Stocks To Watch On March 23 As Corporate Actions, Appointments, And Orders Drive Activity

On March 23, Indian stocks are likely to stay in the news because of a number of corporate events, such as changes in leadership, winning orders, plans to raise money, and actions related to dividends in the banking, infrastructure, metals, and industrial sectors.

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Changes in Banking and Finance

HDFC Bank is going through a change in leadership because Chairman Atanu Chakraborty stepped down, saying that he and the bank had different views on personal values and how things should be done inside the bank. The bank has appointed Keki Mistry as interim non-executive chairman for three months, while the Reserve Bank of India stated that there are no material concerns regarding the lender’s governance or financial position.

South Indian Bank will see a board-level change as V.J. Kurian retires on March 22. Jose Joseph Kattoor, a former RBI Executive Director, will assume charge as Non-Executive Part-Time Chairman from March 23 for a three-year term, following regulatory approval.

Corporate Actions And Fundraising

MM Forgings has fixed a board meeting on March 25 to deliberate on raising capital through equity share issue, subject to approval.

Power Finance Corporation, Castrol India, and India Glycols are trading ex-dividend today, i.e., on March 23. The companies have declared an interim dividend of ₹3.25 per equity share, a final dividend of ₹5.25 per equity share, and an interim dividend of ₹7.50 per equity share, respectively. Vedanta is also in focus as its board meets on March 23 to consider a third interim dividend.

Orders, Expansion, And Appointments

RITES has received a Letter of Acceptance for maintaining Indian Railways’ first high-speed test track spanning 64 km, developed by RDSO.

P N Gadgil Jewellers has expanded its retail presence by opening two new stores in Maharashtra.

GE Vernova T&D India has approved the appointment of Rashmi Joshi as an independent director for five years and reappointed Sandeep Zanzaria as Managing Director and CEO for three years, along with related party transactions.

Tata Steel has commissioned a ₹3,200 crore project in Punjab, introducing scrap-based electric arc furnace technology for low-carbon steel production.

Bulk Deals And Market Activity

According to exchange data, several bulk deals were recorded. Investor Ashish Kacholia sold 10.78 lakh shares in Naman Industries Proxima worth ₹5.76 crore and purchased 7.73 lakh shares in Aelea Commodities worth ₹9.32 crore. Norges Bank sold 60.99 lakh shares in Zee Entertainment for ₹44.36 crore, while Vanguard Total International Stock Index Fund offloaded 7.21 lakh shares in NIIT valued at ₹4.31 crore.

Other transactions witnessed include Chanakya Opportunities Fund I disposing of 2.49 lakh shares in Tridhya Tech for ₹20.29 lakh, while India Capital Management acquired 1.64 lakh shares in Ganesha Ecosphere for ₹13.60 crore.

Equity stocks like SAMMAN Capital and SAIL are under the F&O ban on March 23, as per exchange data. These events are likely to impact individual stocks in the trading session.