Stocks To Watch: UPL, Cipla, RailTel, IDFC First Bank Among Key Counters On February 23

UPL Approves Group Reorganisation Scheme

UPL said its board has approved a group reorganisation plan through a composite scheme of arrangement aimed at unlocking shareholder value. The restructuring will consolidate its India and international crop protection businesses.

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Under the scheme, UPL Sustainable Agri Solutions will be amalgamated with UPL, while the India crop protection business will be demerged into UPL Global Sustainable Agri Solutions. The plan also includes the merger of UPL Crop Protection Holdings (UPL Cayman) with UPL Global Sustainable Agri Solutions. Following the scheme, two listed entities will operate under the UPL Group — the existing UPL and UPL Global Sustainable Agri Solutions, which will be listed pursuant to the arrangement, according to exchange disclosures.

Cipla Faces USFDA Classification; LIC Raises Stake

Cipla said the U.S. Food and Drug Administration has classified the current Good Manufacturing Practices inspection at the Rodopi, Greece, facility of Pharmathen International S.A. as Official Action Indicated (OAI). The facility is a supply partner for Lanreotide injection to Cipla USA Inc., a wholly owned subsidiary of the company.
Separately, Life Insurance Corporation increased its stake in Cipla to 9.091% from 7.055% between November 27, 2025, and February 2, 2026, reflecting a 2.036% rise, according to shareholding disclosures.
RailTel Wins ₹1,136.18 Crore Contract; Vikram Solar Signs ₹2,000 Crore Pact

RailTel Corporation of India, in consortium with Ashoka Buildcon, received a Letter of Intent from the Inspector General of Registration under the Maharashtra government. The contract, valued at ₹1,136.18 crore, involves the modernisation of offices of the IGR and the Controller of Stamps.

Vikram Solar entered into a domestic cell procurement agreement with Jupiter International for 2 GW of ALMM-compliant crystalline solar cells, including high-efficiency TOPCon and mono PERC cells. The agreement size is ₹2,000 crore, as per company filings.

IDFC First Bank Reports ₹590 Crore Fraud; Other Corporate Developments

IDFC First Bank reported unauthorised and fraudulent activities linked to Haryana government accounts worth ₹590 crore at a Chandigarh branch. The bank has initiated an investigation and appointed KPMG to conduct an independent forensic audit. Suspected employees have been suspended, the bank said in its filing.

Bharti Airtel announced the launch of the AI & Cyber Threat Research Center – India in partnership with Zscaler Inc. to advance cyber resilience and AI adoption.

Among other developments, Allcargo Terminals reported January volumes of 63,400 TEUs, up 8% year-on-year but down 5% month-on-month. Highway Infrastructure secured contracts worth ₹154.59 crore for toll operations in Gujarat and ₹69.68 crore for road development in Indore.

Promoter entity R R K Enterprise disposed of 20 lakh shares in MIC Electronics at ₹41 per share, which is ₹8.2 crore.

In the announcement of corporate plans, like restructuring, regulatory categorisation, order wins, and fraud disclosure, the select stocks would most likely remain in the limelight on February 23.