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Stocks to watch on March 15: Paytm, IIFL Finance, Ashok Leyland and more
Stocks to watch on March 15: Here are some stocks that will be on focus today
Stocks to watch on March 15: Paytm stocks will be in focus today as the company secured a third-party application provider license from the National Payments Corporation of India ahead of the March 15 deadline for Paytm Payments Bank to cease operations. Owing to the license, Paytm customers will have an alternative payment method via its app, following the shutdown of its Paytm Payments Bank due to regulatory non-compliance which was flagged by Reserve Bank of India (RBI).
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Ashok Leyland will also be in focus today as Creador is set to purchase a 19.6% share in Hinduja Tech Ltd, a subsidiary of Ashok Leyland, for $50 million. This will result in a post-money equity valuation of $255 million for Hinduja Tech. and enable the company to broaden its research and development capabilities, increase its global presence and enhance its cutting-edge laboratories, it said.
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IIFL Finance: Ratings agency Fitch placed IIFL Finance on a 'Rating Watch Negative' (RWN), following a directive issued by the Reserve Bank of India (RBI) which instructed IIFL Finance to halt new gold-backed lending and associated off-balance-sheet funding transactions. This means that the rating could either remain the same or be downgraded once it is resolved, Fitch said.
