Pre Market Analysis: Dalal Street may open lower; RIL, IOC, Coal India and BPCL in news today

Reliance Industries Ltd (RIL): The company is expected to take on Amazon.com Inc, India units of Sony Group Corp and Walt Disney Co for exclusive five-year TV and digital broadcast rights to the two-month series of matches, at a cost that could run to a record Rs 50,000 crore ($6.7 billion), sources familiar with the companies’ plans said, according to Reuters.

Indian Oil Corp (IOC): The company said that it has installed more than 1,000 electric vehicle charging stations (EVCS) across the country. “We have achieved the first of our many milestones towards enabling an EV revolution in the country,” Director, Marketing V. Satish Kumar, said. Indian Oil is planning to provide EV charging facilities at 10,000 fuel stations in the next three years.

Coal India Ltd (CIL): The state-owned company said the second half of the current fiscal year has remained tough for the country’s coal sector with decrease in coal imports and tripling of international coal prices. Besides, the prolonged monsoon in the coal-bearing areas made the situation more challenging. CIL supplied around 20 million tonne of additional coal due to curtailed import of coal.

Bharat Petroleum Corporation Ltd (BPCL): The company has launched 10 EV fast-charging corridors on Chennai-Trichy-Madurai highway. The first phase launch on the stretch will be followed by key routes, which have high existing motorist traffic and a propensity for transition to travel by electric vehicles.

Ashok Leyland: The truck maker plans to set up a new manufacturing facility in the country to roll out electric vehicles, according to a top company official. The company has also lined up a Rs 500 crore investment to develop powertrains based on alternative fuels like CNG, hydrogen and electric for its commercial vehicles range.

Godrej Properties Ltd: The realty firm has committed investments worth USD 700-900 million in the last three years and continues to be extremely bullish on the Indian real estate sector, CEO Mohit Malhotra said. He added that the company is looking to form partnership to acquire projects and is also exploring to enter new cities for development of housing projects.

Escorts: The tractor maker will receive Rs 1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs 2,000 per share. After the allotment, Kubota Corporation holds 16.39 percent stake in Escorts.

HDFC Bank: The lender said Srikanth Nadhamuni has resigned as a director from its board, citing potential future interests. Nadhamuni has tendered his resignation as non-executive (non-independent) director of HDFC Bank vide his resignation letter dated February 18, 2022, effective Friday.

Equitas Small Finance Bank (SFB): The company said it has fixed the price for its proposed qualified institutional placement (QIP) issue at Rs 53.59 per share. The decision was taken by the merger committee of the board of directors at its meeting held on February 18.

HCL Technologies: The IT company has extended its relationship with The Royal Automobile Club of Victoria (RACV) with a multi-year agreement to provide Integration-as-a-Service offering. The company did not divulge the size of the contract.

Mahindra & Mahindra: The company’s subsidiary Mahindra Electric Mobility Ltd (MEML) said that it has partnered with Common Service Centres (CSC), a government organisation that helps provide employment in rural India, to promote adoption of electric vehicles. MEML will offer its range of electric vehicles like the Treo and Alfa to aspiring customers in the rural markets.

New India Assurance: The government is mulling on giving additional charge of the post of chairman cum managing director (CMD) of state-owned company as the term of incumbent Atul Sahai comes to an end later this month.

Puravankara Ltd: The realty firm’s sales bookings rose 17 per cent to Rs 666 crore in the third quarter of this fiscal year on the back of higher volumes as well as per square feet price realisation. The company sold 690 units in the quarter under review as against 661 units in the corresponding period of the previous year.

Sterlite Technologies: Digital networks integrator expects about 20 per cent growth in business across key markets of the US, Europe and India in FY2023 amid creation of mega networks of future and building of 5G infrastructure, its managing director Ankit Agarwal said. The company has an order book of about Rs 11,000 crore and hopes to build on that both in India but especially in Europe and the US, he added.

CSB Bank: The bank said that the Reserve Bank has approved appointment of Pralay Mondal as the deputy managing director of the private sector lender for three years. His tenure is from February 17, 2022, the bank said in a statement.