Stocks that will see action today: April 1, 2024

Automobile companies: Stocks such as Tata Motors, Maruti, M&M, Eicher Motors, Ashok Leyland, Escorts, TVS Motor, Heto Moto Corp, Bajaj Auto and others will remain focus as they will declare thier monthly and FY24 sales figures from today. Analysts expect a mixed trend from these majors.

Infosys has received orders under Section 250 & 254 of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment years 07-08 to 15-16, 17-18 & 18-19 during the quarter. As per the orders the Company expects a refund of ₹6,329 crore (including interest). The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024. The company has also received assessment order under Section 143(3) of the Income Tax Act, 1961 for assessment year 22-23 with a tax demand of ₹2,763 crores (including interest) and under Section 201 & 201 (1A) of the Income Tax Act, 1961 for assessment year 11-12 with a tax demand of ₹4 crore (including interest).

Adani TotalEnergies Biomass Limited (ATBL), a wholly owned subsidiary of Adani Total Gas Limited (ATGL), has commissioned operations at phase 1 of its Barsana Biogas Plant, located in the Mathura district of Uttar Pradesh. The Barsana Biogas Project has three project phases and would attain the overall capacity of 600 tons per day (TPD) of feedstock, generating over 42 TPD of Compressed Bio Gas (CBG) and 217 TPD of organic fertiliser upon full commissioning. Cost for all three project phases for the Barsana Biogas plant would be in excess of ₹200 crore.

YES Bank Ltd has received ₹366 crore from a single trust in the Security Receipts Portfolio. This is pertaining to Sale of NPA Portfolio to JC Flower ARC on December 17, 2022.

Indian Overseas Bank has received Notice of Demand under Section 156 of Income Tax Act, 1961, from the Income tax Department, Assessment Unit pertaining to AY 2022-23 wherein there is a demand of ₹620.07 crore on account of certain additions and disallowances were made.

Zomato has received a tax demand order of ₹23 crore. On Sunday, the Gurgaon-based company revealed in a stock exchange filing that it has received the tax notice for availing excess input tax credit under the goods and services tax (GST) rules.

Bank of India has received a demand notice under section 156 of the Income Tax Act, 1961, pertaining to AY 2016- 17 wherein certain disallowances have been made from the Assessment Unit, Income Tax Department for about ₹1,128 crore. BoI, in an exchange filing, also said that it would avail the recourse provided in the Income Tax Statute against the demand of Rs 1,127.72 crores raised in the order.

HDFC Bank has signed binding term sheet as part of the process to sell 100 per cent equity stake in HDFC Education and Development Services Pvt. Ltd. The stake sale will be done through a Swiss Challenge method, post which the subsequent purchaser and HDFC Bank will sign definitive documents for the said sale.

Indian Oil Corporation has signed a binding term sheet with Panasonic Energy to manufacture Lithium-Ion Cells in India. Besides, local manufacturing will also set up a complete supply chain ecosystem to improve India’s self-reliance and fortifying country’s position in the global energy landscape.

Newgen Software has executed an agreement for a Trade Finance Project with a customer. Aggregate value of the purchase order is ₹49.84 crore. The project is to be executed over a three-year period. Additionally, the company has also won orders for a Trade Finance Solution from an international customer worth $1.1 million. It has also received the Letter of Intent for purchase and implementation of customer onboarding, corporate finance origination system and business process automation system for a five year period worth $2.07 million.

RVNL said that it has emergesd as the lowest bidder for three projects. One worth ₹148.26 crore, the other for $7.15 million and the third one for ₹95.95 crore. The orders are from South Eastern Railway, North Eastern Frontier Railway and from the Energy Development Corporation.

PG Electroplast’s wholly-owned subsidiary PG Technoplast, has received approval for disbursement of PLI incentives for AC components. The disbursement amounts to ₹15 crore.

EIH said it will invest ₹421 crore to construct Oberoi Luxury Resort at Cavelossim Beach in South Goa.

