GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 63.50 points or 0.29% at 22,032.00 indicating a negative start for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 lost 338 points or 1.51% to settle at 21,997.70, while the BSE Sensex closed 906.07 points or 1.23% lower at 72,761.89.
Stocks to watch on March 14, 2024
IIFL Finance
The IIFL Finance board has given its nod for raising Rs 1500 crore through a rights issue. Additionally, the Board has also given its approval for raising Rs 500 crore via issuance of non-convertible debentures through a private placement.
Tata Motors
Tata Motors Group has signed a facilitation Memorandum of Understanding (MoU) with the Government of Tamil Nadu to explore setting up a vehicle manufacturing facility in the state. The auto major will invest around Rs 9,000 crore over the next 5 years, which it says will potentially create up to 5,000 jobs (direct and indirect).
Federal Bank and South Indian Bank
Federal Bank and South Indian Bank have stopped issuing new co-branded credit cards after the Reserve Bank of India (RBI) asked the lenders to refrain from onboarding new customers for such cards. Both lenders will continue to service existing customers.
Bank of India and Bandhan Bank
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on the Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with certain directions. The penalty on Bank of India has been imposed for non-compliance with the RBI’s directions related to ‘interest rate on deposits’, ‘customer service in banks’, ‘interest rate on advances’, and contravention of provisions of Credit lnformation Companies Rules, 2006.
Tata Group
Tata Group and CG Power will create employment for over 72,000 people over the years with their upcoming semiconductor facilities in the country, according to the plan shared by both companies on March 14. Tata Group is coming up with its fabrication unit in Dholera, Gujarat, and its assembly, testing, marking, and packaging (ATMP) unit in Morigaon, Assam. The Dholera unit is expected to generate around 50,000 jobs, while another 20,000-22,000 jobs will come up at the Assam unit.
Hinduja Group
The National Company Law Tribunal (NCLT) on Wednesday allowed an appeal by Reliance Capital (RCap)’s administrator seeking a correction in the 90-day period for implementation of the resolution plan. It will lead to a faster closure of the resolution process, which started in November 2021. The Hinduja Group, the successful applicant for the debt-laden firm, has to implement the resolution plan by May 27.
Patanjali Foods
Patanjali Foods’ board of directors approved the formation of two wholly owned subsidiaries of the company in India. “we wish to inform you that the Board of Directors of the company, at its meeting held today i.e. Wednesday, 13th March 2024 has, inter alia approved…the formation of two wholly owned subsidiaries of the company in India,” Patanjali said in an exchange filing.
Vedanta
Vedanta will appeal against a Sebi order levying a Rs 77.6 crore penalty for delay in paying dividends to Cairn UK Holdings, as the latter had given up its right to claim interest. The erstwhile shareholder had given up its rights when it settled a retrospective tax demand with the government.
L&T Finance Holdings
L&T Finance Holdings inked a financing pact with Japan International Cooperation Agency (JICA) worth $125 million to support financing in rural and peri-urban areas in India, particularly with respect to women borrowers.
Shriram Properties
Shriram Properties has launched its latest RERA-approved residential project under the “Codename Ultimate” near Bengaluru. The project is being developed under the joint development model, with an aggregate saleable area of around 5.0 lakh square feet. This 400+ unit Balinese-themed project, characterized by its tranquil and harmonious ambience, prioritizes open spaces, encompassing over 70 per cent of the total area, the company said in an exchange filing.
SJVN
SJVN Green Energy Limited, the renewable arm and a wholly owned subsidiary of SJVN, on Wednesday announced that it has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited for 500 MW Solar Project in GUVNL Phase -XXI.
Hindustan Aeronautics
On March 13, the Union ministry of defence inked a pact with Hindustan Aeronautics Limited worth Rs 8,073 crore acquire 34 indigenous advanced light helicopters for the Indian Army and the Coast Guard.
Rail Vikas Nigam
Rail Vikas Nigam’s joint venture RVNL-SALASAR received Letter of Award from Madhya Pradesh Power Transmission for constructing 132 kV & 220 kV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP at a cost of Rs 173.98 crore, with RVNL’s share being 51% and Salasar Techno Engineering’s share being 49% in the project.
EV Stocks
The Union ministry of heavy industries has launched the Electric Mobility Promotion Scheme 2024 of Rs 500 crore to support sales of electric vehicles till July. The incentives worth Rs 333.39 crore have been set aside for electric two-wheelers, Rs 33.97 crore for e-rickshaws and e-carts and another Rs 126.19 crore for electric three wheelers with speeds higher than 25 kilometres per hour.
