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Indian Oil, NTPC, HDFC AMC, Uno Minda, Sterling and Wilson are in Focus

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Equity benchmarks are on track to start trading higher on Tuesday, buoyed by positive global signals. As noted by the SGX Nifty, quoted at 17,085, the Nifty could open around 60 points higher.

Overnight, US markets rose after a bailout deal was reached with crisis-hit Credit Suisse. The Dow, Nasdaq Composite and S&P 500 rose 1%.

RIL, ONGC/Oil India: The windfall tax on crude oil has been reduced from Rs 4,400 per ton to Rs 3,500 per tonne, while the special surcharge on diesel has been raised to Rs 1 per litre from Rs 0.5 per litre.

Indian Oil Corporation/NTPC: Indian Oil Corporation and NTPC Green Energy, a wholly-owned subsidiary of NTPC, will form a joint venture to build renewable energy power plants to meet the clock power requirements of the former’s new refinery projects.

Sterling and Wilson Renewable Energy: The company has won the tender for NTPC Renewable Energy’s proposed 1,200 MW solar PV project package comprising four blocks of 300 MW each at the Khavda RE Power Park in Kutch Rann. The total bid value, including three years of operation and maintenance, will be Rs 21 billion.

Kotak Mahindra Bank: The bank has raised Rs 300 crore by allotting 30,000 non-convertible bonds with a face value of Rs 1 lakh on a private placement basis.

Adani Enterprises: The company clarified that Mundra’s green PVC project was on hold due to a financial shutdown with the lender. It said that it expected to clear the same within six months.

Uno Minda: The company will acquire an 81.69% stake in Kosei Minda Aluminum Company and a 49.9% stake in Kosei Minda Mold from joint venture partner Japan Kosei in a share swap transaction to consolidate the four-wheel alloy business.

HDFC Asset Management Company: SBI Mutual Fund has reportedly bought 47.33 lakh shares in AMC for Rs 757.4 crore through open market transactions. However, GQG Partners Emerging Markets Equity Fund sold 24.78 lakh HDFC AMC shares worth Rs 396.83 crore.

Lupin: The company’s alliance partner, Caplin Steriles, received final approval from the USFDA to market its thiamine hydrochloride injection USP and rocuronium bromide injection.

RBL Bank: RBI has been fined Rs 2.27 crore for failing to ensure that debt recovery agents engaged by it do not resort to any form of intimidation or harassment.

Dr Reddy’s Laboratories: In a statement, Coya Therapeutics announced a global agreement with Dr Reddy’s laboratory to license the latter’s proposed Abatacept biosimilar to the development of COYA 302, Coya’s combination product for neurodegenerative diseases.

PCBL: The company, by its wholly-owned subsidiary PCBL (TN) Ltd, has started the pre-commissioning trial run of the first phase (63,000 tonnes) of its 1.47 lakh metric tonnes greenfield carbon black production facility in Tamil Nadu.

Dwarikesh Sugar Industries: The company’s board of directors approved an interim dividend of Rs 2 per share at face value of Rs 1 for FY23, with a payout of Rs 37.66 crore. The record date for the dividend is March 31, 2023.

Tata Motors: The company has appointed Usha Sangwan as an additional director and an independent director for five years, from May 15, 2023, to May 14, 2028.

J Kumar Infraprojects: The company’s joint venture, J Kumar-AICPL, has received a letter of acceptance from Bengaluru Metro Corporation to construct an airport depot for the Bengaluru Metro project at a contract cost of Rs 182.34 crore.

PNC Infratech: The company has received a notification of intent from Haryana Railway Infrastructure Development Corporation to design and construct civil works from New Patli to Patli and New Patli to Sultanpur at an offer price of Rs 771.46 crore.

Rail Vikas Nigam: The company formed a joint venture with Jakson Green to carry out clean energy EPC projects globally.

Dynamatic Technologies: The company’s board allotted 450,000 shares at Rs 2,509 each, raising Rs 112.91 crore from three entities.

CEAT: Following the resignation of Anant Goenka, the company appointed Arnab Banerjee as MD and CEO for a two-year term from April 1, 2023. Goenka has been appointed as a non-executive non-independent director and designated vice chairman of the company.

Satin Creditcare Network: The board will meet on March 23 to consider raising capital through non-convertible bonds on a private placement basis.

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