Pre Market Report: Dalal Street likely to open higher; RIL, NTPC, IOC and HDFC AMC in focus

RIL, ONGC, Oil India: The government announced that windfall gains tax on crude petroleum has been reduced to Rs 3,500/tonne from Rs 4,400/tonne, while the special additional excise duty on diesel has been hiked to Rs 1 per litre from Rs 0.5 a litre.

NTPC and Indian Oil Corporation (IOC): IOC and NTPC subsidiary, NTPC Green Energy, will form a joint venture for setting up of renewable energy power plants. These plants will meet round the clock power requirement of new projects by IndianOil Refineries. Both companies will hold equal stake in proposed joint venture. NTPC, through its wholly-owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

HDFC AMC: SBI Mutual Fund bought a 2.2% stake in HDFC AMC worth Rs 757 crore in open market transactions on Monday, as GQG Partners sold off 1.16% stake (worth Rs 396.8 crore) in the asset management company (AMC), shows bulk deal data available with the exchanges. The deal saw shares being exchanged at an average price of Rs 1,600 per share.

Carborundum Universal Limited (CUMI): The company said on Monday that it has signed a “Licensing Agreement for Transfer of Technology” with the Defence Research and Development Organisation (DRDO) for manufacturing ceramic radomes used in aerospace and missile systems. In a press statement, CUMI said that ceramic radome technology is considered state-of-the-art missile technology around the world. Since missiles undergo extremely high surface temperatures while traveling through the atmosphere, ceramic is considered the optimal radome material.

CEAT: The board has approved an appointment of Arnab Banerjee as Managing Director and Chief Executive Officer (MD & CEO) of the company, which is in line with the succession plan laid in place by the board, for 2 years effective from April 1, 2023, after resignation of Anant Goenka. Now Anant Goenka is appointed as a Non-Executive Non-Independent Director, designated as ViceChairman of the company.

Dr. Reddy’s Laboratories: Coya Therapeutics in a statement, announced a worldwide agreement with Dr. Reddy’s Laboratories to license the latter’s proposed Abatacept biosimilar for the development of Coya’s combination product for neurodegenerative diseases, COYA 302.

Kotak Mahindra Bank: The bank allotted 30,000 non-convertible debentures of face value Rs 1 lakh each on private placement basis to raise Rs 300 crore.

Adani Enterprises: The company clarified that the green PVC project in Mundra has been held up due to financial closure pending with the lenders. The same is expected to be cleared within six months, it said in a statement.

RBL Bank: The Reserve Bank of India imposed a penalty of Rs 2.27 crore over the bank’s failure to ensure that debt recovery agents engaged by it did not resort to intimidation or harassment of any kind.

SpiceJet: The carrier’s chief Ajay Singh said that the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities. Besides, it is set to tap the Qualified Institutional Buyer (QIB) route to raise up to Rs 2,500 crore.

Lupin: The pharma major says its alliance partner Caplin Steriles has received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Rocuronium Bromide injection, a generic version of Zemuron Bromide injection of Organon USA Inc, to market in the US. Rocuronium Bromide injection had an annual sale of approximately $53 million in the US.

Sterling & Wilson Renewable Energy: The company has emerged as successful bidder for the BOS package comprising of four blocks of 300MW(AC) each in the proposed 1,200MW solar PV project of NTPC Renewable Energy at Khavda RE Power Park, Gujarat with an aggregate capacity of 1,500 MW (DC). The total bid value, including operation & maintenance for 3 years, would be Rs 2,100 crore.

PNC Infratech: The company has received ‘Notification of Intention to Award’ for the project (including design and construction of civil works) worth Rs 771.46 crore from Haryana Rail Infrastructure Development Corporation. The construction period is 30 months.

Dynamatic Technologies: The company has raised Rs 112.9 crore as the board has approved allotment of 4.5 lakh shares to three investors at a price of Rs 2,509 per share on a preferential basis. AL Mehwar Commercial Investments LLC – (NOOSA) invested Rs 62.72 crore, Cohesion MK Best Ideas Sub-Trust Rs 37.63 crore and Abakkus Diversified Alpha Fund Rs 12.54 crore.

Uno Minda: The automotive ancillary company has received board approval for acquisition of 81.69% stake in Kosei Minda Aluminum Company (KMA) and 49.9% stake in Kosei Minda Mould (KMM) from joint venture partner Kosei, Japan. The acquisition is planned through composite scheme of merger with Uno Minda through swap of shares. The enterprise value of KMA and KMM considered for transaction is Rs 60 crore and Rs 11 crore respectively. The company will also be entering into technical license agreement with Kosei Japan for 10 years.

J Kumar Infraprojects: J Kumar – AICPL joint venture company has received Letter of Acceptance from Bangalore Metro Rail Corporation for construction of airport depot for Bangalore Metro Rail Project – Phase – 2B. The total contract cost is Rs 182.33 crore and the share of J Kumar Infraprojects is 55 percent (Rs 100.28 crore).

Dwarikesh Sugar Industries: The company’s board approved an interim dividend of Rs 2 per share of face value Rs 1 for FY23 with an outgo of Rs 37.66 crore. The record date for the dividend will be March 31, 2023.

Dynamatic Technologies: The company’s board allotted 4.5 lakh shares at Rs 2,509 apiece to raise Rs 112.91 crore from three entities