 "Stocks to watch, Mar 3: Auto stocks, Coal India, Hindustan Zinc, ACME Solar")
Share market today, Monday, March 3, 2024: The Indian stock markets today are expected to be driven by India's Q3 GDP data released last week, coupled with FIIs' continuous selling of Indian equities, Trump's tariff plans, and upbeat global cues, along with February manufacturing PMI scheduled for release today. Read: Stock Market Live Updates
At 7:30 AM, GIFT Nifty futures were trading at 22,370, around 90 points ahead of Nifty futures' last close.
Meanwhile, here are a few stocks likely to be in focus today:
Maruti Suzuki India: The company reported a marginal year-on-year increase in total sales, reaching 1,99,400 units in February. Last year, the company sold 1,97,471 units in the same month, according to a statement by the company. Domestic passenger vehicle sales were 1,60,791 units last month, compared to 1,60,271 units in the previous year. Sales of mini segment cars declined to 10,226 units, down from 14,782 units last year. Compact car sales increased to 72,942 units from 71,627 units the previous year. Utility vehicles recorded sales of 65,033 units last month, up from 61,234 units earlier.
Mahindra & Mahindra: The company reported a 15 per cent year-on-year increase in total sales, reaching 83,702 units in February. The automaker sold 72,923 units in February last year. In the utility vehicles segment, the company sold 50,420 vehicles in the domestic market, representing a 19 per cent growth compared to 42,401 units in February last year. Exports surged to 3,061 units last month, a 99 per cent increase over 1,539 units in February 2024. Total tractor sales for the company stood at 25,527 units last month, compared to 21,672 units in the same period last year. February exports reached 1,647 units.
Tata Motors: The company reported an 8 per cent year-on-year decline in domestic and international sales, totaling 79,344 units in February. The auto major sold 86,406 units in the same month last year. Total domestic sales fell 9 per cent to 77,232 units last month, down from 84,834 units in the previous year, according to a regulatory filing by Tata Motors. Overall passenger vehicle (PV) sales, including electric vehicles, decreased by 9 per cent to 46,811 units, compared to 51,321 units a year ago. Total commercial vehicle sales dropped by 7 per cent year-on-year, reaching 32,533 units in February.
Eicher Motors: The company reported a 19 per cent year-on-year rise in total sales, reaching 90,670 units in February. Last year, the company sold 75,935 units in the same month. Domestic sales reached 80,799 units, up from 67,922 units in February last year, representing a 19 per cent increase, according to a statement by Royal Enfield. Exports also jumped by 23 per cent, reaching 9,871 units last month, compared to 8,013 units in February 2024.
Piramal Enterprises: The company said in an exchange filing on Friday that it had received a tax demand of Rs 1,502 crore (nearly $172 million) for the sale of its pharmaceutical business to Piramal Pharma in fiscal year 2021. A tax office in Maharashtra ordered the company to pay 18 per cent GST on the deal. Piramal Enterprises stated that it has solid grounds to challenge the "unjustified" demand. The company sold its pharmaceutical business and related units to Piramal Pharma for Rs 4,487 crore in October 2020.
Hindustan Zinc: The Vedanta Group firm aims to double its metal production to two million tonnes per annum (MTPA) within the next five years, as announced by Chairperson Priya Agarwal Hebbar. "With India's expansion in steel capacity and a strong focus on infrastructure, Hindustan Zinc is on track to double its production to two MTPA by 2030, as our zinc plays a critical role in steel galvanisation," Hebbar stated in a letter to shareholders. The company's current metal production capacity stands at 1.1 MTPA.
Glenmark Pharmaceuticals: The company is recalling close to 15 lakh bottles of a generic medication used in treating attention deficit hyperactivity disorder in the US market, as reported by the US health regulator. Glenmark Pharmaceuticals Inc, USA, a subsidiary of the Mumbai-based drugmaker, is recalling around 14.76 lakh bottles of Atomoxetine Capsules in multiple strengths. The recall is due to "CGMP Deviations," according to the US Food and Drug Administration (USFDA) in its latest Enforcement Report.
