Stocks to Watch; Tata Motors, M&M, Mankind, Delta Corp, Reliance and others in news

Here are the top stocks that could be in focus in today’s trade:

Tata Motors: In a significant move, Tata Motors is set to sell a 9.9% stake in its subsidiary, Tata Technologies, for INR 1,613.7 crore. TPG Rise Climate SF Pte Ltd. and Ratan Tata Endowment Foundation are the key investors, with the deal scheduled for completion by October 27. Mitsuhiko Yamashita will step down from his role as a non-executive, non-director of Tata Motors.

Mahindra & Mahindra: The automaker reports a robust production of 79,410 units in September, marking a 21.9% YoY growth. Sales also increased by 18.1%, totaling 73,185 units, but exports saw a slight dip of 4.7%.

Reliance Industries: Reliance Retail Ventures receives INR 4,966.80 crore from Platinum Owl C 2018 RSC Limited, with 4,11,81,006 equity shares allotted to ADIA, the sole beneficiary of the Platinum Jasmine Trust.

Adani Enterprises: The Ministry of Corporate Affairs, Hyderabad, has initiated an investigation into the books of accounts for Mumbai International Airport (MIAL) and Navi Mumbai International Airport (NMIAL), subsidiaries of Adani Enterprises. The investigation covers financial years from 2017-18 to 2021-22.

Avenue Supermarts: The owner of D-Mart stores, Avenue Supermarts, reports a 9.2% YoY decline in consolidated profit, reaching INR 623 crore for the quarter ending September FY24. The company cited lower margins and a high base as contributing factors.

Delta Corp.: Deltatech Gaming, a subsidiary of Delta Corp., faces a shortfall tax notice from the Directorate General of GST Intelligence, Kolkata. The alleged tax shortfall amounts to INR 6,236.81 crore for January 2018 to November 2022 and INR 147.51 crore for July 2017 to October 2022.

NHPC: Flash floods on October 4 have affected NHPC’s Teesta-V power station in Sikkim, incurring an estimated loss of INR 788 crore, including material damage of INR 297 crore and business loss of INR 491 crore. Fortunately, the assets and business interruption loss are fully insured.

Godrej Properties: A GST demand of INR 48.31 crore, along with interest and a penalty of the same amount, has been imposed on subsidiary Godrej Redevelopers (Mumbai) Private Limited (GRMPL) by the Additional Commissioner, CGST and Central Excise, Navi Mumbai.

Indian Bank: The public sector lender declares non-performing assets (NPAs) amounting to INR 24.76 crore, with INR 16.20 crore attributed to Samsarapu Polaraju, Samsarapu Narasimha Raju, and Maheswari Constructions & Engineering Works. The bank also reports INR 8.56 crore in NPAs from S V Exports due to diversion of funds.

Mankind Pharma: The Sikkim manufacturing facility of Mankind Pharma has resumed normal operations since October 13 after a disruption caused by a power supply issue due to flash floods.

Tata Steel Long Products: In a positive development, Tata Steel Long Products, a Tata Group company, reported a narrowed net loss of Rs 135.8 crore for the quarter ending September FY24, down from Rs 333.4 crore in the previous year. This improvement was achieved despite a decrease in revenue from operations, which fell 9.4% YoY to Rs 1,734 crore, thanks to lower input costs.

Bajaj Finance: The Reserve Bank of India has levied a monetary penalty of Rs 8.50 lakh on Bajaj Finance due to non-compliance with directives related to the monitoring of frauds in NBFCs.

Persistent Systems: Pune-based IT services firm, Persistent Systems, has appointed Ayon Banerjee as the Chief Strategy and Growth Officer, effective from October 13.

Union Bank of India: The Reserve Bank of India has imposed a monetary penalty of Rs 1 crore on Union Bank of India for non-compliance with regulations concerning loans and advances, including statutory and other restrictions.

Dalmia Bharat: The cement manufacturing company has reported a consolidated profit of Rs 124 crore for the quarter ending September FY24, marking a robust 121.4% growth compared to the previous year. This growth is attributed to healthy operating numbers and reduced power and fuel expenses. Revenue from operations increased by 6% YoY to Rs 3,149 crore. Dalmia Bharat’s subsidiary has received board approval to expand cement grinding capacity at Rohtas Cement Works, Bihar, by 0.5 million metric tonnes, at an estimated cost of Rs 91 crore, expected to be completed in FY25.

NBCC (India): The construction company has secured a work order worth Rs 80 crore from the Visakhapatnam Port Authority for the renovation and refurbishment of an office building at the Visakhapatnam Port Authority.

Bajaj Electricals: Bajaj Electricals has been awarded a services contract valued at Rs 564.2 crore by the Power Grid Corporation of India, acting on behalf of its special purpose vehicle, Ananthpuram Kurnool Transmission.

Super Spinning Mills: The company has announced the appointment of Padmavathy P as Chief Financial Officer, effective from October 13. Padmavathy, who has been associated with the company for 23 years, has held various finance roles within the organization.

Transformers and Rectifiers: Amarendra Kumar Gupta has resigned from his role as Chief Financial Officer, effective from October 14, citing personal reasons. The company is currently in the process of selecting a new Chief Financial Officer.

RBL Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 64 lakh on RBL Bank due to non-compliance with specific directives.

Laurus Labs: Immunoadoptive Cell Therapy (ImmunoACT), an associate company of Laurus Labs, has received approval from the Central Drugs Standard Control Organisation (CDSCO) for India’s first CAR-T cell therapy, NexCAR19 (Actalycabtagene autoleucel). This therapy is intended for the treatment of r/r B-cell lymphomas and leukaemia.

Intellect Design Arena: The financial technology company has signed a major digital transformation program with a universal bank in the Philippines, marking the largest bank-wide transformation program in Asia.

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