Stocks To Watch: HDFC Bank, NMDC, Indian Hotels, Rail Vikas Nigam, JSW Steel & More

Hot stocks that are expected to be in focus on Friday, November 24 are JSW Steel, LTIMindtree, Rail Vikas Nigam, HDFC Bank, and Radico Khaitan, ranking in the top 10.

LTIMindtree

At its London location, LTIMindtree has installed a cutting-edge Quantum-Safe Virtual Private Network (VPN) connection. The transition to quantum-secure communications, where data transfer is shielded from the impending "harvest now, decrypt later" threat, is fascinating. With the help of quantum-based key generation and out-of-band key delivery, LTIMindtree's Quantum-Safe VPN shows how PostQuantum Cryptography (PQC) can be used in a real-world network.

This is made possible by Post-Quantum Cryptography algorithms that are expected to be standardised by NIST, which will increase the security and integrity of encrypted data. Designed as a durable testbed, LTIMindtree's Quantum-Safe VPN configuration not only propels the development of industry-specific solutions, but also opens doors for its clients to collaborate on industry-aligned pilots and prototypes utilising this advanced technology.

Customers of LTIMindtree can take advantage of the chance to experiment with quantum-safe technologies and investigate their possible uses and applications in a range of scenarios and industries.

JSW Steel

The JSW Steel Limited Board of Directors on July 23, 2021 decided to make a strategic investment of INR 750,00,00,000 in JSW Paints Private Limited in three to four tranches between FY 2021-22 and FY 2024-25. By the end of Q2 of FY 2021-22, the company would invest INR 299,99,99,775 in the first tranche of the Strategic Investment and subscribe for equity shares equivalent to roughly 7.5% of JSW Paints' issued and paid-up equity capital and 6.88% on a fully diluted basis.

The company has completed investing INR 750,00,00,000 in JSW Paints, with the last tranche of INR 74,99,99,903 made on November 22, 2023. JSW Paints has informed the company today that it has completed the allotment in respect of the aforementioned strategic investment on November 22, 2023. The company now owns 2,94,82,565 equity shares in JSW Paints following this allotment, or 12.84% of the company's issued and paid-up equity capital (or 11.85% on a fully diluted basis).

Rail Vikas Nigam

National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) have levied fines of Rs.5,42,800 each (incl. GST) on the company for non-compliance with Regulation-17(1) i.e., half of the Board was not independent, for the quarter ended 30th September, 2023, as per a stock exchange filing. Rail Vikas Nigam Limited (RVNL) clarifies to the NSE and BSE that it is a government-owned enterprise and that the Ministry of Railways (MoR), the government of India's administrative ministry, appoints all of RVNL's directors. RVNL has no involvement in the nomination of any directors.

The Indian Hotels Company

The Indian Hotels Company Limited has, on November 22, 2023, invested Rs 55,00,00,000 in the equity shares of Genness Hospitality Private Limited (Genness) and Rs 35,00,00,000 in the equity shares of Qurio Hospitality Private Limited (Qurio), by way of subscription to rights issues. As they are wholly-owned subsidiaries, the company's percentage of shareholding in Genness and Qurio remains unchanged as a result of the aforementioned investment.

NMDC

The company has announced prices of Iron Ore w.e.f. 23.11.2023 and said it has been fixed as under lump ore (65.5%, 6-40mm) @ Rs. 5,400/- per ton and fines (64%,-10mm) @ Rs. 4,660/- per ton. The stated FOR prices are inclusive of Royalty, DMF, NMET and exclusive of Cess, Forest Permit Fee, Transit Fee, GST, Environmental Cess and other taxes, according to the company.

HDFC Bank

The Board of Directors of the bank on Thursday approved the appointment of Mr. V. Srinivasa Rangan as executive director (i.e., Whole-time Director) of the bank for a period of 3 (three) years w.e.f. November 23, 2023.

Karnataka Bank

In order to provide life insurance products to its customers, Karnataka Bank has established a strategic business partnership with Bajaj Allianz Life Insurance Co Ltd, one of the top private life insurers in India. The purpose of this partnership is to take advantage of the robust product portfolio of Bajaj Allianz Life Insurance Company and the extensive customer base of Karnataka Bank, which has more than 900 branches nationwide.

Radico Khaitan

One of the largest IMFL firms in India, Radico Khaitan Limited, has announced the release of Magic Moments Remix Pink Vodka, which is positioned to meet the growing need for alcoholic beverages with colour and taste. Initially launching in UP, Rajasthan, and Assam, it is positioned in the premium class, slightly above Magic Moments Remix flavours.

Over the course of the following two to three quarters, it will be spread throughout PAN India. Reaching the five million case sales mark in FY2023 is a testament to the brand's dedication to provide premium vodka that suits the wide range of tastes of Indian consumers. With more than 20 variations, the brand presently holds a 60% market share in the entire vodka market (including both domestic and foreign brands).

Varun Beverages

The Board of Directors of the company has approved Mr. Rohit Vishal Gupta as Chief Human Resources Officer (CHRO) Mr. Vishwas Agarwal as Chief Operating Officer (COO) for East & Central regions both being senior management personnel of the company, w.e.f. November 23, 2023.

Clean Science and Technology

In order to subscribe for the rights issue of Clean Fino-Chem Limited, a wholly-owned subsidiary of the company, Clean Science and Technology Limited has paid a premium of Rs. 588/-for cash to purchase an additional 10,03,346 equity shares with a face value of Rs. 10/-each. This total subscription amount comes to Rs. 60,00,00,908.