Stocks that will see action today: March 24, 2025

Reliance Industries Ltd informed the exchanges that its step-down wholly-owned subsidiary Nauyaan Tradings Pvt Ltd (NTPL), has completed the acquisition of a 74% equity stake in Nauyaan Shipyard Private Ltd (NSPL) from Welspun Corp Ltd for ₹382.73 crore.

IndusInd Bank, grappling with a major accounting lapse, has appointed Grant Thornton Bharat to conduct a forensic review of discrepancies in its derivatives portfolio, amounting to approximately ₹1,577 crore over the past six years. The issue arose after the bank engaged in certain non-compliant internal trades, leading to misstatements in its financial records. According to sources, the external investigation will examine the root causes of the discrepancies, determine the nature of misstatements in financial records, assess potential fraud — including money laundering risks — and bring accountability for the lapses in accounting treatment.

Ola Electric has commenced of deliveries for its S1 Gen 3 scooter portfolio across India. The S1 Gen 3 range starts at ₹79,999 for S1 X (2kWh) and goes up to ₹1,69,999 for the S1 Pro+ 5.3kWh with 4680 Bharat Cell, the company said in a statement. Deliveries of the S1 Gen 3 portfolio have started through the extensive network of Ola Electric stores and direct-to-home delivery services, it added.

The Competition Commission of India (CCI) has dismissed allegations of abuse of dominant position against GMR Airports Ltd and Delhi International Airport Ltd (DIAL) in a high-profile case involving the awarding of parking and lounge contracts at the Indira Gandhi International Airport (IGI), Delhi. The case was filed by the NGO ‘Fight Against Corruption’ and the Contractor Council of India, accusing the GMR-led consortium of violating provisions of Section 4 of the Competition Act, 2002.

IRCON International is facing an arbitration claim worth ₹158.89 crore. The claims include compensation for loss of profit and goodwill, the release of retention money, a lien on performance bank guarantee, GST penalties, and pending bill payments.

Power Mech Projects has bagged a ₹579-crore contract from Bharat Heavy Electricals Ltd (BHEL) for civil, structural, and architectural works at a Jharkhand-based power plant. 

Gujarat State Petronet Ltd has commissioned its natural gas pipeline, connecting the newly set up 5 million tonnes per annum LNG import terminal at Chhara in Gir-Somnath district, with the gas grid. The pipeline, with a capacity to ship 18 million standard cubic metres per day, was developed by Gujarat State Petronet Ltd (GSPL) at a cost of ₹650 crore. The pipeline passes from the outskirts of the eco-sensitive zone of the Gir National Park & Wildlife Sanctuary, home to Asiatic lions. The pipeline was commissioned on March 20, GSPL said in a statement.

Carysil plans to invest ₹500 crore to increase the manufacturing capacity of the kitchen sinks, faucets and appliances segment as part of its long-term growth strategy in India, according to an official statement. Under the programme, Carysil has earmarked ₹100 crore to double its sink manufacturing capacity from 1 million to 2 million units per year. Another ₹50 crore will be invested to expand its stainless steel sink production to 2.5 lakh units annually, the company added

The board of Larsen & Toubro (L&T) has approved a ₹12,000-crore borrowing proposal. The board has also approved the appointment of Subramanian Sarma, Whole-time Director & President, Energy as the Deputy Managing Director & President, with effect from April 2, 2025 to February 3, 2028.

The government has approved the appointment of Rahul Bhave as Managing Director and CEO of IFCI. Bhave, serving as Deputy Managing Director, has been appointed as MD and CEO for three years from the date of taking over, a government order said. The appointment has been approved by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister. 

PFC Consulting Limited (PFCCL) has incorporated two special purpose vehicles for the development of transmission systems. NES Dharashiv Transmission has been incorporated for the development of a network expansion scheme in Maharashtra for evacuation of RE Power from Dharashiv, Beed district, Power Finance Corporation (PFC) said in the filing. NES NAVI Mumbai Transmission is for a network expansion scheme in Maharashtra to provide supply to Data Centre Loads in Navi Mumbai. PFC Consulting Ltd (PFCCL) is a wholly-owned subsidiary of PFC.

JSW Energy on Friday said Ashok Ramachandran has resigned as whole-time director. Accordingly, a suitable search process is underway and necessary disclosure will be made in due course, JSW Energy said in an exchange filing.

Unicommerce eSolutions has announced the completion of acquisition of the balance 57.24 per cent stake in courier aggregation platform Shipway Technology. The company had acquired a 42.76 per cent stake in Shipway Technology on December 17, 2024, for ₹68.4 crore. With the acquisition of the remaining stake, Shipway will become a wholly-owned subsidiary of Unicommerce eSolutions. The acquisition will be facilitated through a preferential issue of equity shares by Unicommerce in exchange for shares of Shipway, held by its promoters, and individuals other than the promoter, according to a BSE filing. Unicommerce will issue 60,33,189 equity shares of the company, with the share swap ratio being 1:8.9.

YES Bank has received ₹429 crore from JC Flowers Asset Reconstruction Company for the sale of its NPA portfolio in 2022. The bank had transferred its stressed assets loan portfolio to the tune of ₹48,000 crore to JC Flowers ARC in December 2022.

CG Power and Industrial Solutions, a leader in the electrical engineering industry, expanded its consumer durables range by entering the air-cooler market. The company, part of the diversified Murugappa Group, has introduced a new range of air coolers featuring cutting-edge ‘JetChill Technology’, ensuring faster cooling with optimised airflow and enhanced efficiency, a company statement said on Friday. Designed for superior cooling, the air coolers offer high air delivery for maximum throw, making them ideal for large spaces. The inclusion of honeycomb cooling pads further enhances water retention, ensuring long-lasting cooling.

The Centre has waived dues of Hindustan Organic Chemicals Ltd (HOCL) worth ₹1,351.38 crore as on September 30, 2024. The dues comprise a GoI loan, Interest on GoI loan, preference shares, interest /penalty of preference shares, and penal interest on the GoI loan. The write-off will have a positive impact on the financials, HOCL told the exchanges.

NCC Ltd has received an order worth ₹1,480.34 crore from Bihar Medical Services & Infrastructure Corporation Ltd (BMSICL) for the redevelopment of Darbhanga Medical College & Hospital (DMCH) along with other buildings at DMCH’s existing campus at Laheriasarai, Bihar.