Shares to look at on April 2: Fairness market began the week with modest positive factors and hit new life highs, gaining over half a %. In at this time’s commerce, shares of ABFRL, Hero MotoCorp, Infosys, RIL, Bharat Electronics can be in focus as a consequence of varied developments and month-to-month enterprise updates.
Infosys: The IT providers main has acquired a tax demand of Rs 341 crore from the Earnings Tax Division for the evaluation yr 2020–21 (together with curiosity). The corporate is within the technique of evaluating the implications of this order on the monetary statements for the quarter and yr ending March 2024 and in addition evaluating submitting an enchantment in opposition to this order.
Reliance Industries, Bharti Airtel, and Vodafone Concept: India’s largest telecom firm, Reliance Jio, a subsidiary of Reliance Industries, added 41.78 lakh cell subscribers in January 2024, taking the overall variety of cell customers to 46.39 crore. Sunil Mittal-led Bharti Airtel elevated its wi-fi subscriber depend by 7.52 lakh, taking its cell tally to 38.24 crore in the identical month. Nonetheless, Vodafone Concept misplaced 15.2 lakh wi-fi customers, and its cell subscriber base stood at 22.15 crore, as per TRAI knowledge.
Zomato: The corporate has acquired an order for demand of service tax of Rs 92.1 crore, together with curiosity and penalty of Rs 92.1 crore. The mentioned 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-year decline in complete 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 fifteen,562 models in March 2024.
HDFC Financial institution: HDFC Financial institution, the non-public sector lender, mentioned the board has appointed Suketu Kapadia as Group Head, Inner Audit, with impact from April 1, 2024. Kapadia has been appointed instead of V. Chakrapani, who vacated the workplace as Group Head, Inner 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), Modification-II, with UP Rajya Vidyut Utpadan Nigam (UPRVUNL). This SJVA Modification-II will type an integral a part of the three way partnership settlement (JVA) dated February 28, 2008, and the SJVA Modification-I dated September 13, 2023. The SJVA Modification-II has been signed to offer 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 price of Re 1 per acre per yr, aiming to scale back energy tariffs.
Maruti Suzuki India: The nation’s largest automobile maker recorded complete manufacturing of 1,66,730 automobiles in March this yr, rising 8.2 % over 1,54,148 automobiles produced in the identical month final yr. In the meantime, the corporate has acquired 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 corporate can be submitting an enchantment earlier than the CIT in opposition to this demand and penalty proceedings (if any).
TVS Motor Firm: The 2-wheeler and three-wheeler maker has recorded 12 % on-year progress in complete gross sales at 3.54 lakh models for March 2024, with complete 2-wheeler gross sales rising 12 % YoY to three.44 lakh models. Home 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 comparison with the year-ago interval. Home gross sales fell 8.6 % year-on-year to 4.59 lakh models, however exports grew by 87.6 % YoY to 31,158 models in March.
Aditya Birla Vogue and Retail: The corporate mentioned the Board of Administrators has licensed the administration to judge the vertical demerger of the Madura Vogue & Life-style enterprise from Aditya Birla Vogue right into a separate listed firm. The proposed demerger will allow the creation of two individually listed corporations as unbiased progress engines with distinct capital constructions and parallel worth creation alternatives.
NMDC: The corporate 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 three.96 million metric tons.
Oberoi Realty: Komal Kirplani has resigned as Vice President, Luxurious Residential Gross sales, of the Mumbai-based actual property firm, with impact from March 31.
Devyani Worldwide: Rahul Suresh Shinde has resigned as whole-time director (CEO-Yum Manufacturers) and director of the corporate, with impact from April 1.
Persistent Methods: The IT providers firm has appointed Barath Narayanan S. S. because the Senior Vice President, BFSI, with impact from April 1. He’ll lead the corporate’s BFSI enterprise in addition to the European area.
Jubilant Pharmova: The corporate has acquired orders for a tax demand of Rs 228.75 crore for the Earnings Tax Division, primarily arising as a consequence of arithmetical errors and errors obvious from data, aside from sure disallowances of bills and deductions, ignoring the contentions of the corporate. The corporate expects to get aid from the related assessing officer and/or appellate authority.
Financial institution of Maharashtra: The general public sector lender has appointed Subhasish Roy as Chief Danger Officer for 3 years on a contractual foundation. Roy joined the financial institution on April 1.
UNO Minda: Honda Motorbike & 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 provided by the corporate’s plant in Bawal, Haryana. Though the worth of the recalled half provided by the corporate is roughly Rs 3.2 crore, the probably quantity intimated by the HMSI as a consequence of this recall is estimated to be Rs 76 crore as a consequence of varied prices incurred by the HMSI for alternative of the recalled half in varied international locations throughout the globe. The corporate has an enough product recall insurance coverage coverage, and accordingly, it has communicated the aforesaid matter to the insurance coverage firm.
South Indian Financial institution: The lender has recorded gross advances of Rs 80,337 crore for the quarter ended March FY24, rising 11.4 % over the year-ago interval. Complete deposits throughout the identical interval elevated 11.2 % to Rs 1.02 lakh crore. CASA grew by 8 % year-on-year 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 because of the present geopolitical state of affairs prevailing in Europe and the Center East, which has affected the availability chain of the corporate. The order ebook of the corporate as of April 1, 2024, stands at Rs 19,468 crore.
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