Stocks to Watch: Maruti Suzuki, Adani Ports, LIC, Vedanta, LTIMindtree, Chambal Fertilisers and more
Maruti Suzuki | The country’s largest passenger car manufacturer on Wednesday said the Gujarat GST authority has upheld the tax demand of ₹173.9 crore along with a penalty of ₹17.4 crore against its arm Suzuki Motor Gujarat Pvt Ltd and the subsidiary company will move the first appellate authority to challenge the order.Adani Ports | The company said it has elevated its CEO Karan Adani to the role of managing director, a position which was held by the Chairman of Adani group Gautam Adani. Gautam Adani has been re-designated as executive chairman of APSEZ. The company said its board has also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new CEO of APSEZ.LIC | State-owned insurance company said it has received GST demands totaling ₹667.5 crore along with penalties from three states—Tamil Nadu, Uttarakhand, and Gujarat. LIC swiftly responded, asserting its intention to file appeals before the Commissioner (Appeals) in Chennai, Dehradun, and Ahmedabad, respectively, against the issued orders within the stipulated timelines.Vedanta | Anil Agarwal-owned Vedanta Resources Ltd has received consent from bondholders to restructure four series of bonds, it said in a statement. The consent ranges from 97% to nearly 100% across the four series. The proposal needed the support of 66.67% of bondholders to go through.LTIMindtree | IT services firm on Wednesday said it has received a tax demand of ₹206 crore, inclusive of a penalty of ₹9.1 crore and applicable interest. The violations outlined in the order include the denial of zero-rated Supply, resulting in the demand for output IGST, and the rejection of previously granted refunds. Additionally, the order involves the disallowance of Input Tax Credit.BEML | India’s Defence Secretary Giridhar Aramane said the Indian government is not inclined to hastily pursue the divestment process of BEML, but rather wait for the most opportune moment. Aramane acknowledged BEML’s current pivotal tasks and expressed confidence that the completion of these endeavours would propel the company’s share price to new heights.PFC | State-owned company on Wednesday inked a memorandum of understanding (MoU) with the government of Gujarat. This agreement, signed in Gandhinagar, focuses on providing robust financial support, amounting to ₹25,000 crore, for the state’s ambitious generation, transmission, and distribution projects.IndusInd Bank | Private sector lender on Wednesday reported a 3% quarter-on-quarter increase and a 13% year-on-year growth in deposits, reaching a substantial ₹3.69 lakh crore. The banks’ advances surged by 4% over the last quarter and 20% over the year-ago period, totalling ₹3.27 lakh crore, IndusInd Bank said in its third quarter business update.Religare Enterprises | The Burman family on Wednesday raised red flags over the allocation of approximately 2.14 crore shares, constituting 8% of Religare Finvest, to Religare Enterprises Chairman Rashmi Saluja through employee stock ownership plans (ESOPs). The Burman family contended that this allocation warrants investigation to ascertain compliance with SEBI Takeover Regulations.Chambal Fertilisers | The company on Wednesday said it will consider a share buyback proposal in its board meeting, to be held on January 8, 2024. “…we hereby inform you that a meeting of the Board of Directors of Chambal Fertilisers and Chemicals Limited (company) is scheduled to be held on Monday, January 8, 2024, to consider a proposal to buyback equity shares of the company,” the company said.
