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Saturday, March 2, 2024

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Shares to Watch: ONGC, Reliance, SpiceJet, ITC, BPCL

Right here is the listing of prime 10 shares that might be in focus at this time

ONGC: The federal government on Thursday hiked the windfall revenue tax on the export of diesel to 7 per litre and introduced again a tax on jet gas exports, however slashed the levy on domestically produced crude oil in step with softening charges. On the third fortnightly assessment, the federal government raised the windfall revenue tax on the export of diesel to 7 per litre from 5 a litre and introduced a 2 a litre tax on ATF exports, a finance ministry notification confirmed.

SpiceJet: The Supreme Court docket on Thursday directed SpiceJet Ltd to strategy the Madras Excessive Court docket (HC) to withdraw the $5 million financial institution assure that it deposited with the court docket in Might. SpiceJet had deposited the financial institution assure on instructions from the Madras HC, at a time the SC was listening to a winding-up case towards the corporate filed by Credit score Suisse AG. SpiceJet and Credit score Suisse ended the dispute over unpaid dues on Thursday.

Reliance: Amid a latest fall in worldwide oil costs and refining spreads, India on Thursday hiked the windfall revenue tax on the export of diesel to 7 per litre and introduced again a tax on jet gas exports. Nonetheless, the federal government has slashed the levy on domestically produced crude oil in step with softening charges, a finance ministry notification confirmed.

ITC: ITC Ltd has proven curiosity in bidding to develop and handle state-run India Tourism Improvement Corp.’s (ITDC) 550-room The Ashok resort within the coronary heart of the capital metropolis, two folks acquainted with the event stated. The hospitality consultants, one in all whom is an adviser to one in all these firms, stated the resort operator is eager to run the long-lasting property in New Delhi.

BPCL: Assam-based central PSU Brahmaputra Crakers and Polymers (BCPL) has proposed to take a position 450 crore for a naphtha import storage and despatch facility in Haldia port space in West Bengal, a senior official stated on Thursday. BPCL is implementing the distinguished Assam Gasoline Cracker challenge—the biggest petrochemical challenge within the northeast. The corporate handed over the feasibility report of the challenge to Kolkata Port, now often known as Syama Prasad Mookerjee Port (SMP).

JSW Metal: Truthful commerce regulator Competitors Fee of India (CCI) on Thursday permitted the proposal to merge Creixent Particular Steels and JSW Ispat into JSW Metal. In Might, JSW Metal introduced the merger deal. JSW Metal and JSW Ispat are into the manufacturing and promoting of metal merchandise whereas Creixent Particular Steels (CSSL) is within the enterprise of holding investments. In a tweet on Thursday, CCI stated it has permitted the “amalgamation of Creixent Particular Steels and JSW Ispat Particular Merchandise with and into JSW Metal”.

Adani Ports: The draft Indian Ports Invoice, 2022, which seeks to consolidate and amend the legal guidelines referring to ports in India, has been issued for stakeholder session, the Ministry of Ports, Transport and Waterways stated on Thursday. The Ministry intends to hunt suggestions and solutions on the draft IP Invoice 2022 from all of the stakeholders. The doc could be accessed from the web sites of the MoPSW and Sagarmala.

JK Tyre: Optimistic about demand progress within the present fiscal, JK Tyre & Industries Ltd on Thursday stated it has elevated costs by 6-7 per cent and an extra hike is into consideration to cut back the uncooked materials value stress. The main tyre maker stated EBITA has began enhancing and it’s prone to be higher within the forthcoming quarters.

PVR: Non-profit group CUTS has filed a criticism towards the proposed merger settlement between multiplex operators PVR and INOX Leisure, alleging that the deal may have anti-competitive results on the movie exhibition trade. The Client Unity & Belief Society (CUTS) has approached the CCI to research the matter, it stated in an announcement on Thursday. On March 27, PVR and INOX Leisure introduced the merger to create the biggest multiplex chain within the nation with a community of greater than 1,500 screens.

Federal Financial institution: Personal sector Federal Financial institution beneath its growth drive has inaugurated 15 new branches throughout the nation, the Kerala-based financial institution stated on Thursday. Among the many 15 branches, seven are in Tamil Nadu taking the general presence to 171 branches within the State. The financial institution would proceed to give attention to territories like Tamil Nadu, Telangana, and Gujarat.




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