Stocks to Watch: Paytm Payments Bank Penalty, Maruti Suzuki’s Production Surge, Infosys Collaboration Among Key Market News on March 2, 2024

Here are the companies grabbing attention ahead of the opening bell today, March 02, 2024:

1. One 97 Communications: The Financial Intelligence Unit-India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violating money laundering norms. This development follows the approval by parent firm Paytm to discontinue several inter-company agreements with Paytm Payments Bank.
2. Maruti Suzuki India: Total production in February 2024 surged by 11.5 percent to 1,78,261 units compared to 1,59,873 units in the corresponding month last year.
3. Infosys: PROG Holdings, Inc. and Infosys have entered an agreement aimed at enhancing and scaling PROG Holdings’ technology operations as part of its ongoing cloud- and AI-focused technology modernization and innovation efforts.
4. Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters reported a 19 percent growth in sales in February 2024, selling 4,68,410 units compared to 3,94,460 units in the same month last year.
5. Asian Paints: The company has secured 166 acres of land in Pithampur, Madhya Pradesh, for setting up a new paint manufacturing facility with a capacity of 4 lakh KL per annum, following its proposal announced in January 2023.
6. Lemon Tree Hotels: The hotel chain has signed a franchise agreement for an upcoming hotel in Udaipur, Rajasthan, under its brand ‘Keys Lite,’ expected to be operational in FY25.
7. Aurobindo Pharma: The company has received final approval from the US Food and Drug Administration (USFDA) to launch Fingolimod capsules, indicated for the treatment of patients with relapsing forms of multiple sclerosis.
8. Indian Railway Catering and Tourism Corporation: IRCTC has inked a Memorandum of Understanding (MoU) with CRPF to provide on-board catering services to all CAPF personnel during movement for various law and order duties, including bye-elections.
9. JSW Steel: The company’s subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MOU) to restart the steelworks site in Piombino, Italy.
10. Axis Bank: The private sector lender plans to raise Rs 4,000 crore via non-convertible debentures with series -7.
11. Torrent Power: The company has received a letter of award from Railway Energy Management Company (REMCL) for setting up grid-connected renewable power projects and another letter of award from NVVN for supplying power from its gas-based power plant during the upcoming summer.
12. Cipla: The pre-approval inspection conducted by the USFDA at the manufacturing facility of subsidiary Cipla (Jiangsu) Pharmaceutical in China concluded with zero Form 483 observations.