The Indian stock market witnessed significant movements today as multiple companies made headlines due to tax demands, regulatory actions, order wins, and sales updates. Here’s a detailed analysis of the key stocks in focus.

Indian Overseas Bank Falls on GST Demand

Indian Overseas Bank (IOB) plunged to its 52-week low of Rs 41.2 per share after receiving a Rs 699.5 crore GST demand from the Deputy Commissioner, Large Taxpayers Unit, Chennai. This substantial tax claim for the assessment year FY21 has raised investor concerns regarding potential financial liabilities.

Mastek Declines Amid SEBI Warning

Mastek shares fell as the company received a warning letter from SEBI regarding the identification of unpublished price-sensitive information (UPSI). The warning raises questions about the company’s compliance with market regulations.

NCC Gains on New Order Win

NCC's stock moved higher as its transport division secured an order worth Rs 218.8 crore from a state government. This order is expected to boost the company's revenue in the upcoming quarters.

Ujjivan Small Finance Bank Rises on NPA Sale

Ujjivan Small Finance Bank (SFB) gained as it sold its non-performing assets (NPAs) worth Rs 364.5 crore to an asset reconstruction company (ARC) for a consideration of Rs 34.3 crore. This move is aimed at improving the bank’s asset quality.

Dalmia Bharat Invests Rs 3,520 Crore in Expansion

Dalmia Bharat, through its subsidiaries, announced a Rs 3,520 crore investment to set up:

• A 3.6 MnTPA clinker unit and a 3 MnTPA grinding unit in Belgaum, Karnataka.
• A 3 MnTPA greenfield grinding unit in Pune, Maharashtra.

Mankind Pharma Faces Rs 111.7 Crore Tax Demand

Mankind Pharma’s stock dropped sharply after it received a Rs 111.7 crore tax demand from the Income Tax Department for AY 2021-22. The company plans to appeal against the order, considering it untenable.

Piramal Enterprises Declines on GST Dispute

Piramal Enterprises’ shares fell after receiving a Rs 1,502 crore GST demand from the Maharashtra tax department. The tax authorities argue that the sale of its pharma business for Rs 4,487 crore was an itemized sale instead of a slump sale, attracting 18% GST.

Ola Electric Faces Layoffs, Stock Drops 4%

Ola Electric's stock declined over 4% amid reports that the company plans to lay off over 1,000 employees across multiple departments in an effort to cut losses.

Eicher Motors Gains on Strong Sales

Eicher Motors reported a 19% YoY growth in total sales, reaching 90,670 units in February.

• Domestic sales: Up 19.4% YoY.
• Exports: Up 23% YoY.

Reliance Industries Falls to 52-Week Low

Reliance Industries dropped to Rs 1,156 per share, its 52-week low, after reports suggested a potential $14 million (~Rs 122.3 crore) penalty for failing to establish a battery cell plant under the PLI scheme.

Adani Ports Handles 36.5 MMT Cargo in February

Adani Ports reported 36.5 MMT cargo volumes for February, with:

• Container volumes rising 16% YoY.
• Liquids & gas segment growing 12% YoY.
  The company expects FY25 cargo volumes to be 460-480 MMT.

India’s GDP Growth Forecast at 6.5% for FY25

A report by Centrum estimates India’s GDP growth at 6.5% for FY25, supported by:

• Strong government capital spending.
• Rural economic recovery.
• Potential rate cuts by the RBI.

Jindal Worldwide Approves 4:1 Bonus Issue

Jindal Worldwide’s board approved issuing 4 bonus shares for every existing share, with a total of 80.2 crore shares to be issued.

L&T Gains on New Orders Worth Rs 2,500-5,000 Crore

Larsen & Toubro (L&T) rose as its power transmission and distribution unit secured large orders, including:

• Transmission lines for a renewable energy zone in Uttar Pradesh.
• A 380 kV substation in Saudi Arabia.

Maruti Suzuki Reports 5.1% YoY Sales Growth

Maruti Suzuki’s total sales grew 5.1% YoY to 1.9 lakh units in February:

• Passenger vehicle sales: Up 5.4% YoY.
• Commercial vehicle sales: Down 8.1% YoY.

SEBI & BSE Seek Urgent Hearing in Cals Refineries Case

The Bombay High Court granted an urgent hearing to SEBI and BSE’s plea against an FIR related to the Cals Refineries case. The FIR alleges that SEBI officials facilitated market manipulation by approving the company’s listing.

IndusInd Bank Falls on Bulk Deal

IndusInd Bank dropped as Integrated Core Strategies sold 50.9 lakh shares via a bulk deal at Rs 986.7 per share.

Tata Motors Drops to 52-Week Low on Sales Decline

Tata Motors fell to Rs 606.3 per share as its domestic wholesales dropped 9% YoY to 77,232 units in February.

MSTC Declines on Rs 105.6 Crore Tax Demand

MSTC’s stock fell after receiving a Rs 105.6 crore tax demand from the Income Tax Department for AY 2019-20.

TeamLease Services Sees Bulk Deal Activity

TeamLease declined as Goldman Sachs sold over 2 lakh shares for Rs 48.8 crore, while Nippon India Mutual Fund bought 2.7 lakh shares for Rs 50.7 crore.

MOIL Rises on Manganese Ore Price Hike

MOIL revised manganese ore prices, increasing:

• Ferro-grade ore (Mn 44% and above) by 10%.
• Lower-grade ore by 6.5%.

Bombay Dyeing Faces Rs 440.2 Crore GST Demand

Bombay Dyeing shares fell after receiving a Rs 440.2 crore GST demand from the Mumbai tax department for FY21.

Crompton Greaves Target Price Lowered by ICICI Securities

ICICI Securities retained a Buy call on Crompton Greaves Consumer with a target price of Rs 440, citing strong air cooler demand.

The Upcoming IPOs in this week and coming weeks are  NAPS Global.

The Current active IPO are Balaji Phosphates.

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