Stocks to Monitor: M&M, Mazagaon Dock, Tata Communications, IREDA, Texmaco Rail

Equity benchmark indices Sensex and Nifty are likely to start Friday on a quiet note, following a day of significant gains. As of 7:30 am, the Gift Nifty futures were down 10 points at 22,092, compared to Nifty futures’ last close. This morning, Asian markets saw a decline except for Nikkei in Japan, which increased by 0.5 percent to cross 41,000. Conversely, Hang Seng fell 1.7 percent, while Kospi and ASX 200 were also down up to 0.5 percent.

Mahindra & Mahindra: The Indian car manufacturer has recently signed a Memorandum Of Understanding with Adani Total Energies E-Mobility to establish an electric vehicle charging network all over India. This collaboration aims to introduce e-mobility solutions, ensuring easy access to the charging infrastructure for consumers. Veejay Nakra, President of the Automotive Division at M&M Ltd, has highlighted the significance of this collaboration in improving the EV charging infrastructure and providing customers with seamless access to the charging network and digital integration for an unmatched EV experience.

Mazagon Dock Shipbuilders: The Mumbai Port Authority (MbPA) has granted Mazagon Dock a long-term lease for a total of 14.55 acres of land and buildings. This includes workshop land and the Clark Basin, which are situated adjacent to the MDL Mumbai Yard. The lease will be effective from April 1, 2024, and will last until March 31, 2053, spanning a period of 29 years. The cost for this allotment is Rs 354 crore. The board of MDL has given its approval to MbPA's offer, thereby facilitating the acquisition of the land on a long-term lease basis.

Tata Communications: The board of directors has approved the signing of a business transfer agreement, which will allow the company to transfer its newly identified digital services business to its fully-owned subsidiary, Novamesh. The transfer will be executed as a going concern on a slump sale basis, with the transaction amounting to Rs 458 crore.

Indian Renewable Energy Development Agency: The company has announced that a board meeting is scheduled for March 28th to discuss a borrowing plan of Rs 24,200 crore for the fiscal year 2024-25. This borrowing plan entails raising funds through bond issuance, term loans, commercial paper, and other means from both domestic and international markets.

Tata Chemicals: Tata Chemicals Ltd announced on Thursday, March 21 that it has received an order from the Income Tax Department. The order imposes a penalty of Rs 103.63 crore under Section 270A of the Income Tax Act, 1961. The regulatory filing by Tata Chemicals states that the penalty is mainly due to the disallowance of interest under Section 36(1)(iii) of the Act.

Texmaco Rail and Engineering: The Adventz Group's main company is reportedly planning to start a Qualified Institutional Placement (QIP). Insiders say that the minimum issue size for the placement is expected to be Rs 1,500 crore. The company intends to dilute its equity by 4.21%, according to informed sources. The proposed price for the QIP is Rs 155, which is 6.4% lower than the closing price, as per people familiar with the matter.

Vedanta: On Thursday, the Securities Appellate Tribunal (SAT) issued an order to put on hold an instruction from the Securities and Exchange Board of India against Vedanta Ltd. The instruction had asked Vedanta to pay Rs 77 crore in interest due to a delay in dividend payment to Cairn UK Holdings. However, SAT has asked Vedanta to deposit half of the interest amount into an account that accrues interest for Cairn UK. The bench headed by Meera Swarup stated, "At this stage, we believe the balance of convenience is in favor of the appellants (Vedanta). A stay is granted on the effect and operation of the disputed order until the appeal is resolved, provided that Vedanta Ltd deposits 50% of the determined interest payable to Cairn UK".

Prestige Estates Projects: Prestige Estates Projects Ltd, a real estate company, announced on Thursday (March 21) that one of its subsidiaries has acquired 62.5 acres of prime land in Indirapuram Extension, NCR, for Rs 468 crore. The company made this announcement through a filing to the stock exchange. The land will be developed under the 'The Prestige City' brand, which aims to provide a large township that seamlessly integrates residential, retail, school, and recreational spaces. The acquisition cost amounts to Rs 468 crore and includes a share of the revenue.

Crompton Greaves Consumer Electricals: The Assessment Unit of the Income Tax Department has served a tax demand notice to the company for the Assessment Year 2022-23. The notice demands a total of Rs 68.67 crore, which comprises Rs 57.13 crore in tax and Rs 11.54 crore in interest. As a result, the company expects to face a financial impact of Rs 54 crore.

Mahindra Lifespace Developers: A residential project called Mahindra Zen, registered with the Karnataka Real Estate Regulatory Authority, has been launched in South Bengaluru by the Mahindra Group.