Stocks to Watch: Adani Ports, Maruti, ITC, Bajaj Auto, PNB, Titan – Mint

Axis Bank: The private sector lender, after market hours on Tuesday, reported a 7.3% rise in its net interest income to ₹7,900 crore in the three months ended September. Net profit surged 86% to ₹3,133.3 crore during the period because of lower provisions.

Zee Entertainment: Invesco’s demand that Zee Entertainment Enterprises Ltd convene a special shareholders’ meeting to oust managing director Punit Goenka and recast the board is not legally compliant, the Bombay high court ruled on Tuesday. Meanwhile, the National Company Law Tribunal will hear if Zee should be ordered to convene the shareholders’ meeting on Wednesday.

Kotak Mahindra Bank: The private sector lender, Axis Bank and IndusInd Bank have made binding offers to buy Citi’s consumer business in India, valued at about $2 billion, said people with knowledge of the matter. The US bank under CEO Jane Fraser is looking to exit consumer banking in 13 countries, including India.

IRB Infrastructure Developers: Will raise ₹5,347 crore from Spanish infrastructure group Ferrovial SA and Singapore’s sovereign wealth fund GIC, in the largest equity fundraising by an Indian roads developer. Ferrovial’s subsidiary Cintra Global SE will invest up to ₹3,180 crore for a 24.9% stake in IRB Infrastructure, while GIC will invest up to ₹2,167 crore for a 16.9% stake.

IDFC: IDFC Financial Holding Company has written to IDFC First Bank informing it on its value unlocking plans. IDFC Financial Holding holds 36.50% equity in IDFC First Bank. Five-year lock-in period for IDFC Ltd as promoter of the bank ended on 30 September, 2020. Post this, RBI has clarified that IDFC Ltd can exit as the promoter of IDFC First Bank.

Cadila Heathcare: The Centre has negotiated the pricing of Zydus Cadila’s Covid-19 vaccine ZyCoV-D and is set to roll it out in the public immunisation programme within weeks. This will mean initiating vaccination of children 12 years and above with identified comorbidities.

Dr Lal PathLabs: On Tuesday said it has agreed to acquire Sequoia Capital-backed Suburban Diagnostics in an all-cash deal. The company is making the purchase at an enterprise value of 18.5X of FY22 audited earnings before income, tax, depreciation and amortization (Ebitda) of Suburban Diagnostics. This works out to a minimum of ₹925 crore with a cap of ₹1,150 crore, the company informed the exchanges.

Bajaj Finance: After market hours on Tuesday reported consolidated net profit of ₹1,481 crore, up 53.4% on year, for the September quarter. Net interest income rose 28% to ₹5,335 crore from ₹4,162 crore year. Gross NPA was at 2.45% Vs 2.96% a quarter ado, while net NPA was at 1.10% Vs 1.46%.

Cipla: Reported a consolidated net profit of ₹711 crore, up 7% on year, for the quarter ended September, aided by strong performance in the domestic as well as international markets. Revenue was up 0.28% at ₹5,519.8 crore.

Power Grid: The state-run utility firm said the high voltage direct current (HVDC) power transmission links connecting three states of Chhattisgarh, Tamil Nadu and Kerala have started commercial operation.