The domestic market will likely fall for a third straight day amid grim global conditions following the Silicon Valley Bank crisis.
US stock futures turned higher overnight as regulators tried to shore up all depositors at Silicon Valley Bank after customers withdrew more than $42 billion worth of deposits. Dow Jones futures, Nasdaq futures and S&P 500 futures were down as much as 1%.
Sona BLW: US private equity firm Blackstone will likely sell its entire stake in the auto parts maker in a blockbuster deal on Monday, March 13. The floor price was reportedly set at Rs 400 per share.
Mahindra and Mahindra: The auto giant may sell a 4.6% stake in auto parts supplier Mahindra CIE Automotive at a floor price of Rs 355 per share in a block deal, according to reports.
Jindal Stainless: Managing director Abhyuday Jindal said the 300 MW hybrid project with ReNew is expected to start operating within the next 18 months. Meanwhile, regarding the company’s hydrogen project, MD said it intends to launch in July this year.
Bank of Baroda: The public sector lender plans to divest its 49% stake in credit card subsidiary BoB Financial Solutions. The bank aims to bring in a partner with technical, distribution and procurement know-how within 12 months.
Vedanta Resources: Global rating agency Moody’s downgraded the company’s Corporate Family Rating (CFR) to ‘Caa1’ from ‘B3’ due to increased refinancing risks for the holding company. Overall, the outlook remains negative as the company’s refinancing efforts and reliance on dividend income drain liquidity from operating subsidiaries.
DLF: Management said the real estate firm is in the advanced stages of completing its second commercial project, ‘DLF Downtown’, at the cost of Rs 3,200 crore in Chennai. In addition, DLF is also considering a residential project that is expected to occupy six acres near Guindy’s Madras Race Course.
Ashok Leyland: The heavy commercial vehicle maker has unveiled a new production line that will produce engines at its manufacturing plant in Hosur, run entirely by female staff. The measure aims to promote women’s empowerment and encourage them to play a role in the manufacturing industry.
Tech Mahindra: The IT services company announced the appointment of Mohit Joshi as managing director and chief executive officer designate. He will take over after CP Gurnani retires on December 19, 2023. Joshi is an Infosys veteran with over two decades of experience in enterprise technology software and consulting.
Bank of Maharashtra: The state-owned lender cut its home loan rate to 8.4% from the existing 8.6%. In addition, it has reduced MSME lending rates, starting from 8.4%.
Godrej Properties: The company has acquired nearly 28 acres of land in Bengaluru to develop a mixed-use project comprising condominiums and retail developments. The project is located near Whitefield and Outer Ring Road.
Zydus Lifesciences: The pharmaceuticals specialist has USFDA approval to manufacture and market olanzapine orally disintegrating tablets USP in 5 mg, 10 mg, 15 mg and 20 mg. This drug is used to treat schizophrenia and bipolar disorder.