, the Board has approved the issuance of 1.75 crore additional equity stock options, exercisable in an equal number of fully paid-up equity shares. 10 each, in addition to the balance / balance options not permitted under ESOP 2018.

Godrej AgrovetLeading diversified agribusiness company Godrej Agrovet on Monday announced that it has signed MoUs with the Assam, Manipur and Tripura governments for the development and promotion of palm oil cultivation in three states under the National Mission on Edible Oil-Oil Palm Scheme. have signed. India is a net importer of palm oil.

IIFL FinanceIIFL: The Board of Directors of its subsidiary IIFL Home Finance has approved the allotment of 53,76,457 equity shares to a subsidiary of Abu Dhabi Investment Authority. After the said transaction the investor will hold 20% shareholding in IIFL Home Finance. the company received 2,200 crore from the investor for the transaction.

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