Market investors will be closely watching the performance of several companies on October 10th. Let’s take a look at the companies that are likely to be in focus:
Maruti Suzuki: Maruti Suzuki India Ltd, the country’s largest carmaker, announced on Monday its plan to invest up to Rs 1.25 trillion by 2030-31. This investment will be used to develop new models, including six electric vehicles, and double its annual production to 4 million units. Maruti Suzuki aims to strengthen its presence in new vehicle segments such as hybrid, flex fuel, and electric, particularly in the SUV format.
Adani Group: Adani Group has recently released a statement condemning the UK-based newspaper Financial Times for their alleged ‘malicious campaign’. The conglomerate claims that the media outlet has been rehashing old and baseless allegations to damage its global reputation. Adani Group believes that the articles published by Financial Times are part of an extended campaign to advance vested interests under the guise of public interest.
Tata Steel: Fitch Ratings upgraded the Issuer Default Rating (IDR) of Tata Steel from ‘BB+’ to ‘BBB-‘ after the reduction in uncertainty and financial risk from its UK operations. This upgrade came following the revision of Tata Steel Limited’s standalone credit profile to ‘bb+’ from ‘bb’. The upgrade indicates an alleviating risk from UK Operations.
Hindustan Zinc: Vedanta Ltd, the parent company of Hindustan Zinc, announced on Monday that the tax authorities have imposed a penalty of Rs 1.81 crore on Hindustan Zinc. The penalty was imposed on the grounds that the company had wrongly availed input tax credit. Vedanta Ltd does not expect this order to have any significant financial impact on the company.
Star Health and Allied Insurance: The Directorate General of GST Intelligence has issued a notice to Star Health and Allied Insurance, demanding the payment of tax worth Rs 38.99 crore. The insurance firm will file an appropriate response to the notice. The company’s share value has declined by 0.63% year-to-date and by 19.12% in the last year.
Mahindra & Mahindra: Mahindra Last Mile Mobility Ltd, a subsidiary of Mahindra & Mahindra, has received the first tranche of Rs 300 crore out of the proposed Rs 600 crore investment by the International Finance Corporation. The investment values the company at Rs 6,020 crore. Mahindra Last Mile Mobility Ltd commenced commercial operations in September 2023.
Glenmark Lifesciences: Glenmark Lifesciences announced an interim dividend of Rs 22.50 per equity share of Rs 2 each for its investors for the fiscal year 2024. The interim dividend will be paid to eligible shareholders on October 23, 2023.
Inox Green Energy Services: Inox Green Energy Services has signed a term sheet for the divestment of a 100% stake in Nani Virani Wind Energy Private Ltd, a 50-megawatt operational wind farm based in Gujarat. Inox Green Energy Services will sell its stake to an undisclosed buyer.
IDFC First Bank: IDFC First Bank has entered into an agreement with the National Securities Depository Limited (NSDL) to sell one of its premises in Mumbai for Rs 198 crore. The office space is located in Naman Chambers, in the Bandra-Kurla Complex (BKC), a prominent business hub.
GR Infraprojects/Patel Engineering: GR Infraprojects, in collaboration with Patel Engineering, has formalized a contract agreement with NHPC for the Dibang Power (Lot 4) project, valued at Rs 3,637.12 crore. GR Infraprojects holds a 50% stake in the Dibang multipurpose project in Arunachal Pradesh.
These are the key companies that investors will be keeping an eye on in the upcoming trading session.
– Tata Steel
– Maruti Suzuki
– Adani Group
– Hindustan Zinc
– Glenmark Lifesciences
– Inox Green Energy Services
– IDFC First Bank
– GR Infraprojects