Stocks to watch: ITC, Bajaj Finance, IRB, Dixon, RVNL
ITC: Shareholders of ITC have approved the demerger of the company’s hotel business, paving the way for the listing of ITC Hotels. The decision was made during a virtual meeting, with 99.6% of shareholders voting in favor.
The new entity, ITC Hotels, will handle the hotel and hospitality business.Bajaj Finance: Bajaj Finance has has approved the initial public offering (IPO) of Bajaj Housing Finance, comprising a fresh issue of equity shares of up to ₹4,000 crore. The IPO is to comply with RBI’s regulatory norms for “upper layer" NBFCs to list within three years of being notified.Wipro: The company has secured a $500-million contract from a top US communication service provider.
The IT major will offer managed services for certain products and industry-specific solutions over five years.ICICI Bank: The Securities and Exchange Board of India (SEBI) has issued a warning to ICICI Bank over its outreach program encouraging ICICI Securities’ shareholders to vote for its delisting. The regulator has asked the bank to take action against the employees involved and submit a report.
The bank disclosed the SEBI letter to the stock exchanges. The regulator’s observations were based on complaints from shareholders about repeated calls and messages from the bank urging them to vote for the delisting.Tata Chemicals: Tata Chemicals Europe, a subsidiary of Tata Chemicals, has been fined £1.1 million by the Chester Crown Court in the UK.
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