Stocks to Watch: Tata Motors, Adani Green, ONGC, Titan, Muthoot Finance

Axis Bank

The top 10 stocks that will be the subject of today’s attention are listed below:

Tata Motors: Despite the global auto industry experiencing a lax phase due to rising loan rates and the ensuing weakened spending power among consumers, Tata Motors Ltd. has registered an 8% gain in its worldwide wholesale vehicle sales business in the March quarter of FY2023. In a report with the exchange, Tata Motors stated that it sold 3,61,361 vehicles from January to March, up from 3,34,884 during the same time period the previous fiscal. This figure includes sales of the company’s luxury brand vehicles sold under the Jaguar Land Rover name.

Adani Green Energy: According to PTI, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have declared that, beginning of April 10, Adani Green Energy will be added to the framework for long-term supplementary surveillance measures. Adani Green Energy was originally classified as falling under the second stage of the framework by the exchanges on March 28. Both exchanges placed Adani Green Energy on the long-term Additional Surveillance Measure (ASM) framework on March 28.

Oil and Natural Gas Corporation (ONGC), a state-owned company, announced on Saturday that it had acquired 11,520,000 shares of Mangalore SEZ Limited from IL&FS. According to the company’s regulatory filing, it purchased 1,1520,000 equity shares of Mangalore SEZ Ltd (MSEZ) from IL&FS for a total of 40.32 crore. In a year, the acquisition will be finished. With this acquisition, Oil and Natural Gas Corporation’s (ONGC) stock holding in MSEZ will rise from 26% to 49%.

Titan: The Titan Corporation reported on Thursday that all of its major companies experienced solid double-digit growth in the fiscal year’s March quarter. With help from developing businesses and larger growth contributions from watches and wearables, Titan’s revenues increased by 25% year over year. The corporation claimed that the expansion of its domestic and international retail outlet networks had produced positive outcomes. Titan reported having 2,710 stores in its network of stores as of the end of the March quarter (including CaratLane).

Adani Wilmar: A joint venture between Adani Enterprises and Wilmar International, Adani Wilmar is a fast-moving consumer goods company that reported revenues of 55,000 crores in FY23, an increase of 14% from a year earlier of 54,213.5 crores. Adani Wilmar reported to the markets on Thursday that its food and FMCG business increased by 55% from the previous year to around 3,800 crore. The company offers edible oil under the Fortune brand, along with other culinary items and supplies used in the business. Food and FMCG sales increased by more than 40% in Q4 despite the company’s edible oil volume growth remaining flat during the March quarter and in the low single digits for the whole year.

FMCG giant Godrej Consumer Products Ltd (GCPL) announced on Thursday that it will invest $100 million in Early Spring, a new $300 million early-stage consumer fund being established by Spring Marketing Capital (Spring). In addition to lending its knowledge and experience to help entrepreneurs create strong, long-lasting businesses, GCPL will serve as the fund’s anchor. According to the company, Spring is developing a skin-in-the-game, brand-first investment franchise that aspires to support and back entrepreneurs who are creating the brands of the future.

Muthoot Finance: On Thursday, Muthoot Finance, the largest gold loan NBFC in the nation, said that it had issued an interim dividend of 22 rupees per equity share for the fiscal year FY23. The dividend amounts to almost 220% in percentage terms. In its regulatory filing, Muthoot Finance stated that the Board of Directors of Muthoot Finance Limited “examined and approved payment of an interim dividend of Rs. 22 (Rupees Twenty-Two) per equity share (220%) at their meeting held today at the registered office of the Company.”

Nazara Technologies: The publicly traded gaming start-up Nazara Technologies Ltd. announced that the purchase of a 73.27% stake in Pro Football Network Inc. by its subsidiary Sportskeeda had been completed. Absolute Sports Private Limited, a significant subsidiary of Nazara Technologies, is the parent company of Sportskeeda Inc., a fully owned subsidiary of that company. Pro Football Network Inc.’s 73.27 percent ownership has been bought by Sportskeeda Inc. for a cash consideration of $1,817,090.67 through a mix of primary investments in preferred stocks and secondary purchases of ordinary stock from its existing stockholders.

State-owned non-banking finance company REC Ltd. said on Saturday that it had issued green bonds to raise $750 million. According to the Reserve Bank of India’s approvals and the ECB’s criteria, the net proceeds from the sale of the bonds will be used to finance the qualified green projects whole or in part. This was stated by REC in its regulatory filing. This is REC’s 10th foray into the global bond market, and the issue marks its return to the capital market since its last 144A transaction in 2020.

Kalyani Forge: The forging business Kalyani Forge said on Friday that Laxmi Narayan Patra, its CFO, has resigned. His departure will take effect on April 6, 2023. In a regulatory statement, the company stated, “This is to advise you that Mr. Laxmi Narayan Patra, Chief Financial Officer of the Company, had submitted his resignation due to personal reasons effective from the end of business hours of April 6, 2023.