Stocks to Watch: M&M, Mazagaon Dock, Tata Communications, IREDA, Texmaco Rail
Mahindra & Mahindra: The Indian automaker has signed a Memorandum Of Understanding with Adani Total Energies E-Mobility to establish an electric vehicle charging network throughout India. This collaboration will also enable the automaker to introduce e-mobility solutions, ensuring consumer access to the charging infrastructure. Veejay Nakra, President of the Automotive Division at M&M Ltd, said this collaboration is crucial in improving the EV charging infrastructure and providing customers with seamless access to the charging network and digital integration for an unmatched EV experience.
Mazagon Dock Shipbuilders: The Mumbai Port Authority (MbPA) has granted Mazagon Dock a long-term lease for land and buildings, including workshop land and the Clark Basin, totaling 14.55 acres. These properties are located adjacent to the MDL Mumbai Yard. The lease will be effective from April 1, 2024, and will last until March 31, 2053, spanning a period of 29 years.
The total cost for this allotment is ₹354 crore. The board of MDL has given its approval to MbPA's offer, thereby facilitating the acquisition of the land on a long-term lease basis. Tata Communications: The board of directors has given the green light for the company to sign a business transfer agreement.
This agreement will facilitate the hive-off of its newly identified digital services business to its fully owned subsidiary, Novamesh. The transfer will be executed as a going concern on a slump sale basis, with the transaction amounting to ₹458 crore. Indian Renewable Energy Development Agency: The company announced that a board meeting is scheduled for March 28 to discuss a borrowing plan amounting to ₹24,200 crore for the fiscal year 2024-25.
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