Things I read yesterday as part of my stock research activities.
New Orders Received
🟢 Jindal Steel was declared preferred bidder for the Thakurani-A1 Iron Ore Block in Odisha containing approximately 50 million tonnes of resources.
🟢 Wipro signed a multi-year contract with TruStage to modernize its retirement services using AI-powered Wipro Intelligence suite.
🟢 KEC International secured new orders worth ₹1,476 Cr for T&D projects.
🟢 Vascon Engineers secured a ₹115.9 Cr EPC work order for Lotus Park development (54,000 sq mtrs) in Ahmedabad from Ahmedabad Municipal Corporation with a 24-month timeline.
🟢 Dilip Buildcon received a Letter of Intent for a ₹1,850 Cr power transmission project in Karnataka involving a 400 kV substation on a BOOT-based contract.
Partnerships, Investments & Acquisitions
🟢 Adani Enterprises acquired a 14.2% stake in Air Works India (Engineering) Private Ltd, an MRO services company, for undisclosed consideration.
🟢 Servotech Renewable Power System and Electra EV jointly secured a 20-year patent for a low-voltage EV charging device.
Core Business & Regulatory
🟢 Ashok Leyland commenced construction of a new ₹400-500 Cr greenfield battery pack manufacturing facility in Tamil Nadu to localise EV battery production.
🔴 IDFC First Bank is under investigation as India’s financial crime fighting agency conducted searches to investigate alleged fraud at the bank.
🔴 Mahanagar GAS supply to industrial and commercial customers impacted by gas curtailment.
🔴 Orient Bell’s Hoskote plant will receive gas at only 80% of past 6-month average consumption as GAIL Gas declares force majeure and restricts gas supply to industrial customers, with potential revision in gas pricing.
🔴 Hindustan Organic Chemicals shut its Cumene plant at Kochi after Bharat Petroleum Corporation Limited stopped LPG supply.
🔴 Kothari Petrochemicals announced force majeure due to Middle East gas supply restrictions with financial impact yet to be ascertained.
Economy, IPO & Other
🔴 Tehran says nearly 10,000 civilian sites have been bombed and more than 1,300 civilians killed since the war began on February 28. The conflict is now in its 12th day with no clear diplomatic off-ramp in sight.
🟢 The IEA announced a record release of 400 million barrels of crude oil to stabilise global energy markets disrupted by the war.
🟢 India government declared the country is ready for any unprecedented demand for coal.
🔴 About 47.4 MMSCMD of gas supply is affected due to the Middle East crisis with 2 LNG cargoes currently en route to India.
That’s it for today.
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.