Stocks to Watch: Vedanta, Future, Kotak Bank, Titan

SBI: Banks may be adequately capitalized at present, but they would need additional capital of $70 billion ( ₹5.3 trillion) to support India’s ambitions in becoming a $5 trillion economy, SBI chairman Dinesh Khara said on Wednesday.

Vedanta: Vedanta Ltd is targeting to raise up to ₹1,000 crore through non-convertible debentures (NCDs), the mining major said in a regulatory filing on December 22. In this regard, the company is holding a meeting of its duly constituted Committee of Directors on December 27, 2021.

Kotak Mahindra Bank: Subsidiary Kotak Mahindra Prime acquired the passenger vehicle financing portfolio of Ford Credit India, the Indian captive financing arm of Ford Motor company.

Future Retail: Amazon.com Inc is taking India’s financial crime fighting agency to court, seeking to quash an investigation into one of its 2019 deals, a court filing seen by Reuters shows. India’s Enforcement Directorate (ED) has for months been probing Amazon’s $200 million investment in India’s Future Group for suspected violations of foreign investment laws.

Indiabulls Real Estate: Indiabulls Real Estate board has approved raising funds up to ₹1,500 crore through one or more Qualified Institutions Placements (QIP), the company told the stock exchanges on Wednesday. The funds will be used to augment the long-term resources of the company and to maintain sufficient liquidity for meeting funding requirements for business activities, existing and new projects and future business growth.

PSP Projects: Gujarat Pollution Control Board (“GPCB”) has granted a Consent to Establish (NOC) for setting up of Industrial Plant for Manufacturing of Precast vide its letter dated December 21, 2021 and the Company has started manufacturing activities.

Titan Company: Markets regulator Sebi on Wednesday imposed a fine on an employee of Titan Company Ltd for violation of insider trading norms. The order came after a probe conducted by Sebi between April 2018 and March 2019.

Ceinsys Tech: Has announced the acquisition of Allygrow Technologies, a technology-driven company with a presence in the US, Europe and India and specialising in product design and robotics automation (manufacturing engineering) services.

Vivanta Industries: Has received a letter of intent from Vitaanova Healthcare Uganda, for the execution of a pharmaceutical project for manufacturing tablets, capsules, and oral liquids on a turnkey basis, including planning, designing, engineering, construction, supply, installation and commissioning of plant and machinery along with obtaining WHO approval. 

Axiscades Technologies: Has approved the appointment of Shashidhar SK as Chief Financial Officer.