Stocks to Watch: Infosys, India Cements, HDFC Bank, HAL, BOI, IOCL, Zomato
Infosys: The IT firm is set to receive a tax refund of ₹6,329 crore from the income tax department. However, the company is simultaneously facing a significant tax liability of ₹2,763 crore according to assessment orders. These orders are based on various provisions of the Income Tax Act of 1961.
The refunds, inclusive of accumulated interest, pertain to assessment years from 2007-08 to 2018-19. Infosys stated in an exchange filing that it is currently assessing the impact of these orders on the financial statements for the quarter and year ending March 31, 2024. India Cements: The company's promoters have been persistently raising debt against their shares, with the most recent borrowing occurring last month as India Cements grapples with working capital deficits.
Promoters, led by Managing Director N. Srinivasan, had pledged 45.5% of their shares with banks by the end of December 2023, a significant increase from 16.8% at the end of September 2022. The most recent data on share pledges is yet to be updated on the stock exchanges.
EWS Finance and Investment, which holds three-quarters of the 28.42% promoter stake in the company, announced on March 15 that the promoter had raised additional funds by creating new pledges. The exact amount of the new share pledges or the funds raised could not be independently verified by Mint. HDFC Bank: The private sector bank is planning to sell its 100% stake in HDFC Education and Development Services via the Swiss challenge method, and is currently in the process of identifying a buyer.
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