Pre Market Analysis: Dalal Street may open lower: RIL, Indian Oil, Maruti Suzuki and Coal India in news today

Reliance Industries Ltd (RIL): The company’s retail subsidiary, Reliance Retail Ventures (RRVL), has invested in Abraham & Thakore Exports for a majority stake. RRVL seeks to leverage its subsidiary Reliance Brands’ (RBL’s) deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build Abraham & Thakore’s global appeal in the fashion and lifestyle category.

Indian Oil Corp (IOCL): The country’s top refiner will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board (FOB) basis due to insurance risk, according to a tender notice and a source familiar with the matter, Reuters reported. The letter was sent on Monday to traders who submit cargo offers into IOC’s regular crude oil buy tenders.

Maruti Suzuki India (MSI): The country’s largest car maker reported a marginal drop in total wholesales at 164,056 units in February. The company had sold 164,469 units in February 2021, MSI said in a regulatory filing. The company exported 24,021 unit, a jump of two-fold as against 11,486 units in the corresponding month last year, the company said.

Coal India Ltd (CIL): The state-owned company produced 64.3 million tonnes of coal in February, registering a growth of nearly 4 per cent compared to the year-ago period. It had produced 61.9 MT of coal in the corresponding month of previous fiscal. In a statement on Tuesday, the company said that stepping up its output, it produced 64.3 MT of coal in February.

Mankind Pharma: The company will acquire Panacea Biotec Pharma’s formulations brands for Rs1,872 crore. Panacea Biotec Pharma Ltd is a wholly-owned subsidiary of Panacea Biotec. Under the deal, Mankind Pharma will retain Panacea’s sales and marketing team engaged in the particular business.

Hero MotoCorp: The two-wheeler maker reported a 29 per cent decline in total wholesales at 3,58,254 units in February. The company had sold 5,05,467 units in the same month in 2021. Domestic sales were also down 31.57 per cent at 3,31,462 units last month compared to 4,84,433 units in February 2021. Exports last month, however, increased to 26,792 units from 21,034 units in February 2021.

Lupin: The drug maker said that it has launched Sevelamer Hydrochloride tablets (800 mg), used to treat hyperphosphatemia in patients with chronic kidney disease, in the US market after having received approval from the US Food and Drug Administration (USFDA). The medication will be manufactured at the company’s manufacturing facility in Nagpur, Lupin said in a statement.

Ashok Leyland: The truck maker reported a 7 per cent rise in commercial vehicle sales to 14,657 units in February. The company had sold 13,703 units in the same month last year, Ashok Leyland said in a statement. Domestic sales were up 4 per cent at 13,281 units against 12,776 units in February 2021, it added.

Biocon Ltd: The company’s subsidiary Biologics will file for an initial public offering (IPO) in 18-24 months, executive chairperson Kiran Mazumdar-Shaw told CNBC-TV18 on Monday. She added Biocon is well positioned to tap the biosimilar opportunity globally.

TVS Motor Company: The Chennai-based two-wheeler manufacturer reported a 5 per cent dip in total sales to 2,81,714 units in February 2022, compared with a total sales of 2,97,747 units in the same month last year. Total two-wheeler sales were lower at 2,67,625 units last month, as against sales of 2,84,581 units in February 2021, it added. Total exports last month grew by 6 per cent to 1,07,574 units as against 1,01,789 units in February 2021.

Mahindra Logistics Ltd (MLL): The company will buy a majority stake in ZipZap Logistics, a last-mile logistics service provider that operates under its brand ‘Whizzard.’ Mahindra will acquire 60 per cent in the Hyderabad-based firm for Rs 71.73 crore through primary and secondary purchases in two phases. It would also acquire the reminder of the stake at a later stage and make it a fully-owned subsidiary. MLL will complete the acquisition before November 30, 2023.

Quint Digital Media Ltd: Adani Group and Quint Digital Media Limited, a digital media group, have entered into a binding term sheet. Adani Group will acquire a minority stake in Quintillion Business Media Private Limited. The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.

Piramal Enterprises Ltd: The company said the administrative committee of its board of directors has approved raising up to Rs 500 crore through issue of non-convertible debentures on a private placement basis. The NCDs will have a tenure of 30 months with a coupon rate of 8 per cent per annum, the company said, adding the redemption date is September 2, 2024.

Berger Paints India: The company said it was monitoring the cost pressure in the wake of crude price increasing but will take a call after tracking the demand scenario. With crude oil trading above USD 100 per barrel owing to Russia’s invasion of Ukraine, cost pressure will mount if the geopolitical uncertainties continue for a few months.

L&T Finance Holdings: The board of directors of L&T Finance Holdings Ltd (LTFH) on Monday approved the appointment of S N Subrahmanyan as its director and chairperson. Subrahmanyan takes over from Shailesh Haribhakti who served as the chairperson on the board of L&T Finance Holdings since June 2017. Meanwhile, the company will focus only on retail finance and exit wholesale and realty funding business within the next two years.

IndiaMart: The B2B e-commerce firm announced the acquisition of 26.01 per cent stake in cloud-based account software firm Adansa Solutions for Rs 13.75 crore. As part of the transaction, Indiamart’s wholly-owned subsidiary Tradezeal Online Private Limited has acquired shares via a mix of primary and secondary share purchases.

Eveready Industries: The company has announced the bourses that the Burman family, the promoters of Dabur, has made an open offer for an additional 26 per cent of the company which is now controlled by city-based B M Khaitan group.

Bank of Baroda (BoB): Former Finance Secretary Hasmukh Adhia has been nominated again as the chairman of state-owned Bank of Baroda (BoB), according to a government order. The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for re-nomination of Adhia as non-executive chairman of the BoB, a government order said.