IRCTC and IRFC Awarded Navratna Status; Reliance Faces Potential ₹125 Crore Fine; PFC Refinances Adani Green's ₹9,261 Crore Loan; Wipro Projected for 4.5% Growth.
Stocks to Watch: The impact of global market downturn may be felt in the Indian stock market. A red opening is likely on Tuesday (March 4th). At 8 AM, GIFT Nifty Futures traded at 20,094, down 33 points. Let's examine which stocks investors should focus on today.
IRCTC and IRFC Granted Navratna Status
The Indian government has elevated the Indian Railway Catering and Tourism Corporation (IRCTC) and the Indian Railway Finance Corporation (IRFC) from Miniratna to Navratna status. This increases the number of Navratna Central Public Sector Undertakings (CPSUs) to 26. The Public Enterprises Department announced this change via X (formerly Twitter).
Reliance Industries Faces Potential Fine
A Reliance Industries Limited (RIL) unit may face a fine of up to ₹125 crore due to delays in setting up a battery cell plant. According to a Bloomberg report, Reliance New Energy Limited secured a contract in 2022 under the Indian government's Production Linked Incentive (PLI) scheme for battery cell manufacturing but failed to meet deadlines, leading to the potential penalty.
Adani Green and Power Finance Corporation in Major Deal
Power Finance Corporation (PFC) has refinanced Adani Green Energy's construction-linked loan worth US$1.06 billion (₹9,261 crore). This deal is considered one of the largest financial transactions in India's renewable energy sector.
SEBI's Significant Decision for NBFCs
The Securities and Exchange Board of India (SEBI) has allowed all Non-Banking Financial Companies (NBFCs) to invest in security receipts issued by Asset Reconstruction Companies (ARCs). This move is expected to improve liquidity in the stressed asset market. NBFCs can now invest in bad loans sold by banks and financial institutions.
Tata Steel Chairman's Statement
Tata Sons Chairman N. Chandrasekaran expressed confidence in the sustained demand for steel despite global geopolitical challenges. Speaking on the 186th birth anniversary of J.N. Tata, the founder of Tata Steel, he emphasized skill development, cost management, and productivity.
Wipro Poised for Growth
According to Fitch Ratings, IT company Wipro may achieve a 4.5% annual revenue growth by 2026. This is attributed to increased IT spending in the US and indications of revenue growth in the third quarter of 2025.
Bank of India to Sell Stake in NBFC
Bank of India (BoI) has decided to reduce its stake in its non-banking financial company (NBFC), STCI Finance. BoI holds a 29.96% stake, making it the largest shareholder. In line with new Reserve Bank of India (RBI) regulations limiting bank holdings in NBFCs to 20%, the bank has issued an Expression of Interest (EOI) to sell its stake.