L&T Finance Holdings Ltd. (LTFH), one of the leading Non-Banking Financial Companies (NBFC) of the country, has announced that its name has been changed to L&T Finance Ltd. (LTF). The change of name is effective March 28, consequent upon receipt of fresh Certificate of Incorporation pursuant to change of name as per the requirements of the Companies Act, 2013.

Dilip Buildcon Limited has entered into agreement for sale of 26 per cent stake in its wholly owned subsidiary companies viz. Dodaballapur Hoskote Highways Ltd, Dhrol Bhadra Highways Ltd and Repallewada Highways Ltd, held by the Company (in the form of Equity Shares and NCDs (NCDs are only in respect of Dhrol Bhadra Highways Ltd and Repallewada Highways Limited) to Alpha Alternatives Holdings Private Ltd.

Shapoorji Pallonji group’s flagship infrastructure engineering and Construction Company, Afcons Infrastructure Limited (AIL), has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of ₹1,250 crore and an offer for sale of up to ₹5,750 crore by Goswami Infratech Private Limited.

Best Agrolife Ltd has acquired Sudarshan Farm Chemicals India Pvt Ltd. This acquisition involves obtaining a 100% stake through cash consideration, with an estimated Enterprise Value of ₹139 crore based on the valuation. The cash outflow for Best Agrolife Limited will be to the tune of ₹9.5 crore after considering the net working capital and other liabilities. With this strategic move, BAL aims to capitalize on SFCL’s robust R&D capabilities, IP portfolio and backward-integrated technical manufacturing expertise.

Triveni Engineering & Industries Ltd has informed about the upgrade of its long-term rating to ICRA AA+ (Stable) from ICRA AA (Stable) and reaffirmed short-term rating of ICRA A1+ for the Company’s bank facilities of ₹3,110.37 crore (enhanced from ₹ 2510.37 crore).

Easy Trip Planners Limited has entered into definitive agreements with E-Trav Tech Ltd and has made an investment of ₹33 crore for acquiring approx. 4.94 per cent of the aggregate post-allotment paid-up share capital of the Target Company on a fully diluted basis. Further, the investment made is subject to the terms of the definitive agreement(s) executed by the relevant parties.

Reliance Infrastructure has made part payment of its obligations to JC Flowers Asset Reconstruction Private Limited in terms of the Settlement Agreement and has modified the Settlement Agreement to the effect of extending its term of payment for the balance obligations.

Tejas Networks has received the balance incentive payment of 15 per cent amounting to ₹4.88 crore for the fiscal year 2022-23 under the PLI (Production-Linked Incentive) Scheme for Telecom and Networking Products.

NACL Agri-Solutions Private Ltd, a wholly owned subsidiary of NACL Industries, has commenced its commercial production at its manufacturing plant at Rangareddy, Telangana on March 29. NACL Multichem Private Limited, another WOS, has started its commercial production at Srikakulam plant, Andhra Pradesh, on March 30.

TVS Motor Company Limited has sold its entire shareholding of 4,29,693 shares (consisting of 45,710 equity shares and 3,83,983 compulsorily convertible preference shares) constituting 23.5 per cent in Tagbox Solutions Private Limited, an associate company on March 30.

CreditAccess Grameen has completed a Direct Assignment transaction amounting to ₹555.54 crore during March 2024. The entire Direct assignment pool qualify for Priority Sector treatment as per the guidelines prescribed by the Reserve Bank of India. During the quarter, the company has raised ₹5,884.99 crore through term loans and direct assignments.

HG Infra Engineering has entered into the EPC contracts dated March 30 with Norangdesar Solar Developer Private Ltd (NSDPL) and Rasisar Solar Developer Private Ltd for the Solar Power Plants. The estimated construction/development cost is ₹36 crore (Including GST). HG Solar Projects Private Ltd, a wholly owned subsidiary of the company has incorporated NSDPL with an equity shareholding of 49 per cent to undertake the solar power plant projects.

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