Radico Khaitan: The company is optimistic about its luxury brands, including single malt 'Rampur' and Jaisalmer Indian Craft Gin, expecting sales of Rs 500 crore in the next fiscal year. Managing Director Abhishek Khaitan stated that the company anticipates 8-9 per cent volume growth and value growth of around 12-15 per cent.
Bharat Petroleum: The Public Enterprise Selection Board (PESB) struggled to find a suitable candidate for the top job at Bharat Petroleum (BPCL) after HPCL, as most applicants were narrow specialists lacking the multidisciplinary experience needed to run a large organisation. Last month, PESB interviewed a dozen candidates but found none suitable for the chairman and managing director role. PESB advised the administrative ministry "to choose an appropriate course of further action for selection, including the search cum selection committee," according to the order. Incumbent G Krishnakumar will retire as chairman and managing director of BPCL on April 30 this year.
Coal India: CIL recorded a marginal 0.9 per cent decline in coal production in February compared to the year-ago period. The company's coal production stood at 74.1 MT in February this fiscal, down from 74.8 MT in the corresponding month of the previous fiscal. Separately, it announced that non-power sector (NPS) consumers will not have to pay the coal value worth ten days of supply as financial coverage for the dry fuel received via rail transport, in an effort to streamline operations under the broader ease of doing business initiative. In other news, Northern Coalfields (NCL), a subsidiary of Coal India, expects to achieve its production target of 139 million tonnes for the current fiscal year. NCL stated that it had produced 128.13 million tonnes till February and is hopeful of achieving the annual target.
ACME Solar: The company plans to invest Rs 17,000 crore on capital expenditure by 2026, focusing on hybrid and round-the-clock renewable capacities. The company is also evaluating entry into the nuclear energy segment, though these plans are still at the drawing board stage.
Dalmia Bharat: The company announced plans to invest approximately Rs 3,520 crore in Maharashtra and Karnataka to add 6 MnTPA cement capacity. The company, through its subsidiaries, will establish a 3.6 MnTPA (million tonnes per annum) clinker unit and a 3 MnTPA grinding unit at its existing Belgaum plant in Karnataka. It will also set up a new greenfield split grinding unit with a capacity of 3 MnTPA in Pune, Maharashtra. With the expansion, Dalmia Bharat's total installed cement capacity will increase to 55.5 MnTPA, considering the ongoing expansion of 2.9 MnT in Assam and Bihar.
NMDC: The company registered a 17.8 per cent increase in iron ore production at 4.62 million tonnes (MT) in February. The company had produced 3.92 MT of iron ore in the corresponding month of the previous fiscal year, according to a filing with the BSE. The figures are provisional. Iron ore production in the April-February period rose to 40.49 MT, compared to 40.24 MT in the year-ago period. The sale of iron ore in February was 3.98 MT, compared to 3.99 MT in the same month last fiscal.
One97 Communications: The company, which operates the fintech Paytm brand, received a show-cause notice from the Enforcement Directorate (ED) for alleged violations of the Foreign Exchange Management Act (FEMA) involving transactions worth over Rs 611 crore related to the acquisition of its subsidiaries. The alleged violations pertain to the company’s acquisition of Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL), formerly Groupon, including certain directors and officers. Paytm stated that these violations occurred when these companies were not subsidiaries of OCL.
NLC India: NLCIL bagged a contract from SJVN to develop and operate a 200 MW wind power project. The project was secured through an e-reverse auction at a tariff of Rs 3.74 per kWh. "The project is set to generate 526 MU of clean green power each year, offsetting an equivalent amount of greenhouse gas emissions," the company said in a statement. NLCIL aims to achieve 10 GW of renewable energy capacity by 2030.