The stock market is buzzing with activity, providing ample opportunities for investors to stay informed. With a mix of updates from various sectors, it’s essential to keep an eye on the stocks that are making headlines. Here’s a roundup of significant movements and developments in the market.
Market Overview
On Friday, the NSE Nifty 50 wrapped up the day down by 73 points, or 0.31%, closing at 23,519. Simultaneously, the BSE Sensex fell by 192 points, reflecting a decline of 0.25%, to finish at 77,415. This mixed performance highlights the current volatility in the stock market.
Key Stocks to Watch
ITC’s Strategic Acquisition
ITC Limited has made headlines with its recent acquisition of Century Pulp and Paper from Aditya Birla Real Estate for ₹3,498 crore. This move is set to boost ITC’s paper production capacity by 50% and enhance its presence in Northern India, as all its existing facilities are based in the South. The Century factory, located in Lakuan, Uttarakhand, will significantly diversify ITC’s operational footprint.
Vodafone Idea’s Government Stake Increase
In a notable shift, the Indian government is poised to increase its stake in Vodafone Idea to approximately 48.99%. This change comes after outstanding spectrum auction dues are converted into equity shares, as announced on March 30. The Ministry of Communications has instructed the issuance of shares valued at ₹36,950 crore to the government, based on an order issued on March 29.
Adani Group’s Ambitious Plans
The Adani Group aims to raise between $4 billion and $5 billion for its projects in Khavda and Mundra, Gujarat. Sources cited by The Financial Express indicate that the conglomerate is in the process of constructing the world’s largest renewable energy park in Khavda, which will boast 30 GW of capacity, including 26 GW from solar power and 4 GW from wind energy.
Shriram Finance’s Growth Projections
Shriram Finance, part of the Shriram Group, anticipates crossing ₹3 lakh crore in assets in the upcoming financial year, starting April 1. The company is projecting a 15% growth in loans, supported by a GDP growth forecast of 6.5%. According to Umesh G Revankar, Executive Vice Chairman of Shriram Finance, loan growth typically exceeds GDP growth by more than twofold.
Zomato’s New Offering
As summer approaches, Zomato’s quick commerce platform Blinkit has launched a delivery service for air conditioners in the Delhi-NCR region. CEO Albinder Dhindsa shared the news via social media, revealing a partnership with Lloyd India for this initiative. Deliveries are already underway, catering to the increasing demand for cooling solutions.
Indian Hotels Expands Portfolio
Tata Group’s Indian Hotels Company (IHCL) has unveiled the Claridges Collection, taking over The Claridges New Delhi under a 25-year management contract effective April 1. This strategic move will see IHCL incorporate two of its existing properties, Connemara in Chennai and Blue Diamond in Pune, into the Claridges portfolio, aiming to grow to 20 properties by 2030.
Hindustan Aeronautics Reports Revenue
Hindustan Aeronautics Limited (HAL) has reported provisional revenue of ₹30,400 crore for the fiscal year FY25, a slight increase from ₹30,381 crore the previous year. Additionally, the Indian government has dismissed allegations made by The New York Times regarding HAL supplying sensitive technology to a Russian arms agency.
HBL Engineering Secures Contracts
HBL Engineering has been awarded five Letters of Award (LoAs) by Central Railway for the implementation of the Kavach system, amounting to ₹762.56 crore. The total value of Kavach contracts received by HBL this year has reached ₹3,618 crore, highlighting the company’s expanding role in railway safety technology.
Power Mech Projects Wins Major Order
Power Mech Projects has secured a ₹425 crore contract from Mirzapur Thermal Energy, a subsidiary of Adani Power. The contract entails civil works and the erection of prefabricated structural steel for a 2 x 800 MW power project in Mirzapur, Uttar Pradesh, with a completion deadline of 30 months from the notice to proceed.
Prestige Estates Projects’ Investment Plan
Prestige Estates Projects has announced plans to invest up to ₹1,625.04 crore in its wholly-owned subsidiary, Prestige Hospitality Ventures Limited. This investment will be made through a rights issue approved by the company’s board, indicating confidence in future growth.
ICICI Prudential Life Faces Tax Demand
ICICI Prudential Life Insurance has received a tax demand notice amounting to ₹328.41 crore for the assessment year 2023-24. The notice, issued by the Assistant Commissioner of Income Tax in Maharashtra, highlights issues related to the taxation of shareholders’ income and the disallowance of certain marketing and advertising expenses.
Staying updated on these developments can empower investors to make informed decisions in a dynamic stock market environment.
