Stocks to watch out for next week: Canara Bank, Maruti Suzuki, Macrotech Developers & more
Upstox
3 min read • Updated: March 30, 2024, 4:07 PM
Summary
Auto shares such as Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Baja Auto will be in focus as the automakers are expected to release their sales numbers for March month on Monday.
Stocks to watch out for next week
Stock markets will open after a long weekend on Monday, April 1, and will see a flurry of data releases. While investors will keep track of recent movers in the banking, capital goods pharma and realty sectors after their recent gains, the IT and auto indices will also be in focus over an anticipated recovery.
As the new financial year begins, following stocks might be in focus in the opening trading week of FY25 due to developments over the weekend.
Auto shares
Auto shares such as Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Baja Auto will be in focus as the automakers are expected to release their monthly sales numbers for the previous month on Monday.
Shares of Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Bajaj Auto rose in the range of 2 to 3% last week.
Canara Bank
Canara Bank shares may see a reaction as the PSU bank announced selling its 13% of its shares in subsidiary mutual fund company Canara Robeco Asset Management Company. In a stock exchange filing on March 28, the lender informed that it will divest the stake through the initial public offer (IPO) route.
Macrotech Developers
Macrotech Developers (Lodha Developers) has announced the acquisition of 50% of the equity capital and other securities of Siddhivinayak Realties Pvt Ltd in a deal worth ₹250 crore. The acquisition is through a wholly owned subsidiary of the company. Siddhivinayak Realties has rights in various lands, including to develop the free sale portion of SRA project in Mumbai.
Uflex
Leading packaging films producer has received a GST tax demand notice of ₹78.5 lakh from Goods and Service Tax Authority, Hyderabad for tax difference. The investors may likely be cautious over the stock as the trading begins next week.
IMFA
Indian Metals and Ferro Alloys Limited (IMFA) announced the withdrawal of Scheme of Amalgamation of Utkal Coal Limited with and into the company. It also approved the acquisition of remaining shares of Utkal Coal Limited, a subsidiary of the company to make it a wholly-owned subsidiary of the company. IMFA also declared a special dividend of ₹15 per equity share for the financial year ending March 31.
Mold-Tek Technologies Ltd
The company board will meet on April 3 to consider a proposal for declaration of Interim dividend for FY 2023-24.
KPI Green Energy
KPI Green Energy announced bagging a new order of 2.6 MWp solar power plant under captive power producer segment from Arete Services Private Limited.
Vedanta
Vedanta’s arm Hindustan Zinc has received a tax demand order from the Office of the Assistant Commissioner, GST, Udaipur, related to Input Tax Credit availed by the company which is regarded as ineligible for FY 2018-19. The tax demand notice is for GST of ₹1,40,55,432 and a penalty of 10% of tax demand and applicable interest.