Stocks To Watch: RVNL, CESC, Paras Defence, Central Bank Of India, Zomato, JSW Steel

RVNL: The company's joint venture with SCPL received a letter of acceptance worth Rs 838 crore from Eastern Railway. The contract involves construction of minor and major bridges, retaining walls, level crossings, side drains, catchment drains, track work, and other related tasks. The work is supposed to be completed within 36 months.

CESC: The company's arm Eminent Electricity Distribution received a letter of intent to buy shares in a distribution company in Chandigarh for Rs 871 crore. The acquisition will help in distribution and retail supply of electricity and having a distribution licence in Chandigarh.

Paras Defence and Space Technologies: The company opened its optical systems testing facility in Navi Mumbai, Maharashtra. The company will make an investment of Rs 500 crore over the next few years to build India’s first advanced optical systems development park. The company is also eyeing a $1 billion opportunity in the optical system space.

Central Bank of India: The company received approval from the Reserve Bank of India to enter the insurance business through a joint venture with Italian major Generali Group. The public sector bank will start a JV with Generali Group with its local arms Future Generali India Insurance Co. and Future Generali India Life Insurance Co., subject to continuous compliance of conditions stipulated by RBI and approval of insurance regulator Irdai.

Zomato, JSW Steel: Zomato is set to replace JSW Steel in Sensex as part of periodic reconstitution of indices. The move comes after the Zomato stock rallied 112% so far this year and 129% in the past 12 months. Meanwhile, shares of JSW Steel ended 3.5% higher at Rs 977.35. The scrip was added to BSE Sensex in July 2023 to replace Housing Development Finance Corp., following the merger with HDFC Bank.

Jyoti Structures: The company approved fund raise of up to Rs 500 crore by way of a rights issue. The record date for the issuance will be determined and announced later and the issuance will proceed at a price and under terms and conditions set by the board or a designated committee.

Cochin Shipyard: The company entered into a memorandum of understanding with Seatrium Letourneau for the design and critical equipment for jack-up rigs for the Indian market. This partnership aims to capitalise on opportunities for mobile offshore drilling units designed to meet the needs of the Indian market.

H.G. Infra Engineering: The company received a letter of award from NTPC Vidyut Vyapar Nigam for setting up standalone battery energy storage systems. The project is to be completed in 1.5 years and will have a tariff rate of 2,38,000 MW per month.

Mahindra Lifespace Developers: Mahindra World City Developers, the arm of the company, is in a pact with Japan's Sumitomo Corporation to develop the second phase of industrial parks project in Tamil Nadu. The arm and Sumitomo Corp will make an investment of Rs 225 crore in the Joint Venture. The JV—Mahindra Industrial Park Chennai Ltd.—is owned 60% by Mahindra World City Developers and the remaining 40% is held by Sumitomo.

Prakash Industries: The Chhattisgarh government had executed the mining lease in favour of the company for mining of coal over a period of 30 years for its Bhaskarpara Commercial Coal Mine in Surajpur district. With this, the company will start overburden removal by next month and thereafter, the coal extraction is expected to be commenced in the next quarter. This, being a commercial mine, shall also boost the revenue and the profitability through sale of coal in the open market.