Pre Market Analysis: Dalal Street may open higher; RIL, D-Mart, Tata Steel, IndiaMART in news today

Reliance Industries Ltd (RIL): The conglomerate is buying a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent for $98.15 million.  The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would add to its consumer and hospitality activities. The closing of the transaction is anticipated by the end of March 2022, the company said.

Avenue Supermarts (DMart): The retailer reported 24.6% rise in standalone net profit at Rs 586 crore for the quarter ending December 2021 as against Rs 470 crore in the year-ago period. Standalone revenue from operations rose 22% to Rs 9,065 crore as against Rs 7,432 crore a year ago.

Tata Steel: The company reported more than 2% rise in consolidated steel output to 7.68 million tonnes (MT) for the October-December 2021 period. The company’s consolidated steel production had stood at 7.51 MT in the corresponding period of the previous financial year 2020-21, it said in a statement. However, its consolidated sales during October-December 2021 fell by around 3 per cent to 6.88 MT, against 7.09 MT in the year-ago period.

IndiaMART: The company has made an investment of about Rs 13.35 crore via its wholly-owned subsidiary Tradezeal Online Private Limited, to acquire a 26.01% stake in EasyEcom (Edgewise Technologies Private Limited). Edgewise is an AI-driven omnichannel inventory and warehouse management company that offers SaaS-based online commerce enablement solutions to merchants.

Tata Consultancy Services (TCS): The IT major said that its board will consider a share buyback proposal on January 12. The board will also approve and take on record the financial results of the company for the third quarter and nine months ending December 31, 2021.

Tata Power: The company said that it has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released corporate sustainability assessment (CSA) results. The power company has scored 67 out of 100, which is significantly higher than the average world electric utility sector score of 38, it said in a statement.

Hero MotoCorp: The two-wheeler maker announced the appointment of industry veteran Arun Jaura as its chief technology officer (CTO) to lead the company’s research and development (R&D). Jaura, who was the managing director of Michelin India Technology Center before taking up the current position, will report to Hero MotoCorp Chairman and CEO Pawan Munjal. The company, in a statement, also announced the resignation of Neerja Sharma, company secretary and chief compliance officer.

ICICI Bank: The RBI has approved the re-appointment of Anup Bagchi as the Executive Director of ICICI Bank for three years, even as the bank had cleared the term for five years. The appointment is effective from February 1, 2022.

Meanwhile, the bank said that it now facilitates online payment of customs duty, to benefit both retail and corporate customers. Customers can make online payment by selecting ICICI Bank from the list of banks on the website of the Indian Customs Electronic Gateway (ICEGATE), it said in a statement.

DLF: The realty major launched its luxury housing project, comprising 913 units, in the national capital with a starting price of Rs 3 crore. The project is named ‘ONE Midtown’, comprising 913 luxury flats. DLF is developing this project in partnership with Singapore sovereign wealth fund GIC.

Oberoi Realty: The company has reported over two-fold jump in its sales bookings at Rs 1,965 crore for the third quarter ended December on higher demand. Its sales bookings stood at Rs 971 crore in the year-ago period. Oberoi Realty sold 371 units during the last quarter against 234 units the year-ago period.

KEC International: The company said that it has bagged new orders worth Rs 1,025 crore across its various businesses. The company’s transmission and distribution business has secured orders for projects in India and the Middle East, the RPG Group firm said in a regulatory filing. Its civil business has also secured an order for infrastructure works in the metals and mining segment in India, it said.

CSB Bank: The lender said that its managing director and chief executive C VR Rajendran has decided for an early retirement on health grounds, and the lender will set up a committee to find a successor. The board has further requested Rajendran to continue in the office of MD & CEO till March 31, 2022, it said.

Alembic Pharmaceuticals Ltd: The drugmaker said that it has received tentative approval from the US health regulator for its generic Vortioxetine tablets indicated for the treatment of the major depressive disorder. Citing IQVIA data, the company said these Vortioxetine tablets have an estimated market size of $1,249 million for twelve months ending September 2021.