Check out the companies making the biggest headlines before the bell
Hero MotoCorp | The 2-wheeler manufacturer announced a price hike in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021. The price hike has been necessitated to partially offset the impact of increased commodity costs, it said in a BSE filing. The price increase across the range of two-wheelers will be up to Rs 2,500, and the exact quantum of the increase will vary on the basis of the model and the specific market.
Cairn India | India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for Rs 10,247 crore in back taxes from Cairn Energy Plc – the second time in three months that it has refused to accept an international award against retrospective tax. The appeal was filed on Monday, a source with knowledge of the matter said. The appeal against a three-member tribunal at the Permanent Court of Arbitration at The Hague invalidating India’s Rs 10,247 crore tax claim on Cairn Energy and ordering the government to return the value of shares it had sold, dividends seized and tax refunds withheld, comes weeks before UK Prime Minister Boris Johnson’s visit to India.
Tata Communications | Tata Group’s holding in Tata Communications has increased to 58.87 percent after the government sold its stake in the company to Tata Sons’ unit Panatone Finvest. According to a regulatory filing, the government sold 10 percent stake (or 2.85 lakh shares) in the digital solutions provider Tata Communications for Rs 1,189.2 per equity share, amounting to Rs 3,389.2 crore.
Rossari Biotech | The company’s board approved issuance of 30,12,046 equity shares on a preferential basis at a price of Rs 996 per equity share. The company raised nearly Rs 300 crore through the preferential allotment to SBI Mutual Fund, Ramesh Siyani, Arpit Kbandelwal, Malabar Select Fund, Malabar India Fund, Malabar Value Fund and India Acom Fund. SBI Mutual Fund’s shareholding in the company increases to 7.04 percent from 5.51 percent post the preferential allotment, Malabar India Fund’s stake rises to 1.66 percent from 1.23 percent, Malabar Value Fund (up at 0.26 percent from 0.10 percent) and India Acom Fund (up at 1.28 percent from 0.68 percent), while Ramesh Siyani and Arpit Khandelwal’s shareholding stood at 0.82 percent each and Malabar Select Fund’s at 0.71 percent. The news came in after market hours on March 23 so the stocks did not react to the announcement. The stock closed 8.03 percent higher at Rs 1,112.45 on March 23. It hit a 52-week high of Rs 1,145.65 on February 19, 2021, and a low of Rs 663.55 on July 23, 2020. The market-cap of the company stands at Rs 5,776.88 crore. In terms of technicals, the current rating by Moneycontrol on the stock is bullish.
Rail Vikas Nigam | The government will sell 20,85,02,010 equity shares (or 10 percent of total paid-up equity) of Rail Vikas Nigam, via offer for sale route on March 24-25. In case of oversubscription, the government will sell additional 10,42,51,005 equity shares (or 5 percent shareholding) in the company. The floor price for the offer has been fixed at Rs 27.50 per share. The news came in after market hours on March 23. The stock closed 0.33 percent higher at Rs 30.40 on March 23. It hit a 52-week high of Rs 35.60 on January 11, 2021, and a low of Rs 10.20 on March 24, 2020. The market-cap of the company stands at Rs 6,338.46 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 29.07-27.83, while resistance is placed at Rs 31.47-32.63, data from Moneycontrol.com showed.
India Glycols | India Ratings & Research has placed India Glycols’ Long-term Issuer Ratings of ‘A-‘ on Rating Watch Positive (RWP) on account of a likely improvement in the company’s financial profile and liquidity post the divestment of its bio-ethylene oxide derivatives business. The Rating Watch Positive indicates that the ratings may be affirmed or upgraded upon resolution. India Ratings will resolve the watch on completion of the divestment and receipt of further clarity on the post-divestment profile. The news came in after market hours on March 23. The stock closed 0.56 percent lower at Rs 467.90 on March 23. It hit a 52-week high of Rs 610 on March 12, 2021, and a low of Rs 176.15 on March 24, 2020. The market-cap of the company stands at Rs 1,448.69 crore. In terms of technicals, the current rating by Moneycontrol on the stock is bullish. The important support levels for the stock are placed at Rs 447.10-423.55, while resistance is placed at Rs 483.10-495.55, data from Moneycontrol.com showed.
