Stocks to watch: ONGC, Metro, Inox Wind, Lumax, Tamilnad Bank, Eicher Motors and more

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Oil and Natural Gas Corporation Ltd | The company said it has signed a memorandum of understanding with global petroleum giant Shell for cooperation in carbon capture, utilisation and storage studies. The collaboration shall focus on a joint CO2 storage study and EOR screening assessment for key basins in India including depleted oil and gas fields, and saline aquifers.

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HCL Technologies Ltd | The company announced a collaboration with Intel Corporation and Mavenir to develop and provide scalable private 5G network solutions for communication service providers (CSP) and broader cross-vertical enterprises.

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Inox Wind Ltd | The green energy company said promoters of the company has infused Rs 623 crores in the company. In August, the Board had approved raising of funds upto Rs 800 crore by way of issuance of non-convertible non-cumulative participating redeemable preference shares on private placement basis. The company used these funds to repay Gujarat Fluorochemicals.

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Lumax Industries Ltd | The company’s board approved the setting up of a greenfield project at Chakan, Pune with a capital outlay of up to Rs 175 crore for phase 1. This project will cater to the new orders received from OEM customers for advance lighting solutions. The peak annualized turnover is expected to the tune of Rs. 600 crores post-commissioning and is expected to be commissioned by Q2 FY 24.

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Eicher Motors Ltd | The company announced the commencement of operations of its new CKD assembly facility in Brazil. Located in Manaus, capital of Amazonas state, the new facility is the fourth Royal Enfield CKD assembly unit across the world - after Thailand, Colombia and Argentina - in addition to its state-of-the-art manufacturing and ancillary facilities located in India

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Bank of India Ltd |The lender hiked its repo-based lending rate by 35 bps with effect from Wednesday following Reserve Bank’s hike announcement. Following the hike, the effective RBLR has increased to 9.1 percent.

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Indian Overseas Bank |The lender hiked its repo-based lending rate with effect from December 10 following Reserve Bank’s hike announcement. Following the hike, the effective RBLR of the bank has increased to 9.1 percent.

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Tamilnad Mercantile Bank Ltd | The bank has entered into corporate agency agreement with Bajaj Allianz Life Insurance Company Ltd for the purpose of marketing, distribution and selling the life insurance products.

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Metro Brands Ltd | The company said that it has completed acquisition of 100 percent shareholding of Cravatex Brands Ltd.

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ITI Ltd | The company announced that the government has appointed Lt Gen MU Nair as the Government Director on the board of the company for a period of three years.