Tata Motors, IOC, Hindustan Zinc, Sonata Software, Bandhan Bank are in Focus

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Equity benchmarks want to start on a low note. As the SGX Nifty is quoted at 17,170, the Nifty could open 20-30 points higher. Global investors are awaiting the Federal Reserve’s monetary policy outcome later today.

Overnight in the US, stock indexes extended Monday’s gains, with the S&P 500 up 1.3%, the Dow up 0.98% and the Nasdaq up 1.58%.

Tata Motors: Tata Motors (TML) will hike the prices of its commercial vehicle (CV) range by 5% from April 1 before transitioning to BS 6 Stage 2 of the new emission standards.

Tata Power: Its subsidiary Tata Power Renewable Energy has received a letter of award to build a 200 MW solar PV project for the Maharashtra State Distribution Corporation in Solapur, Maharashtra.

Sonata Software: The company has secured a $160 million (~Rs 1,322.8 crore) project from a US-based consumer retail company to manage end-to-end IT modernisation and transformation for a client.

Hindustan Zinc: In its fourth dividend this year, the company will payout Rs 10,990 ($1.3 billion) to shareholders. The miner will pay an interim dividend of Rs 26 per share, equivalent to 1,300% of the face value of Rs 2 per share.

Indian Oil Corporation: The company has been approved to set up a petrochemical complex at Paradip in Odisha, with a project cost estimated at Rs 61,077 crore. The project will improve the company’s petrochemical intensity index and reduce the risk of its fossil fuel business.

Bandhan Bank: The bank received binding bids of Rs 369.20 crore for a write-off portfolio of Rs 2,614.03 crore and Rs 370.62 crore for NPAs arising from banking units of Rs 2,316.32 crore for the transfer of loans to the asset reconstruction company.

Power Finance Corporation: The company’s board of directors has approved debt raising of Rs 8,000 crore in the next financial year through long-term, short-term, and commercial paper.

Power Grid Corporation: The corporate bond board will meet on March 24 to consider the issue of bonds under the private placement.

Greenlam Industries: Asiana Fund I reportedly bought a 2.63% stake at Rs 306 per share, and Smiti Holding and Trading Company sold a 2.63% stake at Rs 306 per share.

Devyani International: Franklin Templeton Mutual Fund bought a 0.51% stake at Rs 145 per share, and Dunearn Investments Mauritius sold a 2.86% stake at Rs 145.04 per share.

HG Infra Engineering: The company has been announced by North Central Railway as the lowest bidder for the Kanpur Central Railway Station redevelopment project at Rs 677.31 crore.

Lupin: The company has received USFDA approval for its Brexpiprazole tablets, which will be manufactured at its Pithampur plant in India.

Mastek: Effective April 1, 2023, Ashank Desai will resign as Vice Chairman and Managing Director to assume the Chairman and Managing Director role.

Samvardhana Motherson International: The company acquires 50% of Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria.

Emami: The board will meet on March 24 to consider a proposal for a share buyback plan.

Asian Energy Services: The company has received a letter of acceptance for a $20 million order.

Ashiana Housing: The company surpassed its annual booking value guidance of Rs 1,100 crore for 2022-23. As of March 20, 2023, the gross booking value is Rs 1,278.84 crore.

Zydus Lifesciences: The company received USFDA final approval for 5 mg tofacitinib tablets and preliminary approval for 10 mg tofacitinib tablets.

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