Tech Mahindra: India’s largest institutional investor and insurer LIC (Life Insurance Corporation) has increased its stake in IT blue-chip Tech Mahindra Ltd from 6.87% to 8.88% since November. LIC’s current stake in Tech Mahindra is valued at ₹9,484.2 crore. This move highlights domestic fund managers’ growing interest in Indian tech equities, driven by a weak dollar and lower-than-expected market valuation.
Hero MotoCorp: Hero MotoCorp, a leading two-wheeler manufacturer, is focusing on expanding its electric two-wheeler range and upgrading its sales infrastructure. The company aims to strengthen its presence in the premium segment, expand the commuter segment, and achieve leadership in the electric two-wheeler segment. Hero MotoCorp plans to introduce new entry-level models in the electric two-wheeler space.
TCS (Tata Consultancy Services): TCS has witnessed more women employees leaving the company than men in the fiscal year ended March 2023. This trend is attributed to the company’s return-to-office policy, which has led to a “reset of domestic arrangements.” TCS emphasizes the need for employees to work from the office post-Covid-19 to foster better collaboration and understand the company’s culture.
Nelco: Nelco Limited, a Tata Group subsidiary offering satellite communications services, has made a strategic investment in Piscis Networks, a Mumbai-based satellite network software provider. Nelco has acquired a 9.09% stake in Piscis, with the option to acquire up to 30% subject to regulatory approval. This investment aims to enhance Nelco’s satellite network capabilities.
Public sector oil marketing companies (OMCs): OMCs, including HPCL, BPCL, and IOC, may lower retail prices of petrol and diesel if they continue to witness strong financial performance. OMCs have recovered from high under-recoveries due to high crude oil prices and stagnant retail fuel prices. Petrol prices have remained stable since May last year when the government announced a cut in excise duty.
Bank of Maharashtra: Bank of Maharashtra has successfully raised ₹1,000 crore through Qualified Institutional Placement (QIP). The bank allotted 350,877,192 equity shares to eligible qualified institutional buyers at an issue price of ₹28.50 per share. This fundraising aims to strengthen the bank’s capital base.
Tata Elxsi: Tata Elxsi, a global engineering company, has partnered with the Indian Space Research Organization (ISRO) for the Gaganyaan Mission. Tata Elxsi has designed and developed the crew module recovery models (CMRM) for the recovery team training of the space mission. This collaboration marks Tata Elxsi’s entry into mechanical design for space projects.