Stocks to watch: City Union Bank, Uno Minda, Shyam Metalics, Bharti Airtel and more

City Union Bank | The Reserve Bank of India has found divergence worth Rs 259 crore in additional Gross NPA for financial year 2022. RBI conducted an on-site inspection for supervisory evaluation (ISE) for the previous financial year.

Mazagon Dock | The company on Tuesday delivered the fifth Scorpene Submarine ‘VAGIR’ of Project P-75 to the Indian Navy, subsequently to be commissioned into the Indian Navy as INS Vagir. Vagir, was launched on 12 November 2020 and has undergone a very comprehensive and rigorous set of tests and trials, for more than a year, to ensure delivery of a fully combat-worthy submarine, capable of operation in all modes and regimes off deployment.

Bharti Airtel | The telecom operator has acquired an 8 percent stake in Lemnisk (Immensitas Pvt. Ltd.) under Airtel’s StartUp Accelerator Program. The deal is subject to all applicable statutory approvals. The transaction value is undisclosed.

Uno Minda | The company has entered into a technical license agreement with Asentec Co. Ltd. of South Korea to design, develop, manufacture and market wheel speed sensors in India. Asentec, a subsidiary of Sejong Industrial, specialises in mobility parts centered on sensors and actuators and is a leading suppliers to OEMs in Korea and the international market.

Shalby | The multi-specialty hospital chain has approved the conversion of a $4 million loan given to its wholly‐owned subsidiary, Shalby Advanced Technologies Inc. USA, into preferred stock. The said preferred stock will have no voting rights. The board has also approved the conversion of a $3 million loan given to the same subsidiary, into common stock.

Mindspace Business Parks REIT | The company has raised debt worth Rs 100 crore to fund working capital requirements. It completed an issuance of commercial papers for the same, for a maturity of three months at an interest rate of 7.2 percent per annum. Loan to value of Mindspace REIT stood at 16.8 percent as on September 30, 2022.

Axis Bank | The lender has received regulatory nod to act as a pension fund manager and has already crossed Rs 100 crore in assets under management (AUM) for its retirement business. The AUM was achieved in the first 45 days of business after getting the commencement of business certificate from the PFRDA on September 20.

Vedanta | The mining major has rolled out an EV policy for its employees, under which incentives ranging from 30 to 50 percent will be provided on purchase of electric vehicles. As part of its commitment towards net-zero carbon, the company has pledged 100 percent of its light motor vehicles to be decarbonised by 2030.

Shyam Metalics | The company on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process. It outbid Jindal Stainless in the process, closing the deal for Rs 450 crore. An investment of about Rs 7,500 crore will be made over the next 4-5 years to scale up its metal business.