Stocks in Focus: Amidst the ups and downs in the stock market, many stocks are going to be in focus tomorrow i.e. on 30th December, the first trading day of the week. These stocks include stocks like Reliance Infrastructure, Axis Max Life Insurance, JSW Energy and Utkarsh Small Finance Bank. Due to recent news, tremendous action can be seen in these shares. Let us tell you that last week the 30-share Sensex of BSE rose by 657.48 points or 0.84 percent, while the Nifty of the National Stock Exchange rose by 225.9 points or 0.95 percent.
Reliance Infrastructure’s unit PS Toll Road Private Limited (PSTR) received notices from Axis Bank and IDFC First Bank on Friday. Both banks have exercised their “substitution right” under the concession agreement. This agreement was to develop the Pune-Satara section (NH-44) into six lanes. Banks have cited DSRA related defaults.
Max Life Pension Fund Management Ltd (Max Life PFM), a unit of Axis Max Life Insurance, has announced plans to cease operations as its pension fund manager and point of presence. This decision has been taken under the rules of Pension Fund Regulatory and Development Authority (PFRDA).
Recently, the name of Max Life Insurance Company was changed to Axis Max Life Insurance. Following this change, the similar branding between two different pension fund management entities (Max Life PFM and Axis PFM) could have created confusion for the general public and NPS subscribers.
Anshul Khandelwal has resigned from the post of Chief Marketing Officer and Suvonil Chatterjee has resigned from the post of Chief Technology and Product Officer of the company. This resignation is effective from December 27.
Prestige Estates Projects
The south-based real estate developer has transferred its three hospitality ventures to its subsidiary Prestige Hospitality Ventures for Rs 313 crore. The company is consolidating its hospitality assets under a single vertical.
The company has extended its partnership with Harley-Davidson Motor Company Inc. to introduce new variants of the Harley-Davidson X440 and develop and manufacture a new motorcycle.
Airvolt has won an order worth Rs 97.5 crore for the supply of 50 50 MWp high efficiency 595 Wp Topcon Technology smart solar panels. The delivery of 595 Wp Topcon bifacial solar panels for this tender is scheduled to begin in April 2025.
The board has approved the plan to merge Cigniti Technologies with Coforge. Currently, Coforge holds 54% of the expanded share capital of Cigniti. Cigniti shareholders will get one equity share of Coforge for every five shares held.
The company has received in-principle approval from the National Highways Authority of India to transfer 100% stake of its subsidiary PNC Infra Holdings in PNC Chitralurg Highways (Special Purpose Vehicle) to the Highway Infrastructure Trust.
The company board has approved the appointment of Leo Puri as additional independent director, and has also designated him as chairman with effect from December 27.
Utkarsh Small Finance Bank
The Board has approved the sale of NPA and loans put in write-off, including unsecured stressed microfinance loans worth Rs 355 crore, to Asset Reconstruction Company (ARC). The reserve price for stressed microfinance loans has been fixed at Rs 52 crore.
The board has appointed Sanjay Kumar as the Chief Financial Officer (CFO) of the company with effect from January 1, 2025.
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