Market Focus Stocks: Tata Motors, Vedanta, RIL, Federal Bank, IIFL Finance, DLF

It is expected that the Indian equity markets may try to stabilize on Thursday, March 14th, following a massive fall in prices that resulted in a loss of Rs 13.5 trillion in investor wealth the day before. However, the markets may still remain volatile due to weekly F&O expiry and global cues. As of 7:30 AM, Gift Nifty was down 57 points at 22,050.

Tata Motors: On March 13, the company announced that it had signed a memorandum of understanding (MoU) with the Tamil Nadu government to establish a vehicle manufacturing facility in the state. According to a regulatory filing, the MoU involves an estimated investment of around Rs 9,000 crore over the next five years. Following the signing of the MoU, teams from Tata Motors and Guidance, the nodal agency for investment promotion and facilitation in Tamil Nadu, will work together to progress this plan.

Vedanta: According to a report by PTI news agency, Vedanta plans to contest the order from Sebi to pay a penalty of Rs 77.6 crore to Cairn UK Holdings Ltd, a Scottish exploration company. The penalty was levied due to a delay in dividend payments to a former shareholder. Vedanta argues that Cairn UK Holdings Ltd had waived its right to demand interest when it settled a retrospective tax claim with the government. In a statement, the mining conglomerate affirmed, "Vedanta Ltd will contest the Sebi order at the suitable forum."

Reliance Industries: The company has agreed to purchase the entire 13.01 percent share in Viacom18 Media from Paramount Global, in a deal worth about $517 million (Rs 42.86 billion), as disclosed in US regulatory filings. Viacom18, which is primarily owned by RIL, owns a portfolio of 40 television channels, including Comedy Central, Nickelodeon, and MTV. Following the completion of the deal, Paramount has stated that it will continue its content licensing agreement with Viacom18, according to Reuters. The finalization of this acquisition is subject to the previously announced merger between Reliance and Disney, which concerns their TV and streaming media assets in India.

Federal Bank, South Indian Bank: On March 13, two banks, Federal Bank and South Indian Bank, declared actions concerning their co-branded credit cards. This decision was based on the regulatory guidance they received from the RBI on March 12, as mentioned in their exchange filings. Federal Bank announced that it has ceased the issuance of new co-branded credit cards. Similarly, South Indian Bank stated that it will not accept any new customers for co-branded credit cards until the bank is fully compliant with the issued regulatory guidelines.

IIFL Finance: The company announced on Wednesday that its board has given the green light to raise up to Rs 1,500 crore through a rights issue, despite the RBI prohibiting the NBFC from approving or disbursing gold loans. In a regulatory filing, IIFL Finance stated that the board has sanctioned fundraising not exceeding Rs 1,500 crore by issuing shares on a rights basis to its current eligible shareholders as of the record date, which will be determined in due course, in line with relevant regulations. Furthermore, during its Wednesday meeting, the board approved a proposal to raise funds up to Rs 500 crore through the issuance of non-convertible debentures on a private placement basis.

Cholamandalam Investment and Finance Company, DLF: Cholamandalam has acquired a 4.67-acre property in Chennai from DLF for a sum of Rs 735 crore. Cholamandalam announced the purchase of the immovable property from DLF IT Offices Chennai Private Limited, located in Guindy, Chennai, in a regulatory announcement on Wednesday. The sale deed has been executed and registered. DLF has sold this land to liquidate its assets.

Paytm: One 97 Communications, the parent company of Paytm, is reportedly planning to lay off several employees across multiple departments as part of its annual performance evaluation. This move comes at a time when Paytm's payment bank is under scrutiny by the Reserve Bank of India due to deficiencies in their due diligence process. The exact number of employees to be affected is currently unknown, but sources suggest that some departments have been asked to reduce their workforce by up to 20 percent. This process started two weeks ago.

Vodafone Idea: The telecommunications company has chosen not to renew the fractional spectrum in the 900MHz and 1800MHz bands in certain areas due to incompatibility with its most recent network technology. A spokesperson from Vi said that the company has decided to extend the necessary spectrum in both Uttar Pradesh (West) and West Bengal circles while only releasing the fractional spectrum that is not compatible with the new technology and hence, not currently needed. The spectrum was scheduled for renewal this year.

Shriram Properties: Shriram Properties announced the launch of a new residential project called 'Codename Ultimate' on Wednesday. This project has the potential to generate revenue of Rs 350 crore and is located near Electronic City in Bengaluru. The project takes inspiration from Balinese architecture and features six towers with a total of 414 units. The units include integrated co-working spaces and extensive open areas, as stated in a regulatory filing by Shriram Properties. The Balinese-themed project comprises over 70 percent of the total area with more than 400 units and emphasizes open spaces. It has been developed under a joint development model and boasts a total saleable area of approximately five lakh square feet.

Indian Hume Pipe Co.: A joint venture involving Indian Hume Pipe Co. has been granted the 'Water Supply Projects and Sewerage Projects under AMRUT 2.0' by the Government of Telangana. The project, valued at Rs 1,137.77 crore, has been awarded to the joint venture comprising Indian Hume Pipe Co. (IHP), AMR India Limited (AMRIL), and Shoda Constructions Private Limited (SCPL), and is expected to be completed within 24 months. IHP will undertake 20 percent of the total work, amounting to Rs 277.55 crore, for which the company received the acceptance letter on Wednesday, March 14.