Stocks that will see action today (March 14)

One 97 Communications (Paytm) has said Reserve Bank of India has directed Paytm Payments Bank (PPBL), its associate company, to temporarily halt onboarding of new customers. RBI has observed certain material supervisory concerns at PPBL. The bank is taking immediate steps to comply with RBI directions, including appointment of a reputed external auditor to conduct a comprehensive system audit of its IT systems.

In a clarification, PPBL said it remains committed to working with the regulator to address its concerns as quickly as possible. The company has been informed that this does not impact any existing customers of PPBL, who can continue to use all banking and payment services without interruption. All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag, and bank accounts can continue to use these instruments, including debit cards and net banking, for payments.

Diversified FMCG and FMHG focused company, Ruchi Soya, will launch its follow-on public offer (FPO) on March 24, the company said in its filing on the exchanges. The FPO comprises equity shares of face value of ₹2 each aggregating to ₹4,300 crore.

The issue also includes a reservation of up to 10,000 equity shares for subscription by eligible employees. If such placement is completed, the follow-on size will be reduced. The issue will open on March 24 and close on March 28.

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Market to open moderately down

Nazara Technologies has announced investment in Griffin Gaming Partners (Griffin) Fund II, LP as a limited partner in the fund. Nazara Dubai is a limited partner in Griffin Gaming Partners Fund II, L.P for a capital commitment of not exceeding $4 million (₹30 crore), payable in cash, in one or more tranches. Griffin Gaming Partners is a global venture fund focused on gaming.

Welspun India Limited, which earlier announced the revision of the Advanced Materials Project being set-up through Welspun Advanced Materials (India) Limited (a wholly-owned subsidiary), has commenced its operations with effect from March 12. WAMIL's facilities at Telangana has installed capacity of 17,729 MTPA of Spunlace with estimated revenue of ₹370 crore per annum at around full capacity utilisation.

ISMT Limited had earlier announced the one-time settlement agreement executed with the lenders, stating timelines for payment of the one-time settlement amount. Pursuant to the aforesaid agreement, the company has remitted the full and final settlement amount, towards the outstanding debt of the company, to the respective lenders/authorised dealers.

The board of United Spirits has approved the investment in Nao Spirits & Beverages Private Limited for an aggregate consideration of ₹31.50 crore. This will be done by subscribing to 8,094 compulsory convertible preference shares and 10 equity shares of NAO, equivalent to 14.29 per cent of its issued and paid up share capital on a fully diluted basis, and purchasing 4,660 shares (8.21 per cent stake) from its existing shareholders. As a result, it will own 22.50 per cent of the equity share capital of NAO on a fully diluted basis.

Tech Mahindra Limited has approved the proposal to acquire 100 per cent equity shares in Thirdware Solutions Limited (hereinafter referred to as Thirdware or Target). Headquartered in Mumbai with more than 850 employees. For the financial year ending March 31, 2021, Thirdware had revenue of ₹2,10.62 crore. Thirdware delivers industry specific technological expertise through a range of services spanning business applications consulting, design, implementation and support.

HDFC Capital Advisors Limited, a wholly-owned subsidiary of HDFC, has acquired 1,623 equity shares by way of conversion of compulsorily convertible preference shares and together with 182 equity shares already held by it in Xpedize, HCAL held 12.47 per cent of the equity share capital of Xpedize. HCAL is in discussions for sale of the shares held by it in Xpedize (including those acquired by way of conversion of CCPS), which is expected to be completed by March 31.

The Reserve Bank of India has lifted restrictions on HDFC Bank, allowing it to launch digital business-generating activities planned under its Digital 2.0 programme. In December 2020, RBI had asked the private sector lender to halt launches under its digital banking initiative and to stop sourcing any new credit card customers, albeit temporarily. The regulatory action came after multiple outages in the bank's e-banking channels. Then in August last year, RBI partially lifted the restrictions, allowing it to resume issuing credit cards.

State-owned Indian Bank has declared Topsgrup Services and Solutions Ltd as fraud for diversion of funds worth ₹34.08 crore. The non-performing asset Topsgrup has been declared as fraud and reported to the RBI as per regulatory requirement, Indian Bank said in a filing. The bank also said it holds provision of ₹14.06 crore against this account.