Stocks to Watch: M&M, LIC, L&T, Hindustan Zinc, Tata Motors
4 min read 22 Mar 2023, 07:21 AM ISTBiocon and Indiabulls Housing Finance Ltd are the two stocks that continue to be part of the F&O ban list for Wednesday trading.
PremiumHere is the list of the top 10 stocks that will be in focus today:
Mahindra & Mahindra: Mahindra & Mahindra Ltd is in advanced talks with global investors to raise $1-1.3 billion by selling shares in its electric vehicles (EV) unit, people familiar with the development said, adding the move is aimed at accelerating the expansion plans of its newly formed subsidiary, EV Co. Mahindra is likely to raise capital in multiple tranches over the next two fiscal years, primarily through stake sales in the EV subsidiary, which is currently valued at over $9.1 billion, the people said, requesting anonymity.
Life Insurance Corporation: Life Insurance Corporation of India (LIC), the country’s top institutional investor with more than ₹44 trillion worth of assets, plans to invest in green bonds and interest rate derivatives. “Going forward, we feel that yes, we should also subscribe to green bonds. That is the way we are looking forward to," LIC’s managing director B.C. Patnaik said while addressing the Mint India Investment Summit 2023 in Mumbai. A green bond is a fixed-income paper issued to raise money, mainly to support the growth and sustainability of either climate or environmental projects.
L&T: Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said it has bagged major orders in the range of ₹5,000 crore to ₹7,000 crore for its hydrocarbon business. The scope of work comprises engineering, procurement, construction and installation of offshore structures and the upgradation of existing facilities. "The hydrocarbon business...of Larsen & Toubro (L&T) has secured multiple offshore packages from a prestigious overseas client," the engineering and construction conglomerate said in a regulatory filing.
Hindustan Zinc: Hindustan Zinc Ltd., owned by billionaire Anil Agarwal, has announced its fourth interim dividend of ₹26 per share, amounting to a total payout of ₹10,985.83 crore. According to an exchange filing, the record date for the payment of the dividend is March 29, 2023, as previously communicated. With this, its fourth dividend payout, HZL, India's largest integrated producer of Zinc, Lead and Silver business has declared its highest-ever dividend of ₹32,000 crore for FY 23.
Tata Motors: Tata Motors is set to increase the prices of its commercial vehicles by 5% with effect from April 1, 2023. The reason behind increasing CV prices is to comply with the more stringent BS6 phase II emission norms. That being said, the price hike will apply to the entire range of Tata Motors CV. In a regulatory filing, Tata Motors said, it "will be implementing a price increase of up to 5% on its commercial vehicles starting from April 1st, 2023." It added, "the decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms."
J Kumar Infraprojects: J. Kumar Infraprojects on Tuesday said its joint venture has won a contract from Bangalore Metro Rail Corporation Limited (BMRCL) for a project worth ₹182.34 crore. he company, in a statement, said it holds a 55% stake in the JV, J. Kumar - AICPL (AIC Infrastructures Private Limited). "We are in receipt of LoA from BMRCL for the construction of airport depot for BMRCL - phase - 2B for a total contract cost of ₹182,33,99,706 exclusive of GST, in the name JV....which comes to approximately ₹100,28,69,838 exclusive of GST," it said.
Power Finance Corporation: The board of the Power Finance Corporation (PFC) gave its approval on Tuesday to the raising of funds from both domestic and foreign currency borrowings, including bonds, term loans, and commercial paper, for the fiscal year 2023–24 (FY24). The proposal to borrow up to ₹80,000 crore in the forthcoming fiscal year 2023–2024, excluding funds earned from extra-budgetary resources (EBR), has been accepted by the board.
Tata Power: Tata Power Renewable Energy Ltd (TPREL) on Tuesday said it has received a letter of award from MSEDCL to set up a 200 MW solar project in Solapur, Maharashtra. The letter of award has been received from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project will be commissioned within 18 months from the PPA (Power Purchase Agreement) execution date. The project was awarded through competitive bidding, followed by a reverse e-auction, TPREL said in a statement.
Devyani International: Dunearn Investments Mauritius Pte on Tuesday divested a 2.8% stake in restaurant operator Devyani International for ₹499 crore through an open market transaction. Dunearn Investments is a wholly-owned subsidiary of Singapore's sovereign wealth fund Temasek Holdings while Devyani International is the largest franchisee of Yum Brands in India. According to the bulk deal data available with the National Stock Exchange (NSE), Dunearn Investments sold 3,44,30,150 shares, amounting to a 2.85% stake in the company.
Blue Star: Cooling products maker Blue Star on Tuesday said it has bagged four orders worth ₹575 crore which marks its entry into the railway electrification space. The company has secured orders from West Central Railway, Central Organization for Railway Electrification (CORE) and Metro Railway, Kolkata, said Blue Star in a statement. This will consolidate Blue Star's position in the projects Business space, where it is already present in air conditioning and tunnel ventilation works of the Metro Rail segment, it added.
