Stocks Under the Spotlight: HDFC Bank, South Indian Bank, PFC, Castrol India, Vedanta, MM Forgings, RITES, Texmaco Rail, P N Gadgil Jewellers, India Glycols.

Stock Market Update

Key Developments

• HDFC Bank is undergoing a leadership transition with the resignation of Chairman Atanu Chakraborty, who cited differences in personal values, ethics, and internal practices. The bank has terminated three senior executives in connection with lapses at its Dubai branch. Keki Mistry has been appointed as interim non-executive chairman for three months to ensure continuity.
• South Indian Bank has announced the retirement of Non-Executive Part-Time Chairman V.J. Kurian on March 22. Jose Joseph Kattoor, a former RBI Executive Director, has been appointed as his replacement for three years, effective March 23.
• MM Forgings has scheduled a board meeting on March 25 to consider a fund-raising exercise via equity issuance, subject to approvals.

Order Wins and New Projects

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• RITES has secured a Letter of Award (LoA) for the maintenance of Indian Railways' 1st high-speed test track, a 64-km-long dedicated test track developed by RDSO.
• Tata Steel has commissioned a Rs 3,200 crore project in Punjab, introducing scrap-based EAF technology for low-carbon steel production.

Appointments and Board Changes

• GE Vernova T&D India has appointed Ms. Rashmi Joshi as Independent Director for five years and re-appointed Mr. Sandeep Zanzaria as Managing Director & CEO for three years.
• Kirloskar Pneumatic has allotted 6,100 shares under ESOP/ESOS.

Bulk Deals and Share Transactions

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• Ashish Kacholia sold 10.78 lakh shares (8.25% stake) in Naman Industries Proxima at Rs 53.41 per share for Rs 5.76 crore, while buying 7.73 lakh shares in Aelea Commodities at Rs 120.5 per share for Rs 9.32 crore.
• Vanguard Total International Stock Index Fund sold 7.21 lakh shares (0.53% stake) in NIIT at Rs 59.77 per share for Rs 4.31 crore.

Dividend and Bonus Information

• Power Finance Corporation will pay an interim dividend of Rs 3.25 per share, ex-date and record date March 23.
• Castrol India will pay a final dividend of Rs 5.25 per share, ex-date March 23.
• India Glycols will pay an interim dividend of Rs 7.50 per share, ex-date March 23.
• Vedanta will consider a 3rd interim dividend at its board meeting on March 23.

Stocks in Focus

• SAMMAN Capital is under the F&O ban.
• SAIL is also under the F&O ban.