Let's catch up on the latest news from the stock market. From significant investments to major deals, appointments, order wins and acquisitions, here’s a quick look at which stocks will be in focus in today's trade:
Stocks to Watch
The company's step-down wholly owned subsidiary, Nauyaan Tradings (NTPL), has completed the acquisition of a 74% equity stake in Nauyaan Shipyard (NSPL) for Rs 382.73 crore from Welspun Corp. Consequently, NSPL has become a step-down subsidiary of the company. Prior to the acquisition, NTPL had provided an unsecured loan of Rs 93.66 crore to NSPL on an arm's-length basis.
The company has received Rs 476.39 crore after completing the transaction with a strategic investor for a 74% equity stake in its wholly-owned subsidiary, Nauyaan Shipyard (NSPL). Following this transaction, NSPL has ceased to be a subsidiary of the company and has become an associate. As part of its debt reduction strategy, the company has pre-paid Rs 725 crore of debt and will continue to focus on further reduction of debt and finance costs. As of December 2024, its consolidated net debt had already been reduced to a minimal level of Rs 104 crore.
The company has received a Letter of Acceptance for a project worth Rs 1,480.34 crore from Bihar Medical Services & Infrastructure Corporation. The project involves the redevelopment of a medical college and hospital, along with other buildings at the existing campus of Darbhanga Medical College & Hospital (DMCH) in Laheriasarai, Darbhanga.
The company announced that it would hike prices of its SUVs and commercial vehicles by up to 3 percent from April 1. The extent of the price increase will vary across different SUVs and commercial vehicles. This adjustment is in response to rising costs due to inflation and increased commodity prices.
The Board has approved an investment of up to Rs 65 crore in the form of redeemable preference shares, in one or more tranches, in Ten X Realty East, a step-down wholly owned subsidiary of the company. The amount will be utilized for the execution of a redevelopment project by Ten X.
The company’s subsidiary, Dr Reddy’s Laboratories Inc. USA, has completed the sale of all issued and outstanding membership interests in its wholly owned subsidiary, Dr. Reddy’s Laboratories Louisiana LLC, including the manufacturing facility located in Shreveport, Louisiana. As a result, Dr Reddy’s Laboratories Louisiana LLC has ceased to be a step-down wholly owned subsidiary of Dr Reddy’s Laboratories.
The United States Food and Drug Administration (USFDA) has completed the inspection of the company's API-III facility at Karakhadi, with no Form 483 observations. This was a scheduled GMP inspection, conducted from March 17 to March 21.
The company has acquired a 10-acre land parcel in Yelahanka, Bengaluru. This project is estimated to have a developable potential of 1.5 million square feet of saleable area, with an estimated revenue potential of Rs 2,500 crore.
The company has received an administrative warning and deficiency letter from SEBI. The capital markets regulator advised the company to be vigilant in the future concerning certain operational-related matters of its institutional broking operations. SEBI issued the warning letter following an inspection conducted for the period from February 1, 2024, to August 31, 2024, which occurred prior to the listing of DAM's equity shares on the bourses. The company has already rectified and implemented the necessary compliance measures.
The company's subsidiary, Apollo Healthco, has completed the acquisition of an 11.2% stake in Keimed from its promoter, Shobana Kamineni, for Rs 625.43 crore.
Power Grid Corporation of India
The company has acquired SPVs Fatehgarh II and Barmer I PS Transmission, as well as Chitradurga Bellary REZ Transmission, from the bid process coordinator, PFC Consulting, for Rs 26.57 crore. The project under Fatehgarh II and Barmer I PS Transmission includes ICT augmentation works at existing and under-construction substations in Rajasthan. The project under Chitradurga Bellary REZ Transmission includes the establishment of new 765 / 400 / 220kV pooling substations near Davangere / Chitradurga and near Bellary, along with 765kV & 400kV D/C Transmission Lines, and upgradation works for existing substations and transmission lines in Karnataka.
Allied Blenders and Distillers
The company has added 15 lakh bulk liters of capacity at its Rangapur plant in Telangana. This is in addition to the licensed production capacity of 600 lakh bulk liters for FY25.
The Board has declared an interim dividend of Rs 4.75 per share for the financial year 2024-25.
Conarch Associates has initiated a Rs 158.89 crore claim against IRCON International in the Arbitral Tribunal. This claim pertains to the work of supplying and stacking 50mm size Pakur Variety Machine Crushed Track Ballast for the new BG line from Jaynagar (India) to Bardibas (Nepal) railway project (Nepal portion).
The Federation of Unions has asked its members to resume full duties. Accordingly, the employees have resumed duties, and normal operations have resumed at all the projects. Trade unions had resorted to a wilful slowdown of work and work-to-rule in connection with a wage settlement on January 10.
The company's subsidiary, PFC Consulting, has incorporated two special purpose vehicles (SPVs) - NES Dharashiv Transmission and NES Navi Mumbai Transmission. NES Dharashiv Transmission will develop a network expansion scheme in Maharashtra for the evacuation of RE power from Dharashiv, and NES Navi Mumbai Transmission will develop a network expansion scheme in Maharashtra to provide supply to data center loads in Navi Mumbai. Additionally, Parminder Chopra, the current CMD of Power Finance Corporation, has been assigned the additional charge of CMD at REC for three months, effective immediately.
