SUMMARY
From TCS to Voltas and other defence stocks, here are some stocks to watch out for ahead of the final trading session of the week.
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TCS | MD & CEO Rajesh Gopinathan resigned after six years at the helm. K Krithivasan has been appointed as the Chief Executive Officer-designate, effective from March 16, 2023. Krithivasan is currently the head of the company's BFSI unit, which is the largest contributor to the company's topline. Read our extensive coverage on this subject here.
2 / 9Samvardhana Motherson International | Board has approved the acquisition of the remaining 50 percent stake in Fritzmeier Motherson Cabin Fm F Holdings GmbH, Austria for a total consideration of Rs 110.7 crore. The transaction is expected to close on or before March 31, 2023. The company is a profitable joint venture between Samvardhana Motherson International and F Holdings GmbH, Austria since 2007.
3 / 9Voltas | Unit Universal MEP Projects & Engineering Services bags project orders worth Rs 1,770 crore for power distribution and solar projects. The division will bring reliable power supply to over 46 million Indians across Uttar Pradesh, Madhya Pradesh, West Bengal, Odisha and Karnataka. The order is spread across 26 districts in these states.
4 / 9Hindustan Zinc | Board meeting on March 21 to consider fourth interim dividend for the current financial year. For the first three quarters of the year, the company has paid Rs 49.50 as dividend. Record date for the same has been set as March 29, 2023.
5 / 9Rail Vikas Nigam | Emerges as the lowest bidder (L1) for supply, installation, testing, and commissioning of 11 KV line associated works in Madhya Pradesh's Jabalpur Company Area. The cost of the project without taxes is Rs 111.85 crore.
6 / 9Glenmark | The company has received acceptance from the USFDA on its Investigational New Drug Application for GRC 54276. The company can proceed with phase 1/2, first in human clinical study of GRC 54276. This will be studied for treatment of patients with advanced solid tumours and lymphomas. Glenmark plans to expand the study ex-India in the subsequent months.
7 / 9Defence Stocks | The defence acquisition council (DAC) has approved proposals worth Rs 70,500 crore for defence forces under the Buy Indian - IDDM Category. The acquisition of BrahMos Missiles, Shakti EW Systems & Utility Helicopters - Maritime worth Rs 56,000 crore have been cleared for the Indian navy. A long-range stand-off weapon for the IAF has also been approved, which will be integrated on the SU-30 MKI Aircraft. 155mm / 52 caliber ATAGS, High Mobility and Gun Towing Vehicles will be procured for the Indian Army. The Coast Guard will receive advance light helicopters MK-III from Hindustan Aeronautics.
8 / 9IRCON International | The company has furnished a corporate guarantee to SBICAP Trustee Company Ltd. for providing the Term Loan from State Bank of India to IrconHBL, Special Purpose Vehicles, and wholly-owned subsidiaries. The term loan worth Rs 447.6 crore will have the guarantee remain in full force until the receipt of the first NHAI annuity payment or 180 days from COD, whichever is later. The guarantee will be disclosed in IRCON's books of accounts.
9 / 9Lemon Tree Hotels | Signed a license agreement for a 60-room property in Sri Ganganagar, Rajasthan under the brand Lemon Tree Hotels. The hotel is expected to be operational by July 2026. Carnation Hotels, a wholly-owned subsidiary and the company's hotel management arm will be operating the hotel.
