Stocks to Watch: Infosys, Coal India, Vedanta, Paytm, HDFC Bank, Yes Bank, Axis Bank

Infosys: Recovering from the loss of a billion-dollar deal in December, Infosys has kicked off 2024 with momentum, securing two significant contracts. The most recent is a $300 million contract with Singapore-based Pacific International Lines running until 2027, according to industry executives. The Singapore deal marks Infosys's second significant multi-year contract announcement within a month, following a seven-year agreement with Irish food retailer Musgrave on 31 January to automate its IT functions using AI and cloud solutions. For the December-ended quarter, Infosys announced large deal total contract value of $3.2 billion in Q3FY24, a decline from $7.7 billion in 2QFY24. This includes a net new of 71%.

Coal India: The state-run company on Thursday signed a memorandum of understanding (MoU) with Haryana Power Purchase Centre for supply of 800 megawatt (MW) of electricity from Mahanadi Basin Power Ltd. This agreement lays the foundation for a future power purchase agreement, and will help Haryana meet its rising energy demand, Coal India said in a statement.

Vedanta: Promoters of mining and resources major Vedanta offloaded a 1.76% stake in the company for ₹1,737 crore on Thursday through a bulk deal on BSE, data shows. The stake was sold by Finsider International Co. Ltd, a promoter entity, for a weighted average price of ₹265.14 per share. This translates to a discount of 5% over Wednesday’s closing price. Vedanta shares closed 4% lower on BSE on Thursday at ₹268 apiece.

NBCC: The state-owned construction firm expects to meet its revenue target of ₹10,000 crore in FY24 riding on its strong performance in the third quarter of the current financial year, its Chairman and MD, KP Mahadevaswamy, said to CNBC-TV18 on Thursday. According to Mahadevaswamy, the public sector undertaking is well positioned to meet its revenue target and it may further extend to ₹13,000 crore in the next financial year. NBCC reported ₹2,412.6 crore in revenue in Q3FY24, up 13% from the year-ago period. Its net profit swelled 58.9% to ₹113.16 crore in the December quarter year-on-year.

Axis Bank: Senior BJP leader Subramanian Swamy on Thursday moved the Delhi High Court alleging a scam of nearly ₹5,100 crore in the way Axis Bank sold and purchased shares of insurer Max Life Insurance Company. Max Life is a joint venture between Max Financial Services and private lender Axis Bank. On 6 February, the Insurance Regulatory and Development Authority of India (Irdai) approved Axis Bank’s proposal to purchase another 7% in Max Life for ₹1,612 crore. After this, the Axis group entities will collectively own 19.02% of the insurer, up from less than 13% currently.

Yes Bank: Global investment firm The Carlyle Group on Thursday sold a 1.3% stake, amounting to 39 crore shares, in the private sector lender for ₹1,057 crore through an open market transaction on BSE. According to the bulk deal data available on BSE, the shares were disposed of at an average price of ₹27.10 apiece. Meanwhile, Morgan Stanley Asia Singapore Pte acquired more than 30.63 crore equity shares, representing a 1.06% stake in Yes Bank. The shares were purchased at the same price, taking the deal size to ₹830.08 crore.

HDFC Bank: The private bank plans to launch the Home Saver product in April and Home Refurbishment loans in the coming months, said a senior bank official on Thursday. The Home Saver product is like an overdraft facility and will directly compete with the State Bank of India’s Maxgain home loan scheme. HDFC Ltd offered a Home Refurbishment loan before its merger with HDFC Bank, and it will be relaunched soon.

One 97 Communication: Paytm Payments Bank's regulator-mandated virtual exit from the UPI platform may not have as disruptive an impact on the cashless transaction ecosystem as is being currently feared as most users have multiple backend accounts that are out of the scope of the central bank's curbs. Only about a sixth of the 90 million Paytm UPI users use the app as the sole application for transactions, while in the merchant's category, about 70% of the merchants availing Paytm services have their accounts outside of Paytm Payments Bank. In a report on Tuesday, Macquarie Capital Securities expects a sharp reduction in Paytm revenues across various segments, anticipating an exodus of customers.

Cipla: The drug major on Thursday said it has tied up with CSIR-Central Drug Research Institute to jointly develop a novel ophthalmic formulation for fungal keratitis. The collaboration aims to leverage the combined expertise and resources of both organisations to develop a safe and efficacious drug for fungal keratitis, the Mumbai-based drug maker said in a statement. Globally, around 1.2 million cases of fungal keratitis are reported every year with tropical countries recording a higher incidence.

Indian Hotels Company: The Tata Group backed company has expanded its brand portfolio through a ‘strategic alliance’ with Kolkata's Ambuja Neotia Group for Tree of Life Resorts & Hotels, recently acquired by the latter. Kolkata-based Ambuja Neotia Group had announced in November last year that it had acquired Gurgaon-based boutique hotel chain Tree of Life Resorts & Hotels for an undisclosed amount.