Stocks to watch, June 25: Vikram Solar, Infosys, HCLTech, PFC, REC, IRFC, Pine Labs, Vedanta

The stock market is expected to open higher on Thursday, June 25. The GIFT NIFTY futures suggest that the NIFTY50 index will open 53 points higher.

The company did not disclose the next hearing date.

The Kolkata-bench of the National Company Law Tribunal (NCLT), on June 19, ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vikram Solar after admitting a plea of its operational creditor, Isitva Steels.

This order was challenged by Vikram Solar before the appellate tribunal NCLAT.

"The NCLAT has stayed the operation of the order passed by the NCLT Kolkata bench, admitting a petition filed by Isitva Steels under Section 9 of the Insolvency and Bankruptcy Code, 2016, until the next date of listing," the company said.

London-based Actis, through its affiliate, Actis Pine Labs Investment Holdings Ltd, offloaded more than 2.39 crore equity shares representing a 2.08% stake in the Noida-based Pine Labs, according to the bulk deal data available on the BSE.

The shares were sold at an average price of ₹155.17 apiece, taking the transaction value to ₹370.99 crore.

At the end of the March quarter, Actis Pine Labs Investment Holdings Ltd held a 4.58% equity stake in the company.

Actis is a part of global growth investor General Atlantic.

In a regulatory filing, HCLTech said it has expanded its partnership with Nokia to accelerate the adoption of autonomous networks using AI-driven automation. As part of the collaboration, the company will co-develop network automation RAN applications (rApps), including four new rApps that will be hosted on Nokia’s SMO Marketplace.

The indicative proposal envisages the development of ~2.5 to ~3.0 million square feet of commercial real estate, with an investment of nearly ₹1,500 crore.

"As you might be aware, this will be my last Annual General Meeting as Chairman," Noel Tata (69) told shareholders on Tuesday while addressing the AGM of the company, which operates fast fashion retail stores, such as Westside and Zudio.

Noel Tata, who is also Chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year.

The Companies Act 2013 mandates that any Managing Director or Whole-Time Director cannot be appointed or continue employment if they are 70 years of age or older.

VPPL will serve as a strategic vehicle for Vedanta's real estate business and related activities, according to a regulatory filing dated June 23.

The move is aimed at monetising surplus land and non-core property assets and creating a dedicated structure for potential joint ventures and asset-light initiatives to fund expansion in its core metals and energy businesses.

The federal agency issued a statement after conducting searches against the Bengaluru-based company and persons linked to it on June 23 for suspected contravention of the Foreign Exchange Management Act (FEMA).

The ED identified at least five issues against Rajesh Exports Ltd (REL) and recovered various "incriminating" documents and digital devices during the searches.

The company has not yet responded to a PTI query regarding the ED action. The stock exchanges have also sought clarification from the company.

The revised rates came at a time when some lenders have been recalibrating deposit offerings despite the Reserve Bank of India maintaining the repo rate at 5.25 per cent earlier this month amid persistent inflation concerns.

Following the revision, senior citizen customers will earn 7.95% on fixed deposits with a tenure of two years to less than three years, while other customers will receive 7.45% for the same period.

Bandhan Bank said it is also offering 7.75% interest to senior citizens on fixed deposits with a tenure of less than five years. Other customers will earn 7.25% on such deposits.

NBFCs in 'Upper Layer' warrant enhanced regulatory requirement, the Reserve Bank said on Tuesday.

There is a need to amend the extant norms based on a review of instructions pertaining to methodology for the identification of NBFCs in the Upper Layer and placement of government-owned non-banking financial companies (NBFCs) in various layers, it added.