STOCK MARKET

Stocks to Watch: Infosys, Zomato, RIL, HDFC Bank, NTPC, Maruti, Ashok Leyland, and Others

Stock

Stocks to watch: Shares of firms like Infosys, Zomato, RIL, HDFC Bank, NTPC, Maruti, Ashok Leyland, and others will be in focus on Tuesday’s trade.

Read More: TAC Infosec IPO Day 3: Check Subscription Status, GMP Today

Stocks to watch on April 2: Equity market started the week with modest gains and hit new life highs, gaining over half a percent. In today’s trade, shares of ABFRL, Hero MotoCorp, Infosys, RIL, Bharat Electronics will be in focus due to various developments and monthly business updates.

Infosys: The IT services major has received a tax demand of Rs 341 crore from the Income Tax Department for the assessment year 2020–21 (including interest). The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 2024 and also evaluating filing an appeal against this order.

Reliance Industries, Bharti Airtel, and Vodafone Idea: India’s largest telecom company, Reliance Jio, a subsidiary of Reliance Industries, added 41.78 lakh mobile subscribers in January 2024, taking the total number of mobile users to 46.39 crore. Sunil Mittal-led Bharti Airtel increased its wireless subscriber count by 7.52 lakh, taking its mobile tally to 38.24 crore in the same month. However, Vodafone Idea lost 15.2 lakh wireless users, and its mobile subscriber base stood at 22.15 crore, as per TRAI data.

Zomato: The company has received an order for demand of service tax of Rs 92.1 crore, along with interest and penalty of Rs 92.1 crore. The said order for October 2014 to June 2017 was passed by the Commissioner, Adjudication, Central Tax, Delhi.

Ashok Leyland: The commercial vehicle maker has recorded a 4% on-year decline in total vehicle sales at 22,866 units, with domestic sales falling 7 percent to 21,317 units during the same period. Medium and heavy commercial vehicle sales dropped 7 percent YoY to 15,562 units in March 2024.

HDFC Bank: HDFC Bank, the private sector lender, said the board has appointed Suketu Kapadia as Group Head, Internal Audit, with effect from April 1, 2024. Kapadia has been appointed in place of V. Chakrapani, who vacated the office as Group Head, Internal Audit, on March 31 and would take up a new role in the bank as Group Head, Change Agent, with effect from April 1.

NTPC: The country’s largest power generation company has signed a supplementary joint venture agreement (SJVA), Amendment-II, with UP Rajya Vidyut Utpadan Nigam (UPRVUNL). This SJVA Amendment-II will form an integral part of the joint venture agreement (JVA) dated February 28, 2008, and the SJVA Amendment-I dated September 13, 2023. The SJVA Amendment-II has been signed to provide existing UPRVUNL land to the joint venture company, MUNPL, for the Obra-D (2X800 MW) and Anpara-E (2X800 MW) projects on a lease basis at a nominal rate of Re 1 per acre per year, aiming to reduce power tariffs.

Maruti Suzuki India: The country’s largest car maker recorded total production of 1,66,730 vehicles in March this year, rising 8.2 percent over 1,54,148 vehicles produced in the same month last year. Meanwhile, the company has received a demand notice of Rs 238.72 crore from the income tax authority and a show cause notice for the initiation of penalty proceedings. The company will be filing an appeal before the CIT against this demand and penalty proceedings (if any).

TVS Motor Company: The two-wheeler and three-wheeler maker has recorded 12 percent on-year growth in total sales at 3.54 lakh units for March 2024, with total 2-wheeler sales rising 12 percent YoY to 3.44 lakh units. Domestic 2-wheeler sales increased 8 percent to 2.6 lakh units, and exports jumped 23 percent to 91,972 units during the same period.

Hero MotoCorp: The world’s largest two-wheeler manufacturer sold 4.9 lakh units in March 2024, declining 5.6 percent compared to the year-ago period. Domestic sales fell 8.6 percent year-on-year to 4.59 lakh units, but exports grew by 87.6 percent YoY to 31,158 units in March.

Read More: Upcoming IPOs: One public issue launch, 10 listings expected next week

Aditya Birla Fashion and Retail: The company said the Board of Directors has authorized the management to evaluate the vertical demerger of the Madura Fashion & Lifestyle business from Aditya Birla Fashion into a separate listed company. The proposed demerger will enable the creation of two separately listed companies as independent growth engines with distinct capital structures and parallel value creation opportunities.

NMDC: The company recorded iron ore production of 4.86 million metric tons in the month of March 2024, down 13.2 percent over the previous month. Iron ore sales during the same period declined 18.2 percent to 3.96 million metric tons.

Oberoi Realty: Komal Kirplani has resigned as Vice President, Luxury Residential Sales, of the Mumbai-based real estate company, with effect from March 31.

Devyani International: Rahul Suresh Shinde has resigned as whole-time director (CEO-Yum Brands) and director of the company, with effect from April 1.

Persistent Systems: The IT services company has appointed Barath Narayanan S. S. as the Senior Vice President, BFSI, with effect from April 1. He will lead the company’s BFSI business as well as the European region.

Jubilant Pharmova: The company has received orders for a tax demand of Rs 228.75 crore for the Income Tax Department, primarily arising due to arithmetical errors and mistakes apparent from records, apart from certain disallowances of expenses and deductions, ignoring the contentions of the company. The company expects to get relief from the relevant assessing officer and/or appellate authority.

Bank of Maharashtra: The public sector lender has appointed Subhasish Roy as Chief Risk Officer for three years on a contractual basis. Roy joined the bank on April 1.

UNO Minda: Honda Motorcycle & Scooter India (HMSI) has made a global recall of its bikes on account of leakage of oil observed from the engine caused by the dislodgement of the sealing plug cone out of the engine cover (recalled part). The recalled part was supplied by the company’s plant in Bawal, Haryana. Although the value of the recalled part supplied by the company is approximately Rs 3.2 crore, the likely amount intimated by the HMSI due to this recall is estimated to be Rs 76 crore due to various costs incurred by the HMSI for replacement of the recalled part in various countries across the globe. The company has an adequate product recall insurance policy, and accordingly, it has communicated the aforesaid matter to the insurance company.

South Indian Bank: The lender has recorded gross advances of Rs 80,337 crore for the quarter ended March FY24, growing 11.4 percent over the year-ago period. Total deposits during the same period increased 11.2 percent to Rs 1.02 lakh crore. CASA grew by 8 percent year-on-year to Rs 32,654 crore, but the CASA ratio dropped 94 bps YoY to 32.04 percent in Q4 FY24.

Read More: Stock Market Updates: Sensex Jumps 500 Points, Nifty Around 22,500; Financials Lead

Bharat Dynamics: The state-owned defense company recorded a turnover of Rs 2,350 crore for the financial year ended March 2024, declining 5.6 percent from Rs 2,489.4 crore in the previous year due to the current geopolitical situation prevailing in Europe and the Middle East, which has affected the supply chain of the company. The order book of the company as of April 1, 2024, stands at Rs 19,468 crore.

Source :
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top