GIFT Nifty on the NSE IX traded 27 points, or 0.14 percent, higher at 19,727.50 on October 16, indicating that Dalal Street was likely to have a good start on Monday. These stocks will be the subject of today’s attention for a variety of reasons.
Federal Bank, Bank of Maharashtra, Grasim, HDFC Bank, and ICICI Securities:
As the businesses reveal their second quarter results, investors’ attention will be drawn to shares of HDFC Bank, Grasim, Federal Bank, Bank of Maharashtra, and ICICI Securities.
TCS: The previous head of the company’s resource management division was fired after a roughly six-month-long investigation into the bribes-for-jobs controversy at Tata Consultancy Services Ltd. The investigation also yielded important recommendations for recruiting improvements. TCS informed the exchanges on Sunday night that it had terminated 16 workers and blacklisted six employment agencies. An executive with knowledge of the situation claims that E.S. Chakravarthy, the previous leader of TCS’s resource management division, has now been fired by the business.
Tata Motors: For Rs 1,613.7 crore, Tata Motors Ltd. sold a 9.9% share in Tata Technologies Ltd. to the Ratan Tata Endowment Foundation and TPG Rise Climate SF Pte. Ltd., a TPG Global investment vehicle dedicated to tackling climate change. According to a press statement from the firm, the deal is in accordance with Tata Motors’ deleveraging plan and values the IPO-bound Tata Technologies at around $2 billion. Tata Motors sold 0.9% to the Ratan Tata Endowment Foundation for Rs 146.7 crore and 9% to TPG Rise Climate for Rs 1,467 crore.
IDBI Bank: On October 15, the government notified IDBI Bank’s prospective asset valuers that the lender owns 120 properties in the top seven cities, including Mumbai, Pune, and Chennai, and deferred tax assets worth Rs 11,520 crore. According to the DIPAM, the bank owns up to 68 properties in Mumbai, 20 in Pune, nine in Chennai, and seven in Ahmedabad. This information was provided in answer to pre-bid questions from potential asset valuers of IDBI Bank. In addition, it has five homes each in Delhi and Hyderabad and six in Kolkata.
SpiceJet: On October 13, the stock market saw a 20% increase in the price of SpiceJet’s shares after news that IndiGo co-founder Rakesh Gangwal was considering purchasing a stake in the competition. A day later, sources claiming a banker close to Gangwal said that such a strategy was not being thought about. The appearance of competing news stories has investors and market watchers perplexed as formal responses from IndiGo, SpiceJet, and Gangwal are still pending.
The corporate affairs ministry is looking into the finances of the group’s two airports in Mumbai, according to Adani Enterprises, which notified the stock markets of this on Friday. The business said that information and records about the airports—Mumbai International Airport Ltd. and Navi Mumbai International Airport Ltd.—for the financial years 2017–18 to 2021–22 had been requested by the Office of the Regional Director, Southeast Region, Hyderabad, Ministry of Corporate Affairs.
Ashok Leyland: The flagship firm of the Hinduja Group, Ashok Leyland, said on Friday that Tamil Nadu State Undertakings has placed an order for 1,666 brand-new buses. This is the single biggest order that BSVI has ever received from State Transport Undertakings, and it will help the business maintain its leadership position in the bus sector. With more than 18,000 buses, or 90% of the fleet, Ashok Leyland claimed to be the brand that Tamil Nadu State Transport Undertakings favored the most.
IOCL/NTPC: According to a statement from Indian Oil Corporation (IOC), the business would contribute Rs 1,660.15 crore as equity to IndianOil NTPC Green Energy Pvt Ltd, a recently formed joint venture with energy NTPC Ltd, for the construction of renewable power facilities. Indian Oil and NTPC Green Energy Ltd., a fully-owned subsidiary of NTPC Ltd., launched a 50:50 joint venture business in June to establish renewable energy projects to satisfy the refineries of the IOC’s twenty-four-hour power needs.
Delta Corp: According to a regulatory filing issued by the owner of the casino network on October 14, Delta Corp has received further notifications of alleged shortfalls in the payment of GST totaling Rs 6,384 crore. This comes just after Delta Corp got warnings of tax shortfalls of Rs 16,822 crore. According to the corporation, Deltatech Gaming Ltd, a subsidiary of the company, got the most recent notifications from the Directorate General of GST Intelligence, Kolkata, on October 13.
Avenue Supermart: Avenue Supermart Ltd. released its quarterly results for the period of July to September 2023 today. According to the exchange report, the company’s overall income has increased by 18.50% year over year. In Q2FY24, the company’s EBITDA margin was 8.1% as opposed to 8.6% in Q2FY23. According to Avenue Supermarts Limited, Q2 FY 2024 revenue increased by 18.5% when compared to the same period the previous year.
