Stocks to Watch: Paytm, Adani Transmission, Hero MotoCorp, Coal India, ONGC

One97 Communications: The Reserve Bank of India(RBI) has asked Paytm Payments Services Limited to resubmit the application to operate as a payment aggregator. The banking regulator put a pause on the onboarding of online merchants by Paytm Payments Services. One97 Communications had proposed to transfer the payment aggregator services business undertaken by it to Paytm Payments Services (PPSL) in December 2020 to comply with payment aggregator (PA) guidelines of the RBI but the banking regulator had rejected its application.

Adani Transmission: An Adani Group company has sought a licence to expand its power distribution business into more areas of Mumbai, including the country’s largest container port JNPT. In an advertisement published in several newspapers in the city on Saturday, Adani Electricity Navi Mumbai (AENM) said it has approached the Maharashtra Electricity Regulatory Commission (MERC) for a distribution licence in some pockets of the Mumbai Metropolitan Region along with its listed parent Adani Transmission.

Hero MotoCorp: Hero MotoCorp has announced that it will be increasing the prices of its motorcycles and scooters soon. The price hike will vary as per specific models and markets and will be effective from December 1, 2022. As announced by the company, products will see a price rise of up to ₹1,500. This will be the fourth time Hero Motorcycles will get a price hike. The last price increase was announced in September this year. The price was increased by up to ₹1,000 then.

Coal India: Coal India Limited on Friday said that it has clocked its quickest 400 million tonnes of coal production for any fiscal year in the company’s history. It expects coal production to increase further in the coming months to hit its target of 700 MT in FY23. Last year, Coal India had produced 342 MT on November 24 and had hit the record time output of 400 MTs, 31 days ahead compared to 25 December. This year, the same quantum of production was achieved 31 days ahead compared to last year.

ONGC: A government-appointed gas price review panel, led by Kirit Parikh, is likely to recommend price caps for natural gas produced from legacy fields of state-owned firms to help moderate CNG and piped cooking gas rates while keeping the pricing formula for difficult fields unchanged. The panel, which was tasked with suggesting a “fair price to the end-consumer” while ensuring a “market-oriented, transparent and reliable pricing regime for India’s long-term vision for ensuring a gas-based economy”, may opt to suggest two different pricing regimes, officials said.

TIL Ltd: Heavy equipment manufacturer TIL on Sunday announced that it decided to bring in a strategic investor — Indocrest Defence Solutions, which is a part of Gainwell Group — to increase the authorised capital into its business. According to the statement shared with stock exchanges by TIL, the quantum of funds to be invested by Gainwell Group wasn’t mentioned.

Muthoot Finance: Muthoot Finance Ltd has announced its 29th series of public issue of secured redeemable non-convertible debentures (NCDs). The face value of each NCD is ₹1,000. The issue will open on 28 November and will close on 19 December. However, there will be an option to close the issue on a much earlier date or on an extended date, as may be decided by the board of directors or NCD committee.

Gateway Distriparks: Integrated inter-modal logistics operator Gateway Distriparks has plans to invest at least ₹500 crore by the fiscal year 2025 to fuel its growth plans, including expansion of the rail vertical, among others. With a greenfield inland container depot coming up at Jaipur and the acquisition of an ICD terminal at Kashipur, which is expected to be completed next few months, GDL is looking to add a total of five ICDs by FY25, company’s chairman and Managing Director Prem Kishan Dass Gupta has said.

L&T Finance: L&T Finance Holdings Limited announced the conclusion of the sale of its mutual fund business to HSBC Asset Management (India) Private Limited. It has (i) received approx. ₹3,484 crores as consideration for the sale; and (ii) also realised surplus cash balance of approx. ₹764 crores in L&T Investment Management Limited, the asset manager to L&T Mutual Fund (LTIML) pursuant to the definitive documents.

Venus Pipes: BNP Paribas Arbitrage on Friday bought 6.5 lakh shares of Venus Pipes & Tubes for ₹42 crore through an open market transaction. According to the block deal data available with the BSE, BNP Paribas Arbitrage purchased 6,50,000 shares, amounting to a 3.2 per cent stake in the company. The shares were acquired at an average price of ₹650 apiece, taking the transaction value to ₹42.25 crore.