Stocks To Watch: Tata Elxsi, Angel One, Ashok Leyland, Bharat Forge, Oil India & More

Forge, Oil India are among the top stocks that are likely to be in focus and witness price actions.

Bank of Baroda

Bank of Baroda (Bank) declared that it raised Rs. 2,500 crores by issuing Tier II Bonds Series XXVI that are compliant with Basel III. The bank priced the offer at a very competitive coupon of 7.57% p.a., with the spreads on government securities (G-Sec) reducing as a result of the significant reaction from investors. These bonds have a tenor of ten years from the deemed date of allocation and a five-year call option. They are unsecured, listed, rated, subordinated, non-convertible, taxable, and redeemable.

Oil India

The Fertilisers and Chemicals Travancore Limited (FACT), a public sector company, and Oil India Limited (OIL) signed a Memorandum of Understanding (MoU) on February 22, 2024, at OIL's Corporate Office in Noida. The objectives of the agreement are to investigate opportunities in the field of green hydrogen, including green ammonia, green methanol, and other derivatives; to work together on decarbonising initiatives like carbon dioxide sequestration; and to work together on any other potential avenues for decarbonization / clean energy transition / green fuels / renewable energy etc.

Jana Small Finance Bank

With a 99% increase to Rs 348 crores, Jana Small Finance Bank declares its best 9M PAT ever for December 2023. The bank's 9MFY24 business improves by 28% YoY. With a 28.8% YoY rise, net interest income climbed to Rs 1,536 crore in 9MFY24 from Rs 1,193 crore in 9MFY23. Loan AUM is currently at Rs 23,610 crore, up 28.4% YoY. With a YoY growth of 36.5%, total deposits now stand at Rs 20,785 crore. The profit after tax (PAT) jumped by 99% YoY to Rs 348 crore in 9MFY24 from Rs 175 crore in 9MFY23. As of December 31, 2023, the bank's gross non-performing assets (GNPA) dropped to 2.1% from 5.8%.

Bharat Forge

Bharat Forge on February 22, 2024, infused funds in Bharat Forge Global Holding GmbH (BFGH), a wholly-owned subsidiary of the company. This amount will then be invested by BFGH into Bharat Forge Holding GmbH (BFH) for subsequent investment in Bharat Forge Aluminiumtechnik GmbH (BFAT), a wholly-owned subsidiary of BFH. The transaction will cost 15 million euros, or INR 133.58 crores, to be invested as capital reserves. The estimated completion date of the investment is February 29, 2024. The company will continue to hold 100% of shareholding in BFAT and BFH through BFGH.

Ashok Leyland

The production launch of Ashok Leyland's third millionth vehicle has been revealed. The ceremony was held at its cutting-edge Pantnagar, Uttarakhand, manufacturing site.

Angel One

The Board of Directors of the company proposed raising funds in one or more tranches through the issuance of equity shares of the company, with a face value of Rs. 10, or any other eligible securities, or a combination thereof, for a maximum amount not to exceed Rs. 2000 crore through a combination of preferential issue, further public offer, qualified institutions placement (QIP), or other permissible mode.

Tata Elxsi

Tata Elxsi and AccuKnox announce a strategic partnership to provide operators with 5G managed security services. Through the NEURON product suite, Tata Elxsi announces a strategic alliance with Accuknox, the creator of the cutting-edge cloud-native security solution NIMBUS.

Sona BLW Precision Forgings

On February 22, 2024, the Ministry of Heavy Industries certified one of the company's products, a hub wheel drive motor for electric two-wheelers, under the Production-Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto). The firm received certification under the Auto Production Linked Incentive (PLI) plan, making it the first automotive component manufacturer to do so.