Stocks to Watch: Tata Motors, NLC India, M&M, JM Financial, Ceat, IGL
Tata Motors: On March 6, global rating agency, Moody's, confirmed the BA3 ratings of Tata Motors, maintaining a positive outlook, reported PTI. In addition, Moody's Investors Service stated that it has also confirmed the Ba3 senior unsecured instrument ratings of Tata Motors Ltd (TML). According to Moody's obligations, 'Ba' ratings are considered to have speculative elements and carry a significant credit risk.
The modifier '3' signifies a position at the lower end of this generic rating category. NLC India: The government is planning to divest up to 7% of its stake in the coal mining company, NLC India, through an offer for sale (OFS) this week. This move could potentially raise up to ₹2,200 crore ($266 million) based on current prices, as reported by Reuters on Wednesday, citing sources.
In another news, the company in an exchange filing said, Gujarat's state-owned electricity utility, GUVNL, has signed a 25-year agreement to buy electricity from the company's subsidiary NLC India Green Energy Ltd’s (NIGEL) 600-MW solar plant at ₹2.705 a kWhr. Mahindra & Mahindra: Prudential Management and Services Pvt Ltd, a promoter group entity of Mahindra & Mahindra, has begun a secondary sale of the company's shares, citing the family's need for liquidity. This was disclosed in a stock exchange filing by the automobile manufacturer on Wednesday.
The filing was made in response to a news report about the promoters selling their shares. It stated that following the transfer of PMSL's shares from the late Keshub Mahindra, the former chairman of M&M who passed away on 12th April 2023, to his family members, the family plans to sell a small portion of M&M shares held by PMSL to meet specific financial needs. JM Financial Products: The
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