Stocks to watch on April 2: Equity market began the week with modest features and hit new life highs, gaining over half a %. In right this moment’s commerce, shares of ABFRL, Hero MotoCorp, Infosys, RIL, Bharat Electronics will likely be in focus due to varied developments and month-to-month enterprise updates.
Infosys: The IT providers main has obtained a tax demand of Rs 341 crore from the Income Tax Department for the evaluation yr 2020–21 (together with curiosity). The firm is within the means of evaluating the implications of this order on the monetary statements for the quarter and yr ending March 2024 and additionally evaluating submitting an attraction in opposition to this order.
Reliance Industries, Bharti Airtel, and Vodafone Idea: India’s largest telecom firm, Reliance Jio, a subsidiary of Reliance Industries, added 41.78 lakh cellular subscribers in January 2024, taking the entire variety of cellular customers to 46.39 crore. Sunil Mittal-led Bharti Airtel elevated its wi-fi subscriber depend by 7.52 lakh, taking its cellular tally to 38.24 crore in the identical month. However, Vodafone Idea misplaced 15.2 lakh wi-fi customers, and its cellular subscriber base stood at 22.15 crore, as per TRAI information.
Zomato: The firm has obtained an order for demand of service tax of Rs 92.1 crore, together with curiosity and penalty of Rs 92.1 crore. The stated order for October 2014 to June 2017 was handed by the Commissioner, Adjudication, Central Tax, Delhi.
Ashok Leyland: The business car maker has recorded a 4% on-yr decline in whole car gross sales at 22,866 models, with home gross sales falling 7 % to 21,317 models throughout the identical interval. Medium and heavy business car gross sales dropped 7 % YoY to 15,562 models in March 2024.
HDFC Bank: HDFC Bank, the personal sector lender, stated the board has appointed Suketu Kapadia as Group Head, Internal Audit, with impact from April 1, 2024. Kapadia has been appointed instead of V. Chakrapani, who vacated the workplace as Group Head, Internal Audit, on March 31 and would take up a brand new function within the financial institution as Group Head, Change Agent, with impact from April 1.
NTPC: The nation’s largest energy era firm has signed a supplementary three way partnership settlement (SJVA), Amendment-II, with UP Rajya Vidyut Utpadan Nigam (UPRVUNL). This SJVA Amendment-II will kind an integral a part of the three way partnership settlement (JVA) dated February 28, 2008, and the SJVA Amendment-I dated September 13, 2023. The SJVA Amendment-II has been signed to present present UPRVUNL land to the three way partnership firm, MUNPL, for the Obra-D (2X800 MW) and Anpara-E (2X800 MW) initiatives on a lease foundation at a nominal charge of Re 1 per acre per yr, aiming to cut back energy tariffs.
Maruti Suzuki India: The nation’s largest automobile maker recorded whole manufacturing of 1,66,730 autos in March this yr, rising 8.2 % over 1,54,148 autos produced in the identical month final yr. Meanwhile, the corporate has obtained a requirement discover of Rs 238.72 crore from the revenue tax authority and a present trigger discover for the initiation of penalty proceedings. The firm will likely be submitting an attraction earlier than the CIT in opposition to this demand and penalty proceedings (if any).
TVS Motor Company: The two-wheeler and three-wheeler maker has recorded 12 % on-yr development in whole gross sales at 3.54 lakh models for March 2024, with whole 2-wheeler gross sales rising 12 % YoY to 3.44 lakh models. Domestic 2-wheeler gross sales elevated 8 % to 2.6 lakh models, and exports jumped 23 % to 91,972 models throughout the identical interval.
Hero MotoCorp: The world’s largest two-wheeler producer bought 4.9 lakh models in March 2024, declining 5.6 % in contrast to the yr-in the past interval. Domestic gross sales fell 8.6 % yr-on-yr to 4.59 lakh models, however exports grew by 87.6 % YoY to 31,158 models in March.
Aditya Birla Fashion and Retail: The firm stated the Board of Directors has approved the administration to consider the vertical demerger of the Madura Fashion & Lifestyle enterprise from Aditya Birla Fashion right into a separate listed firm. The proposed demerger will allow the creation of two individually listed firms as impartial development engines with distinct capital constructions and parallel worth creation alternatives.
NMDC: The firm recorded iron ore manufacturing of 4.86 million metric tons within the month of March 2024, down 13.2 % over the earlier month. Iron ore gross sales throughout the identical interval declined 18.2 % to 3.96 million metric tons.
Oberoi Realty: Komal Kirplani has resigned as Vice President, Luxury Residential Sales, of the Mumbai-based actual property firm, with impact from March 31.
Devyani International: Rahul Suresh Shinde has resigned as complete-time director (CEO-Yum Brands) and director of the corporate, with impact from April 1.
Persistent Systems: The IT providers firm has appointed Barath Narayanan S. S. because the Senior Vice President, BFSI, with impact from April 1. He will lead the corporate’s BFSI enterprise in addition to the European area.
Jubilant Pharmova: The firm has obtained orders for a tax demand of Rs 228.75 crore for the Income Tax Department, primarily arising due to arithmetical errors and errors obvious from data, aside from sure disallowances of bills and deductions, ignoring the contentions of the corporate. The firm expects to get reduction from the related assessing officer and/or appellate authority.
Bank of Maharashtra: The public sector lender has appointed Subhasish Roy as Chief Risk Officer for 3 years on a contractual foundation. Roy joined the financial institution on April 1.
UNO Minda: Honda Motorcycle & Scooter India (HMSI) has made a world recall of its bikes on account of leakage of oil noticed from the engine attributable to the dislodgement of the sealing plug cone out of the engine cowl (recalled half). The recalled half was equipped by the corporate’s plant in Bawal, Haryana. Although the worth of the recalled half equipped by the corporate is roughly Rs 3.2 crore, the possible quantity intimated by the HMSI due to this recall is estimated to be Rs 76 crore due to varied prices incurred by the HMSI for substitute of the recalled half in varied nations throughout the globe. The firm has an sufficient product recall insurance coverage coverage, and accordingly, it has communicated the aforesaid matter to the insurance coverage firm.
South Indian Bank: The lender has recorded gross advances of Rs 80,337 crore for the quarter ended March FY24, rising 11.4 % over the yr-in the past interval. Total deposits throughout the identical interval elevated 11.2 % to Rs 1.02 lakh crore. CASA grew by 8 % yr-on-yr to Rs 32,654 crore, however the CASA ratio dropped 94 bps YoY to 32.04 % in This autumn FY24.
Bharat Dynamics: The state-owned protection firm recorded a turnover of Rs 2,350 crore for the monetary yr ended March 2024, declining 5.6 % from Rs 2,489.4 crore within the earlier yr due to the present geopolitical scenario prevailing in Europe and the Middle East, which has affected the availability chain of the corporate. The order e-book of the corporate as of April 1, 2024, stands at Rs 19,468 crore.
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