The bank has opened its Qualified Institutions Placement (QIP) issue with a total size of Rs 2,000 crore, reports CNBC-TV18 quoting sources. The QIP price may be Rs 34.27 per share.
The Board has approved long-term borrowings of up to Rs 12,000 crore, including through external commercial borrowings, term loans, non-convertible debentures, or any other instrument. Furthermore, the Board has elevated Subramanian Sarma to Deputy MD & President, effective April 2. Currently, Subramanian Sarma is the Whole-time Director & President of the Energy division at L&T.
The Board has approved the appointment of Ravi Dusad as Chief Financial Officer of the company, effective March 22. Additionally, Dusad will also serve as Chief Financial Officer of Insolation Green Energy, a wholly owned subsidiary of Insolation Energy.
The Ministry of Mines has appointed Sanjiv Kumar Singh, Director (Mining), as Chairman and Managing Director of Hindustan Copper.
The Government of India has appointed Rahul Bhave as Managing Director & Chief Executive Officer on the Board of the company for three years.
Motilal Oswal Financial Services
Motilal Oswal, Raamdeo Agarawal, and Motilal Oswal Foundation have sold 8 lakh equity shares (0.13% of the paid-up equity) as part of their commitment to a philanthropic goal.
The Board has designated Nemkumar H as Chief Growth Officer and accepted his resignation from the post of Managing Director. He stepped down as Managing Director to focus exclusively on business development. Subsequently, the Board has appointed R Venkataraman, co-promoter of the IIFL Group, as the Managing Director of the company for five years, effective March 22. Rekha Warriar, Independent Director, has been appointed as Chairperson of the Board.
The EV company has commenced deliveries of its S1 Gen 3 scooter portfolio across India. The Gen 3 range starts at Rs 79,999 for the S1 X (2kWh) and goes up to Rs 1,69,999 for the S1 Pro+ 5.3kWh (with 4680 Bharat Cell).
The kiln at the cement plant at Sidheegram is under shutdown for annual maintenance for the next 15 days. However, cement/clinker dispatches will continue as usual.
The Reserve Bank of India has imposed a penalty of Rs 36.30 lakh on IDBI Bank for non-compliance in carrying out due diligence in processing and allowing foreign exchange transactions involving 363 inward remittances received during June 2016 to January 2023.
Bulk Deals
Foreign investors Augusta TBO (Singapore) Pte Ltd sold a 4.26% stake in TBO TEK at an average price of Rs 1,200.04 per share, and TBO Korea Holdings offloaded a 2.41% stake at an average price of Rs 1,200.02 per share, valued at Rs 555.6 crore and Rs 314.42 crore, respectively. However, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, and SBI Mutual Fund acquired a 4.1% stake in the company at an average price of Rs 1,200 per share, amounting to Rs 536.75 crore.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund bought 2.43 lakh shares in Ami at an average price of Rs 2,425.43 per share.
Vanguard Emerging Markets Stock Index Fund bought 3.3 lakh shares, and The Vanguard Group Inc AC Vanguard Total International Stock Index Fund bought 3.83 lakh shares in Cartrade at an average price of Rs 1,804.48 per share.
Vanguard Emerging Markets Stock Index Fund A Series of VIEIF purchased 8.38 lakh shares, and Vanguard Total International Stock Index Fund bought 10.16 lakh shares in Gland Pharma at an average price of Rs 1,588.69 per share.
Vanguard Emerging Markets Stock Index Fund bought 10.62 lakh shares, and The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund purchased 13.74 lakh shares in Orient Cement at an average price of Rs 337.25 per share.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund acquired 9.52 lakh shares in Pricol at an average price of Rs 448.76 per share.
Prudent Corporate Advisory Services
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund purchased 2.1 lakh shares in Prudent Corporate at an average price of Rs 2,323.75 per share.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund acquired 5.47 lakh shares in Shilpa Medicare at an average price of Rs 683.03 per share.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund acquired 8.24 lakh shares in the company at an average price of Rs 392.53 per share.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund acquired 1.08 lakh shares in Anup at an average price of Rs 3,273.1 per share.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund purchased 10.55 lakh shares in Tilaknagar at an average price of Rs 257.81 per share.
Brookfield India Real Estate Trust
Vanguard Total International Stock Index Fund, VFTR C Institutional Total International Stock Market Index Trust II, and Vanguard Emerging Markets Stock Index Fund A Series of VIEIF purchased 1.37 crore units of Brookfield at an average price of Rs 308.45 per unit, valued at Rs 423.67 crore.
The Vanguard Group Inc. AC Vanguard Total International Stock Index Fund, and Vanguard Emerging Markets Stock Index Fund sold 1.87 crore units of Nexus at an average price of Rs 122.22 per unit, amounting to Rs 228.72 crore.
SME Listing on March 24
Divine Hira Jewellers
Paradeep Parivahan
Stock Trades Ex-Date for Rights
Bodhi Tree Multimedia
Stocks Trade Ex-Date for Income Distribution (InvIT)
Digital Fibre Infrastructure Trust
Intelligent Supply Chain Infrastructure Trust
Stock Trades Ex-Bonus
Enbee Trade & Finance
Stock Trades Ex-Date for Scheme of Arrangement
ICICI Securities
Stocks in F&O ban
Hindustan Copper
IndusInd Bank
Polycab India
Stocks removed from F&O ban
Manappuram Finance
SAIL
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