Stocks to Watch on March 11: IndusInd Bank, Hindustan Zinc, Thermax, Ashoka Buildcon and more

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IndusInd Bank | Mumbai-based private sector lender disclosed that during an internal review of its derivative portfolio, discrepancies were identified in the accounts of Other Assets and Other Liabilities, following the implementation of the Reserve Bank of India's (RBI) Master Direction on Classification, Valuation, and Operation of Investment Portfolio for Commercial Banks, effective April 2024.

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Hindustan Zinc | Vedanta Group firm said it has approved the issuance of unsecured, redeemable, rated, listed, non-convertible debentures (NCDs) aggregating up to ₹500 crore through private placement. The company's Committee of Directors approved the issuance on March 10, 2025. The NCDs will be issued in three separately transferable and redeemable principal parts (STRPPs): ₹100 crore under STRPP 1, ₹100 crore under STRPP 2, and ₹300 crore under STRPP 3.

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Thermax | Energy and environment solutions provider Thermax Ltd on Monday (March 10) said its wholly-owned subsidiary Thermax Chemical Solutions Private Ltd has entered into an exclusive shareholder’s agreement with Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ), one of the leading chemical companies in Latin America producing resins and polymers.

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Ashoka Buildcon | Construction engineering company said it has secured a Letter of Acceptance (LOA) from Maharashtra State Electricity Transmission Co Limited (MSETCL) for a turnkey project valued at ₹311.92 crore, including GST. The contract involves the establishment of a 400/220 KV substation at Nandgaon Peth in the Amravati district, along with associated transmission lines under the Amravati Zone. The scope of work includes supply, erection, testing, commissioning, etc., and civil construction.

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MSTC | Government-owned e-commerce service provider said it has received a work order from Coal India Limited (CIL) to serve as the e-auction service provider for coal and coal products. The contract, awarded for a duration of two years, will facilitate the digital auction of coal from CIL and its subsidiaries.

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Indoco Remedies | Drug firm announced that its clinical research win AnaCipher, based in Hyderabad, has been inspected by the United States Food and Drug Administration (USFDA). The inspection, conducted from March 3 to March 7, 2025, was carried out by investigators from USFDA's Bioresearch Monitoring Program (BIMO) and the Office of Study Integrity & Surveillance (OSIS).

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NLC India | State-owned company said it has received in-principle approval from its board of directors to raise external commercial borrowings (ECB) equivalent to $200 million in Japanese Yen, with an additional green shoe option. The decision was made during the board meeting held on March 10, 2025.

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Syngene | Contract research and manufacturing services firm announced the acquisition of its first biologics site in the USA – fitted with multiple monoclonal antibody (mAbs) manufacturing lines. The state-of-the-art biologics facility, acquired by Syngene USA Inc., a wholly owned subsidiary of Syngene, from Emergent Manufacturing Operations Baltimore, LLC (a subsidiary of Emergent BioSolutions Inc.) will expand Syngene’s growing global biologics footprint to better serve its customers.

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Aditya Birla Capital | Financial Services firm said it has invested ₹300 crore in its wholly-owned subsidiary, Aditya Birla Housing Finance Ltd (ABHFL), through a rights issue. The investment aims to support ABHFL’s growth and improve its leverage ratio. Despite the capital infusion, ABCL's shareholding in ABHFL remains unchanged at 100%. The allotment of equity shares was completed on March 10, 2025.

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Bharat Electronics | Navratna defence PSU has secured ₹843 crore worth of fresh orders, adding to its growing order book for FY25, the company disclosed. This brings its total orders received in the current financial year to ₹14,567 crore. The latest orders include RF seekers, vessel and air traffic management systems, radar upgradation, electro-optic repair facilities, spares, and services, reinforcing BEL’s position as a key defence supplier.

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Hitachi Energy | The company said it has initiated a Qualified Institutions Placement (QIP) of equity shares, following approval from its Fund Raise Committee on March 10, 2025. The company has set the floor price at ₹12,112.50 per share and may offer a discount of up to 5% at its discretion.

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NTPC | State-owned power giant said the company and its subsidiary NTPC Green Energy Ltd (NGEL) have signed multiple agreements with the government of Chhattisgarh, committing an investment of ₹96,000 crore to develop nuclear, pumped hydro, and renewable energy projects in the state.