Pre Market Analysis: Dalal Street may open lower; HDFC Bank, Tech Mahindra and Tata Steel in news today

HDFC Bank: The private-sector lender said RBI has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme. The bank said they have utilised the period of embargo to draw up short, medium, and long-term plans to meet the evolving digital requirements of our customers and it will roll out these initiatives in the days to come.

Tech Mahindra: The IT services company will acquire 100 per cent stake in Mumbai-based enterprise application company Thirdware for USD 42 million (about Rs 322 crore) in an all-cash deal. The acquisition is expected to bolster Tech Mahindra’s digital solutions and services in automotive consulting, design, development and implementation in areas like enterprise resource planning, industrial internet of things.

Tata Steel Ltd: The company is looking at alternative markets for imports of coal as it faces uncertainties with its Russian suppliers and bankers, amid the Russia-Ukraine conflict, a company official said. The geopolitical situation after Russia’s invasion of Ukraine has also opened up steel export opportunities in Europe, following a supply vacuum of 45 million tonne of the metal left by Russia and Ukraine in the continent, Tata Steel Managing Director T V Narendran added.

Vedanta Ltd: The company’s unit, Cairn Oil & Gas, will spend as much as $4 billion over the next three years to more than triple its production, as high prices make investments attractive. India’s biggest non-state producer, controlled by billionaire Anil Agarwal, plans to drill more wells to explore new oil and gas reserves across its 51 blocks in the country, Prachur Sah, deputy chief executive officer of Cairn, said in an interview to Bloomberg TV

Jubilant FoodWorks: The company said its CEO Pratik Rashmikant Pota has resigned. The company’s board on Friday accepted the resignation of Pota as the CEO and Wholetime Director of the firm as he wishes to pursue opportunities outside Jubilant FoodWorks. Pota will continue in his current role till June 15, 2022, it added.

United Spirits Ltd (USL): The Diageo-controlled company said it will acquire a minority 22.5 per cent stake in Nao Spirits for Rs 31.5 crore. Diageo India will also have a call option to acquire the remaining shares on “pre-agreed principles” in Nao Spirits & Beverages Private Ltd, a joint statement said

Paytm (One97 Communications):  The company’s payments bank said it is taking immediate actions to comply with the direction of the Reserve Bank of India which has barred the company from opening new accounts amid “material supervisory concerns”. This is the third time that Vijay Shekhar Sharma-promoted Paytm Payments Bank (PPBL) is facing action from the banking regulator since its inception in May 2017.

Ruchi Soya: The company will hit the capital market with its follow-on public offer (FPO) on March 24 to raise up to Rs 4,300 crore. Ruchi Soya said a committee of the board has approved and adopted the red herring prospectus (RHP). It also approved the bid/ issue opening date of March 24, 2022, and closing date of March 28, 2022.

Shriram Housing Finance: The company has set a target of doubling its loan-book to Rs 10,000 crore and become the third largest player by FY2024 on the back of a 45 per cent growth this fiscal at around Rs 5,300 crore. Expecting faster loan growth, the promoters have infused Rs 500 crore growth capital in Q3, said Ravi Subramanian, the managing director and chief executive of the firm.

Reliance Capital: Adani Finserve, KKR, Piramal Finance and Poonawala Finance are among the 14 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Ltd, promoted by the Anil Ambani Group, sources said. The last date for submission of bids for the debt-ridden firm was extended to March 25 from the previous fixed date of March 11 by the Reserve Bank-appointed administrator.

GAIL: the natural gas producer and distributor has announced a second interim dividend of Rs 5 per share for the fiscal year FY22. For the approved dividend, the record date is March 22, the filing said.

Sobha Ltd: The realty firm said its Vice Chairman and Managing Director Jagdish Chandra Sharma has resigned with effect from April 1, citing personal reasons. Sharma will hold the position till March 31, 2022.

D B Realty: The company said its partnership firm DBS Realty has received a letter of acceptance from Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project entails construction, completion and handing over of 4,000 tenements of carpet area 27.88 metres along with transfer of land and completed tenements to MCGM, to be constructed on land located in village Chandivali in Zone-V.

Lupin: The drug firm said it has received approval from the US health regulator to market its anti-epilepsy drug Vigabatrin for Oral Solution in the American market. The product will be manufactured at Lupin’s manufacturing facility in Goa, it added.

Punjab & Sind Bank: The lender said it has entered into an agreement to buy 2 per cent stake in asset reconstruction company NARCL for Rs 55 crore. The bank said the equity investment would be done in tranches, with the first investment of Rs 28.18 crore expected to be completed by March 31, 2022.