Watch out for these stocks: Gensol Engineering, Tata Chemicals, Adani Ports, Tata Chemicals, Radico Khaitan, ICICI Bank, RPower, SJVN, IndiGo, WardWizard

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The vacation bench of National Company Law Tribunal (NCLT), Ahmedabad on Wednesday said investigation reports and regulatory findings prima facie support the Union Ministry of Corporate Affairs (MCA) claims of systemic fraud by promoters of Gensol Engineering Ltd. and related entities and granted the interim reliefs sought by the Ministry. However, the NCLT’s order did not specify the reliefs. Media reports said relief included freezing of accounts held by Gensol and its promoters, among others. Gensol Engineering Ltd. along with other respondent companies and associated individuals, have committed grave violations of corporate governance norms, the counsel for the Ministry of Corporate Affairs told NCLT.

Adani Ports and Special Economic Zone Ltd.’s board will consider a buyback of certain dollar-denominated bonds in this financial year, subject to market conditions. The board will meet on Saturday to mull the proposal, according to a stock exchange filing late on Wednesday. As per their latest financial reports, the company’s cash balance stood at Rs 8,001 crore as of the period ended March 31, 2025. Dollar bonds constitute 23% of the total long-term borrowing of the company in FY25.

Radico Khaitan has withdrawn the product to abide by consumer sentiment.

The top court’s order came in response to a plea filed by investor Manu Rishi Gupta, who had challenged the fairness of the share valuation. He had also argued that the use of a reverse book-building (RBB) process could have ensured a better price for minority shareholders.

Supreme Court has upheld the delisting of ICICI Securities, clearing the way for its merger with ICICI Bank. The Apex Court order came in response to a plea filed by an investor who had challenged the fairness of the share valuation. He had also argued that the use of a reverse book-building process could have ensured a better price for minority shareholders. ICICI Securities was delisted this year in March and became a wholly owned subsidiary of ICICI Bank. In his plea, Gupta said that the delisting process was not transparent and ‘shocking’ in its execution.

Reliance Power’s subsidiary, Reliance NU Energies Private Limited (Reliance NU Energies), has received a Letter of Award (LOA) from SJVN Limited, a Navratna Central Public Sector Enterprise, for a 350 MW inter-state transmission system (ISTS)-connected solar power project coupled with a 175 MW/700 MWh Battery Energy Storage System (BESS).

InterGlobe Aviation IndiGo), India’s preferred airline, today, announced the appointment of Vikram Singh Mehta as the Chairman of the Board. Mr. Mehta has been a Member of the Board of InterGlobe Aviation Limited (IndiGo) since May 2022. He succeeds Dr. Venkataramani Sumantran, who stepped down from the post after completion of his five-year term as a Board Member. Dr. Sumantran was appointed as the Chairman of the Board in May 2022 and post COVID, navigated the Board during IndiGo’s strong recovery and incredible growth over the past three years.

Wardwizard Innovations & Mobility Ltd. (WIML), one of India’s leading EV manufacturers under the brands ‘Joy e-bike’ and ‘Joy e-rik,’ has entered into a strategic partnership with XiCon International Ltd., a Mumbai-based engineering and manufacturing company and a subsidiary of Kaiser Corporation. Through a detailed MoU, XiCon will lease electric scooters from Wardwizard to enhance last-mile delivery solutions, marking its entry into the electric mobility sector and expanding its diversified portfolio across power, telecom, and infrastructure.

Tata Sons Chairman N Chandrasekaran will step down as chairman and director of Tata Chemicals, effective May 29, 2025. The development was disclosed in a regulatory filing by the company. The Tata Chemicals Board of Directors formally acknowledged Chandrasekaran’s decision to step down and appointed S Padmanabhan, an existing director of the company, as the new chairman, effective May 30, 2025.

Results Calendar: Bajaj Auto, Samvardhana Motherson, Suzlon Energy, Alkem Labs, Ipca Labs, Prestige Estates, SJVN, NBCC (India), and Jubilant Agri and Consumer Products.

Published on May 29, 2025