Stocks that will see action today: 2 April 2024

Infosys Ltd has received order under Section 201 & 201(A) of the Income-Tax Act, 1961 from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of ₹341 crore (including interest). The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order.

The Board of Directors of Aditya Birla Fashion and Retail Ltd has authorised the management of the company to evaluate vertical demerger of Madura Fashion & Lifestyle business from ABFRL into a separate listed company. The proposed demerger will enable the creation of two separately listed companies as independent growth engines with distinct capital structures and parallel value creation opportunities.

Flex Films Rus LLC, Russia, step-down subsidiary of Flex Films has commissioned CPP Film production Line with its installed capacity of 18000 tonne per year.

Magma HDI General Insurance Company and Suryoday Small Finance Bank have entered into a Corporate Agency Agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan customers. This strategic collaboration aims to bridge the health insurance accessibility gap by leveraging Suryoday Bank’s extensive reach across urban as well as rural regions.

Anand Projects Ltd has received a letter of Award of ₹10 lakh per from Ojas Industries Private Limited for providing Business Support Services.

Associated Alcohols & Breweries Limited has been allotted the license for supplying Country Liquor in the allotted 6 districts of Madhya Pradesh for the FY 2024-25 to the Excise Department, Madhya Pradesh. The estimated consumption is 183.60 lakhs proof litres.

NTPC Ltd has signed Supplementary Joint Venture Agreement (SJVA), Amendment-II, with U.P. Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) on April 1. This SJVA Amendment Number-II shall form an integral part of the Joint Venture Agreement dated February 28, 2008, and SJVA Amendment Number-I dated September 13, 2023, and shall constitute the entire agreement between NTPC and UPRVUNL in relation to the subject matter.

Captain Polyplast Ltd has started construction of 70,000 square feet factory shed at the site. The company’s management had organized a Bhumi Puja at the site on March 31 to mark the beginning of the construction of shed.

Max Estates has announced the appointment of Anthony R. Malloy and Atul B Lall to its board as Additional Directors (Non-Executive, Non-Independent) effective from March 27, 2024. As the Executive Vice President and Chief Investment Officer of New York Life Insurance Company (NYL), Malloy serves as the representative of New York Life on the Max Estates board. With New York Life, Max Estates’ strategic partner for its real estate businesses, committing ₹800 crore for Max Estates and exploring further co-investment opportunities, Malloy’s inclusion on the board holds particular significance.

Bharat Dynamics Ltd (BDL) recorded a turnover of ₹2,350 crore approx. (provisional and unaudited) for the financial year ended on March 31, 2024 (corresponding figure for the previous year was ₹2,489.39 crore). The reasons for reduction in turnover is mainly on account of current Geopolitical situation prevailing in Europe and Middle East which has affected the supply chain of the company.

Zydus Lifesciences has received approval from WHO International Non-proprietary Names (INN) for “Usnoflast” as the recommended name for ZYIL1. The INN system aims to provide healthcare professionals with a unique and universal designated name for each pharmaceutical substance.

Uno Minda said that it has received communication from Honda Motorcycle and Scooter India informing a global recall of its bikes supplied by the company’s Bawal plant in Haryana. Bike recall due to leakage of oil observed from the engine. Value of the recalled parts supplied is approximately ₹3.2 crore but the OEM is pegging the figure at ₹76 crore. Uno Minda said that it has an adequate product recall insurance policy. The company is hopeful of settlement of this amount by the company.

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