Indian Stock Market Closes Steady, but Maruti Suzuki, ONGC, IREDA, Federal Bank, TVS Motor, and Other Company Updates May Attract Investor Attention, Potentially Causing Market Fluctuations.
Stock Market: After six consecutive days of gains, the Indian stock market remained steady on Tuesday. However, today's trading session may witness fluctuations in stocks like Maruti Suzuki, ONGC, IREDA, Federal Bank, and TVS Motor. Significant business updates related to these companies could attract investor attention.
Maruti Suzuki, the country's leading automobile manufacturer, received a draft tax assessment of ₹2,666 crore for the fiscal year 2022. However, the company believes this will not impact its financial performance. Investors will need to monitor how the company handles this tax assessment.
NBCC Awarded ₹439 Crore Contract
NBCC (India) Ltd, a government construction company, has secured a significant ₹439 crore contract from the Uttarakhand Investment and Infrastructure Board (UIIDB). This contract will contribute substantially to the company's revenue and could be a positive sign for investors.
Federal Bank Acquisition Deal
Federal Bank has decided to acquire an additional 4% stake in its subsidiary, Ageas Federal Life Insurance. This deal, valued at approximately ₹97.4 crore, will involve the bank purchasing 3.2 crore shares. This acquisition could strengthen the bank's presence in the insurance segment.
IREDA Raises ₹910 Crore Through Bond Issuance
IREDA, a government-owned renewable energy financing company, has raised ₹910 crore through bond issuance. This will strengthen the company's net worth and capital adequacy ratio (CRAR), enhancing its future funding capabilities.
ONGC's Major Investment in Green Energy
ONGC, India's leading oil and gas company, has announced an investment of ₹3,300 crore in its subsidiary, ONGC Green. This fund will be used to acquire a 100% stake in Ayana Renewable Power. This move will help ONGC advance in the renewable energy sector.
TVS Motor's International Expansion
TVS Motor (Singapore) has decided to acquire an additional 8.26% stake in Switzerland-based Geo Corporation. This acquisition, valued at 500,000 Swiss Francs, will accelerate the company's global expansion.
DLF's Major Deal
DLF Home Developers, a subsidiary of real estate giant DLF, has acquired a 49.997% stake in Reico Greens Private Limited for ₹496.73 crore. This deal will further strengthen the company's market position.
Waaree Energies' Mega Project
Waaree Energies announced the inauguration of a 5.4 GW solar cell manufacturing unit in Chikhli, Navsari district, Gujarat on March 29th. This project will play a significant role in boosting the renewable energy sector in India.
Indegene's International Acquisition
Indegene Ireland has decided to acquire MJL Communication Group and MJL Advertising for £3.4 million (GBP). This deal is a major step towards the company's global expansion and strengthening its digital health communication segment.
BHEL's Agreement with US Company
BHEL, a government engineering company, has extended its technical collaboration agreement with US-based Vogt Power International Inc. (VPI). This deal will help advance the company's heat recovery steam generator segment.
NTPC Green's Solar Power Project Commences
NTPC Green Energy has begun commercial operations of a 100 MW capacity from its 320 MW Bhanasara Solar PV project. This project will further strengthen NTPC's renewable energy generation capabilities.
Arvind SmartSpaces' Strong Sales
Arvind SmartSpaces has successfully sold 200 plots worth ₹180 crore in its Bengaluru-based 'Arvind The Park' project. This indicates b demand and effective strategy by the company.
