Stocks that will see action today: February 6, 2025

Welspun Michigan Engineers Limited (WMEL), a subsidiary of Welspun Enterprises Limited (WEL) has been awarded a contract by the Brihanmumbai Municipal Corporation (BMC) for the design and construction of the Mogra Storm Water Pumping Station in K/W Ward, Mumbai. The Engineering, Procurement, and Construction (EPC) contract, valued at ₹290.88 crore (including GST) includes the design and construction of a state-of-the-art storm water pumping station, complete with mechanical, electrical, and automation systems. Additionally, the contract encompasses a comprehensive operations and maintenance (O&M) phase for seven years. The project is scheduled for completion within 20 months.

Life Insurance Corporation of India (LIC) on Wednesday said it has received a demand notice of about Rs 105.42 crore for short payment of Goods and Services Tax (GST) for seven financial years. The company has received a communication/demand order for interest and penalty for several states on February 5, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Lucknow, it said.

Patanjali Group on Wednesday said it has partnered with IBSFINtech for the deployment of integrated treasury management solutions for digital transformation. “As a global brand, this collaboration reinforces our commitment to harnessing cutting-edge solutions…It aligns with our global expansion goals and addresses growing complexities of international operations, forex management, hedging strategies, and market volatility,” Patanjali Foods CEO Sanjeev Asthana said in a statement.

Apollo Micro Systems Limited has entered into a consortium agreement with Redon Systems Pvt Ltd. to collaborate on a manufacturing partnership. The objective of this consortium is to leverage the combined manufacturing capabilities of the for the procurement of Containerised Automatic Landing Module systems.

GE Power India has received a purchase order from NTPC, for an amount of ₹13.75 crore (excluding 18% GST). The order has to be executed within 40 weeks.

The board of Welspun Corp has approved sale of 1,900 equity shares holding 19 per cent stake in Welassure Private Ltd for ₹0.95 crore to Rakshak Securitas Private Limited which is not a related party. It also approved an investment of up to ₹250 crore in its subsidiary company ‑ Welspun Specialty Solutions Limited (WSSL) towards the subscription under the Rights Issue of equity shares as announced by WSSL.

UltraTech has commissioned an additional 0.6 mtpa grinding capacity at its existing unit situated at Sonar Bangla, West Bengal. The additional capacity will help UltraTech to service composite cement demand in the East region and will also help to increase its blended cement ratio. Consequent to this, the Company’s total domestic grey cement manufacturing capacity stands at 166.31 mtpa. Along with its overseas capacity of 5.4 mtpa, the Company’s global capacity stands at 171.71 mtpa.

Container Corporation of India has infomred the exchantes that the Joint Commissioner of GST and Central Excise, Mumbai South Commissionerate (GST Department) has raised demand of GST for FY 2017-18 to 2022-23 of ₹13.17 crore plus penalty of ₹13.17crore.

Religare Enterprises on Wednesday said its independent director Hamid Ahmed resigned from the board of the company. Ahmed, who is CEO of Hamdard Laboratories India, Foods Division, ceased to be non-executive independent director of the company from February 4. He has tendered his resignation from the Board of Directors with immediate effect, due to increasing scope of work in his family business, Religare Enterprises said in a regulatory filing.

Diversified conglomerate ITC Limited on Wednesday announced the opening of its global centre of excellence for Artificial Intelligence (AI) in the metropolis. The centre was virtually inaugurated by West Bengal Chief Minister Mamata Banerjee during the Bengal Global Business Summit. ITC chairman and managing director Sanjiv Puri highlighted Bengal’s potential for investment, noting that the firm, headquartered in Kolkata, has made significant investments in sectors such as hospitality, manufacturing, IT, and agriculture.

JSW Group has expressed interest in entering the airport infrastructure and management sector, with a focus on acquiring a stake in Andal airport in West Bengal’s Durgapur, its chairman Sajjan Jindal said on Wednesday. At the end of the day’s session of Bengal Global Business Summit (BGBS), Chief Minister Mamata Banerjee said Jindal was keen on upgrading Andal airport into an international airport. Jindal, who was in Kolkata, held discussions with two key stakeholders—the West Bengal government and SMIFS Capital—regarding the proposed stake acquisition.

InterGlobe Aviation (IndiGo) has informed the exchanges that it received a notice with penalties totalling ₹115.87 crore from the GST authorities. The penalties include ₹113.02 crore imposed by the Additional Commissioner of Central Goods & Service Tax — Delhi South Commissionerate, and ₹2.84 crore by the Joint Commissioner of GST & Central Excise – Chennai South – Tamil Nadu. The violations, as per the authorities, are primarily related to the levy of GST on services provided to offshore recipients, which the department has determined is not an export of services.

The board of Info Edge has approved to enter into a contribution agreement with the IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust. The company plans to commit up to ₹1,000 crore to the fund, either directly or through its wholly-owned subsidiaries, pending approval from SEBI and the shareholders of Info Edge. It is proposed that Smartweb Internet Services Ltd., a wholly owned subsidiary of the Company, (Smartweb) will act as the Sponsor and Investment Manager of the said Trust and all its schemes, it said.