Stocks to Watch: JK Lakshmi Cement, Gravita India, Balaji Amines, Shaily Engineering, Kalpataru, Action Construction Equipment in Focus

Stock Market Update

Results Today

• PNGS Reva Diamond Jewellery, Vivimed Labs, and Housing Development and Infrastructure will release their quarterly earnings today.
• Omnitech Engineering and Panyam Cements & Mineral Industries will announce their quarterly results on March 14.

Stocks to Watch

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JK Lakshmi Cement

• Declared the 'preferred bidder' for the mining lease of the Juipahar New Umrangso Limestone Block (A and B) in Assam, covering 405 hectares.
• Board approved the acquisition of a 77.96% equity shareholding in NECEM Cements.

Max Financial Services

• Board approved fund-raising worth Rs 2,000 crore via a qualified institutional placement (QIP) or any other method.
• Proposed utilisation of funds: Rs 2,000 crore for Axis Max Life Insurance's business growth and expansion plans, with the balance for general corporate purposes.

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Manorama Industries

• Board approved raising funds of up to Rs 500 crore through the issuance of equity shares, non-convertible debt instruments, and warrants or other convertible securities.

Balaji Amines

• Experiencing significant logistics disruptions in the procurement of ammonia due to the ongoing war in the Middle East region.
• Some plants are presently non-operational due to the shortage of this key raw material.

Indian Overseas Bank

• Reduced the one-month MCLR by 10 basis points, effective March 15, while the MCLR for other tenures remains unchanged.

KPI Green Energy

• Energised an additional 35 MWp of solar capacity, taking its total operational IPP capacity to 589 MWp.
• Expects to commission an additional 1,582 MWp in the near term, expanding its total IPP portfolio to 2.17 GWp.

Gravita India

• Signed definitive agreements for the acquisition of a 98.95% stake in Rashtriya Metal Industries for Rs 559.08 crore.
• Expected to be closed by March 31, 2026.

Action Construction Equipment

• Executed a joint venture agreement with Kato Works, Japan, to enhance product competitiveness and address new growth opportunities.

Kalpataru

• Signed a redevelopment project of Shree Mahalakshmi CHS at Andheri West, Mumbai, with an estimated gross development value (GDV) of around Rs 1,400 crore.

ACME Solar Holdings

• Commissioned the second phase of 33.335 MW / 160.51 MWh of its battery energy storage system (BESS) project in Rajasthan.
• Achieved a commissioned capacity of 66.67 MW / 320.99 MWh out of the total 300 MW / 1,409.34 MWh capacity.

Bulk and Block Deals

• Smallcap World Fund Inc acquired an additional 2.98 lakh shares in Shaily Engineering Plastics at Rs 1,878.41 per share and 6.43 lakh shares at Rs 1,879 per share, totalling a 2.04% stake worth Rs 176.88 crore.
• BofA Securities Europe SA bought 1.16 lakh shares (equivalent to 0.17% of paid-up equity) in Kaynes Technology India at Rs 3,614.4 per share, valued at Rs 41.95 crore.