Market Commentary - Stock Alert
Auto stocks, Infosys, Avenue Supermarts, Canara Bank As on : 01-Apr-24  08:38

Auto stocks: Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for March starting from 1 April 2024.

Infosys: Infosys received orders under Section 250 & 254 of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment years 07-08 to 15-16, 17-18 & 18-19 during the quarter. As per the orders the company expects a refund of Rs 6,329 crores (including interest). The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending 31 March 2024.

NTPC: The company informed that operation of NTPC Barauni Thermal Power Station Stage-I (2x110 MW) comprising of two Units (Unit 6 & 7) of 110 MW each is permanently discontinued with effect from 31st March 2024.

Avenue Supermarts: The company has opened three new stores at Chakan - Pune (Maharashtra), Akshay Nagar - Bengaluru (Karnataka) and Gangapur - Nashik (Maharashtra). The total number of stores as on date stands at 365.

Canara Bank: Canara Bank has accorded approval for initiating the process for diluting 13% stake of the bank by listing of Canara Robeco Asset Management Company Ltd (CRAMC) in the stock exchange by Initial Public Offer (IPO).

JSW Steel: The steel major announced that its wholly owned subsidiary, JSW Vijayanagar Metallics has commissioned a hot strip mill at its integrated steel plant at Vijayanagar.

Karnataka Bank: The qualified institutional placement (QIP), which commenced on 21 March 2024, concluded on 27 March 2024, with a total of 2,64,31,718 equity shares being allotted. The shares were priced at Rs 227 per share, resulting in an issue size of approximately Rs 599.99 crore. The shares were priced at Rs 227 per equity share.

Lemon Tree Hotels: Lemon Tree Hotels announced the opening of its fourth property in Kasauli, Himachal Pradesh under the brand ?Lemon Tree Hotel'.

Udaipur Cement: The cement maker on Thursday announced that it has commissioned an additional 2.50 million tonnes per annum (MTPA) cement grinding capacity at Udaipur, Rajasthan.

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