Vascon Engineers | Vascon Engineers has emerged as the lowest bidder for 2 projects of Uttar Pradesh Public Works Department. The first project is for establishment of new medical college attached with existing District Hospital, Bijnor, amounting to Rs 246.09 crore, and the second project is for establishment of new medical college attached with existing District Hospital, Kaushambi, amounting to Rs 269.54 crore. The news came in after market hours on March 23. The stock closed 4.17 percent higher at Rs 17.50 on March 23. It hit a 52-week high of Rs 21.25 on March 15, 2021, and a low of Rs 6.02 on March 30, 2020. The market-cap of the company stands at Rs 318.74 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 16.30-15.85, while resistance is placed at Rs 17.50-18.25, data from Moneycontrol.com showed.
Laurus Labs | Rating agency CARE retained credit rating of the company’s long-term banking facilities as ‘AA-‘, but revised outlook to positive from stable. “The reaffirmation of the ratings assigned to the bank facilities with change in outlook is on account of significant improvement in the total operating income and profitability margins during 9MFY21 driven by volume sales under formulation dosage forms (FDF) and Generic Active Pharmaceuticals Limited (API) such as diabetes and cardio-vascular, continued incremental demand from existing clientele in non-ARV (Anti-retroviral) segment, completion of strategic acquisitions to augment growth in formulation and synthesis division,” the company said in its BSE filing. The news came in after market hours on March 23. The stock closed 0.04 percent lower at Rs 361.10 on March 23. It hit a 52-week high of Rs 385.80 on January 25, 2021, and a low of Rs 61.90 on March 24, 2020. The market-cap of the company stands at Rs 19,376.71 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Bullish. The important support levels for the stock are placed at Rs 356.33-351.27, while resistance is placed at Rs 366.68-371.97, data from Moneycontrol.com showed.
Bank of Maharashtra | The bank had successfully raised capital of Rs 100 crore through private placement of Tier II bonds. The maturity of these bonds will be March 23, 2031. The banks said the bonds will be listed on the wholesale debt market segment of the BSE. The news came in after market hours on March 23. The stock closed 10 percent higher at Rs 20.90 on March 23. It hit a 52-week high of Rs 27.73 on February 19, 2021, and a low of Rs 8.15 on March 26, 2020. The market-cap of the company stands at Rs 13,710.73 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral.
Deepak Nitrite | ICRA has upgraded the long-term rating from AA- to AA on bank facilities of Deepak Nitrite. The outlook on the long-term rating has been revised from positive to stable. ICRA has also re-affirmed short-term rating at A1+ on the company’s bank facilities, and A1+ on the commercial paper programme, the company said in its BSE filing. Further, ICRA has upgraded long-term rating from A to AA- on bank facilities of subsidiary company Deepak Phenolics. The outlook on the long-term rating has been Stable. The rating agency has also upgraded short-term rating from A1 to A1+ on bank facilities of Deepak Phenolics. The news came in after market hours on March 23. The stock closed 3.24 percent higher at Rs 1,580.25 on March 23. It hit a 52-week high of Rs 1,691.55 on March 4, 2021, and a low of Rs 310 on March 23, 2020. The market-cap of the company stands at Rs 21,553.51 crore. In terms of technicals, the current rating by Moneycontrol on the stock is very Bullish. The important support levels for the stock are placed at Rs 1,488.37-1,446.23, while resistance is placed at Rs 1,587.13-1,629.27, data from Moneycontrol.com showed. (Image: Shutterstock)
Advait Infratech | The company’s board approved setting up of a new manufacturing plant of capital goods used for power transmission line. The board also approved the investment for setting up the manufacturing plant, and the outlay of the project for Rs 2 crore, the company said in its BSE filing. The start of production is expected from June 2021. The news came in after market hours on March 23. The stock closed 2.72 percent higher at Rs 52.90 on March 23. It hit a 52-week high of Rs 54.50 on September 28, 2020, and a low of Rs 50.00 on October 5, 2020. The market-cap of the company stands at Rs 26.98 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Bullish.
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