Auto shares, Canara Bank, NTPC, HAL to remain in focus

The Indian benchmark indices opened in green on Monday, April 1. NIFTY 50 opened 128 points higher, marking a solid positive start for FY25. Today’s strong market opening is led by banking and financial services like SBI (+2.5%), ICICI Bank (+1%) and construction major L&T (+1.5%). The BSE Sensex is also gaining momentum as the index is trading more than 500 points higher at 74,124 levels at 9:20 am.

Broader indices, too, are moving higher and have a stronger momentum. The NIFTY midcap 100 and smallcap 100 indices opened 0.5% higher on Monday morning. On the sectoral front, NIFTY PSU Bank remains the key leader with 2.5% gains on the market opening.

Below are key stocks that will remain in focus owing to key developments.

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, and 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 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 would divest the stake through the initial public offer (IPO) route.

The TCS board will meet to consider FY24 results and recommend a final dividend for FY24 on Friday, April 12, 2024.

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 developing the free sale portion of the 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 the 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.

TheMold-Tek Technologies Ltd board will meet on April 3 to consider a proposal for declaration of Interim dividend for FY 2023-24.

KPI Green Energy announced bagging a new order of a 2.6 MWp solar power plant under the captive power producer segment from Arete Services Private Limited.

Vedanta’s arm, Hindustan Zinc, has received a tax demand order from the Office of the Assistant Commissioner, GST, Udaipur, related to the 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.

Hindustan Aeronautics: Company signs contract worth ₹1173.42 crore with Cochin Shipyard for supply of 6 Sets of LM2500 Gas Turbines

NTPC Barauni Thermal Power Station Stage-I (2x110 MW) comprising two Units (Units 6 & 7) of 110 MW each shall be permanently discontinued w.e.f. March 31, 2024.