Stocks to Watch: Focus Turns to RITES, GNFC, IRB Infra, Tata Power, Dr Reddy's Labs, Max Estates, Meesho, Kwality Walls and PB Fintech on March 9

Stock Market Update

Quarterly Earnings

• Kwality Wall's (India): Q3 (QoQ) earnings report shows a widening loss of Rs 178.4 crore compared to Rs 100.2 crore in the previous quarter, with total income falling 30.6% to Rs 223.4 crore.
• SML Mahindra Commercial Vehicles: February YoY sales report indicates a 15.1% increase in total sales to 1,415 units, with exports growing 49.1% to 88 units and production zooming 16.4% to 1,679 units.

Stocks to Watch

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• Max Estates: Secured RERA approval for the Max One project in Noida, which has a potential sales value of Rs 2,000 crore and annuity rental income potential of around Rs 120 crore.
• Meesho: Received an Assessment Order for the Assessment Year 2023–24, along with a Demand Notice from the Income Tax Department, raising a tax demand of Rs 1,499.73 crore.

Board Appointments

• Kotak Mahindra Bank: Anup Kumar Saha appointed as Whole-time Director (designated as Whole-time Director – Executive Director) and Key Managerial Personnel with immediate effect.
• Yes Bank: Vinay Muralidhar Tonse appointed as MD & CEO (Designate), effective March 12, with Prashant Kumar demitting office on April 5.

Dividend Declaration

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• R Systems International: Declared an interim dividend of Rs 6 per share for the financial year 2026, with a record date of March 12.

Regulatory Updates

• Dr Reddy's Laboratories: Received a letter from the US Department of Justice stating that an inquiry under the Foreign Corrupt Practices Act (FCPA) has been closed with no enforcement action recommended.
• Tata Power Company: Collaborated with Salesforce to digitally transform its rooftop solar, EV charging, and smart home solutions businesses.
• RITES: Received revised estimates for railway electrification work on the Mysuru–Hassan–Mangaluru section, including Hassan–Arsikere, on a cost-plus turnkey basis with a revised project cost of Rs 729.28 crore.
• UltraTech Cement: Entered into an Energy Supply Agreement, Share Subscription Agreement, and Shareholders Agreement to acquire 26.20% equity shares of Sunsure Solarpark Thirty Eight Private Limited.
• IRB Infrastructure Developers: Toll revenue in February surged 21.55% to Rs 746.1 crore compared to the corresponding month of the previous year.

Other Updates

• Tata Motors Passenger Vehicles: Om Prakash Bhatt ceased to be an Independent Director effective March 8, upon completion of his second consecutive term as an Independent Director after attaining the retirement age.
• Kirloskar Electric Company: Sanjeev Kumar S, Chief Financial Officer, relieved from services effective March 6.
• Sterling and Wilson Renewable Energy: Sterling and Wilson Kazakhstan LLP, a step-down subsidiary, liquidated effective March 2.
• Gujarat Narmada Valley Fertilizers and Chemicals: Adversely impacted by the ongoing war in the Middle East region, affecting supply of Liquefied Natural Gas (LNG).