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New Delhi: Following are the stocks that could be in focus today:
State Bank of India: India’s largest lender State Bank of India (SBI) is looking to tap the US bond markets to raise $500-750 million. SBI is planning to raise funds through Regulation S bonds, and the roadshows could begin as early as next week. Bank officials have held discussions with about six bond arrangers.
Adani Ports: Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday said that its board of directors has approved raising up to ₹5,000 crore through a public issuance of non-convertible debentures. These debentures, each with a face value of ₹1,000, will be issued in one or more tranches, the company informed the exchange houses. Separately, the company has elevated CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani group Gautam Adani.
Jio Financial Services: The joint venture entity of Jio Financial and BlackRock Financial Management has filed papers with the Securities and Exchange Board of India (Sebi) to launch mutual fund businesses in India. An update on mutual fund approval status from Sebi as of 31 December 2023, lists Jio Financial Services and BlackRock Financial Management among the applicants under consideration for a mutual fund licence.
Bajaj Auto: Has said that its board will consider a share buyback at its meeting on 8 January. The maker of Pulsar motorcycles conducted a ₹2,500 crore buyback of its shares in July 2022 at ₹4,600 apiece through the open market route. This time, though, managing director Rajiv Bajaj has indicated that the buyback is likely to be far bigger. The company had cash reserves of ₹17,500 crore, with net free cash flow addition of ₹3,600 crore in Q2FY24.
Maruti Suzuki: Maruti Suzuki India 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. Suzuki Motor Gujarat had received an adjudication order dated 21 December 2023, from the Gujarat GST authority upholding demand of ₹173.9 crore along with a penalty of ₹17.4 crore related to tax liability under reverse charge basis on certain services.
Vedanata Ltd: Has said that its total aluminium production rose 6% year-on-year to 599,000 tonnes in the third quarter of the current financial year. At Zinc International, total mined production declined 40% to 41,000 tonnes in the December quarter from 69,000 tonnes in the year-ago period.
Life Insurance Corp of India: The insurer on Wednesday said that tax authorities have slapped a demand notice of about ₹663.45 crore on it for short payment of GST. The demand order for interest and penalty came from the Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate. On Tuesday, the company received a demand order for interest and penalty of about ₹116 crore for Telangana state. On 1 January, it had received a notice demanding about ₹806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.
InterGlobe Aviation: The promoter of country’s largest airline IndiGo has received a show cause notice from food safety regulator FSSAI for serving unsafe food to a passenger, days after a worm was found in a sandwich served onboard a flight. On Wednesday, the airline said it has received the show cause notice and would respond as per protocol. The incident happened onboard flight 6E 6107 from Delhi to Mumbai on 29 December.
LTIMindtree: The IT services company has received a tax demand order amounting to ₹205.9 crore (including a penalty of ₹9.1 crore and interest), under the Maharashtra Goods & Services Tax Act from the Department of Goods and Service Tax, Office of the Deputy Commissioner of State Tax, Mumbai.
Tech Mahindra: Has appointed Richard Lobo as Chief People Officer of the company, effective 3 January 2024. Prior to joining Tech Mahindra, Lobo was the Executive Vice President and HR Head for Infosys Ltd. In a stock exchange filing, the company said that Harshvardhan Soin, Chief People Officer, will assume the role of President – Asia Pacific and Japan with effect from 3 January and continue to be designated as Senior Management Personnel.
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