Stocks To Watch: Titan Co., Indian Hotels, Cipla, LIC, Power Grid, ZEEL & More

On Wednesday, 27th March hot stocks like Spicejet, Larsen & Toubro, Sanofi India and Cipla are among the top stocks that market watchers are likely to keep an eye on.

Spicejet

A settlement deal between SpiceJet and Export Development Canada (EDC) will enable the airline to eliminate substantial liabilities, resulting in a thorough regeneration of its balance sheet. As per the terms of the deal, SpiceJet would enhance its operational capabilities and fleet management by fully owning 13 Q400 aircraft that were financed by EDC. According to SpiceJet's books of accounts, the settlement includes a full payment by SpiceJet to cover remaining liabilities of about $91 million.

Larsen & Toubro

"We wish to inform you the Company had scheduled Board Meetings on March 26, 2024 and March 27, 2024 and the matter regarding approval for fund raising was to be considered on March 27, 2024. However, due to unavoidable reasons, the Board would be considering the fund raising proposal in the Board meeting scheduled on March 26, 2024 only and the meeting scheduled on March 27, 2024 stands cancelled," said L&T in a regulatory filing.

ZEE Entertainment Enterprises Ltd. (ZEEL)

A systematic Monthly Management Mentorship (3M) Program has been established by the Board of ZEE Entertainment Enterprises Ltd. (ZEE). The MD & CEO's targeted 20% EBITDA margin is one of the major performance indicators that the 3M Program aims to allow and lead the management team to attain. This action, spearheaded by Mr. R. Gopalan, Chairman of ZEE, demonstrates the Board's steadfast dedication to providing more value to all stakeholders.

Power Grid Corporation of India

The "Augmentation of Transformation capacity in Southern Region" project has been put into operation as of March 24, 2024, and on the same day, a Notification for Commercial Operation (DOCO) was obtained by the company.

LIC

The Life Insurance Corporation of India (LIC) announced on Tuesday that it has received a demand notice from the tax authorities for around Rs 178 crore for failing to pay Goods and Services Tax (GST) for the previous two fiscal years. The Additional Commissioner, Central GST & Central Excise Jamshedpur, LIC, has sent the organization a communication/demand order for interest and penalty, the company stated in a regulatory filing. The notification stated that the GST demand of Rs 161,62,33,898, interest if necessary, and penalty notice of Rs 16,16,23,390 is for the years 2018-19 and 2019-20. Tax authorities have issued a demand notice for around Rs 39.39 lakh against LIC, according to a separate filing, for short payment of GST for the 2017-18 fiscal year. The corporation stated that on March 26, 2024, it filed an appeal with the Commissioner (Appeals), Ahmedabad, appealing the decision that demanded GST of Rs. 19,64,584 for FY 2017-18, interest on it, and a penalty of Rs. 19,74,584. In a separate filing, LIC stated that an appeal against the order requiring GST of Rs 3,89,25,914 for 2017-18, interest on it, and a penalty of Rs 38,92,592 had been submitted before Commissioner (Appeals), Dehradun.

Sanofi India

An exclusive distribution and marketing agreement has been reached between Sanofi India Limited and Cipla Limited for the company's Central Nervous System (CNS) product line in India. As part of this collaboration, Cipla will handle the distribution of Sanofi India's six CNS brands, which include the industry-leading Frisium® brand of anti-epileptic medicines. Cipla will make use of its skills and strong India-wide network of distributors, institutions, and market outreach programs to expand access to these treatments for patients who need them, while Sanofi India will continue to own, import, and manufacture its entire range of CNS products across plants in India and abroad.

The Indian Hotels Company

On March 26, 2024, The Indian Hotels Company Limited invested US$ 6.5 million as equity in IHOCO BV, a wholly-owned subsidiary in the Netherlands. IHOCO BV will utilize the funds it invested to cover additional investments in United Overseas Holding Inc., its US subsidiary, in order to pay down debt and for other operational needs.

Motilal Oswal Financial Services

The company has submitted a Draft Prospectus to the Securities and Exchange Board of India (SEBI) for the public issuance of Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) with a face value of Rs 1,000 each, with a maximum amount of Rs 500 Crore. The option to retain oversubscription up to Rs 500 Crore (Green Shoe Option) allows the company to issue up to 1,00,00,000 NCDs for a maximum amount of Rs 1,000 Crore.