Financial stocks, Maruti Suzuki, Bharti Airtel, M&M in focus

Financial stocks will be in focus as the Supreme Court would deliver its judgment in the loan moratorium case today, 23 March 2021, as per reports. A batch of pleas were moved before the apex court last year seeking waiver from interest on interest in respect of EMIs which were not paid by the borrowers after availing the loan moratorium scheme. The six-month loan moratorium scheme was extended by Reserve Bank of India (RBI) in the wake of the COVID-19 pandemic.

Maruti Suzuki India said that over the past year the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021. This price increase shall vary for different models.

Bharti Airtel said hat the company has further agreed on March 22, 2021 for acquisition of additional 2,914,100 equity shares (approx. 3.33%) at Rs. 10/- per equity share in Avaada MHBuldhana Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, in terms of the regulatory requirement for captive power consumption under electricity laws. The indicative time for completion of the acquisition is April 30, 2021.

Mahindra & Mahindra (M&M) said that the Ministry of Defence (MoD) signed a contract with Mahindra Defence Systems (MDSL), a wholly owned subsidiary of the company for supply of 1,300 Light Specialist Vehicles to the Indian Army, at a cost of Rs 1,056 crore. The induction of vehicles is planned to be completed in four years.

KEC International has secured new orders of Rs 1,429 crore across its various businesses.

Edelweiss Financial Services said that Edelweiss Group (Edelweiss) has announced completion of a strategic investment by PAG in Edelweiss Wealth Management consequent to receipt of all regulatory approvals and closure of all formalities.

Madhav Infra Projects received award for Solar Project from Gujarat State Electricity Corporation (GSECL) for a contract value of Rs 87.27 crore.

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