Indian Renewable Energy Development Agency (IREDA) shares will be in focus on Thursday, March 20, after launching its first-ever issuance of perpetual bonds.

The state-run renewable energy financier aims to raise ₹1,247 crore through this bond issue, which carries an annual coupon rate of 8.4%, according to the company’s exchange filing.

Reason of Fundraising 

IREDA stated that the issuance of perpetual bonds is a strategic move to enhance its Tier-I capital, ensuring a stronger financial base to support India’s rapidly expanding renewable energy sector.

As a perpetual bond, the instrument has no maturity date and remains non-redeemable, while continuing to offer a fixed interest payment indefinitely.

₹24.48 Crore Tax Refund Received, ₹195 Crore More Awaited

In a separate update, IREDA announced that it has received a ₹24.48 crore refund from the Income Tax Department. The refund was granted as partial relief by the Commissioner of Income Tax (Appeals) for Assessment Year 2011-12.

Additionally, IREDA revealed that a larger refund of ₹195 crore is currently under process. This pending refund is related to similar income tax relief granted for four other assessment years.

Stock Performance and Fundraising Plans

IREDA’s share price has been on a steady rise, gaining 8.4% over the past five trading sessions. The upward momentum began after the company announced plans to increase its borrowing limit by ₹5,000 crore for FY25.

Shareholders have already approved the ₹5,000 crore fundraising plan via the Qualified Institutional Placement (QIP) route, but the company has yet to provide clarity on the launch timeline.

Despite the recent gains, IREDA’s share price remains down 32% in 2025. The stock has dropped significantly from its all-time high of ₹310 in 2024, though it still trades well above its IPO price of ₹32.

Conclusion

IREDA’s strategic fundraising through perpetual bonds and a ₹5,000 crore QIP highlights its commitment to strengthening capital for renewable energy growth.

The tax refund adds financial support, while recent stock gains signal investor optimism. However, with shares still 32% down in 2025, the company’s future performance will depend on execution and broader market trends.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

State-owned Mishra Dhatu Nigam Ltd (MIDHANI) has announced an interim dividend of ₹0.75 per equity share, representing 7.50% of the face value of ₹10 per share for the financial year 2024-25.

The decision was approved by the company’s Board of Directors in a meeting held on March 19. The record date for determining eligible shareholders has been set as March 25, 2025.

Strong Order Book and Execution Outlook

MIDHANI’s Chairman and Managing Director, N Gowri Sankara Rao, has expressed optimism about the company’s performance in the remaining months of FY25. As of February 2025, the company’s order book stood at approximately ₹2,000 crore, with expectations of securing more orders before the fiscal year ends.

Rao highlighted that the January-March 2025 quarter (Q4FY25) is crucial, as MIDHANI typically executes 60-70% of its total order book during this period. The company has already completed ₹660 crore worth of orders in the first nine months of FY25 and expects to execute over ₹400 crore in the current quarter. With this momentum, MIDHANI aims to surpass last year’s total turnover.

Growth Projections for FY26

Looking ahead to FY26, Rao anticipates an increase in production orders, particularly from the Naval and Aerospace sectors, which is expected to drive higher turnover. Despite stabilising raw material prices, geopolitical factors continue to keep costs elevated compared to the previous year.

To enhance profitability, MIDHANI is focusing on optimising material usage through virgin materials, plant reverse usage, and yield improvement strategies. Higher yield directly contributes to better margins, strengthening the company’s financial performance in the upcoming fiscal year.

Stock Performance 

On March 19, 2025, Mishra Dhatu Nigam share price ended 8.40% higher at ₹284.60. Mishra Dhatu Nigam’s share price reached a 52-week high of ₹541, and a 52-week low of ₹226.60. As per BSE, the total traded volume for the stock stood at 1.58 lakh shares with a turnover of ₹4.44 crores.

At the current price, Mishra Dhatu Nigam shares are trading at a price-to-earnings (P/E) ratio of 53.20x, based on its trailing 12-month earnings per share (EPS) of ₹5.35, and a price-to-book (P/B) ratio of 3.95, according to exchange data.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Indian markets are expected to be impacted today. As of 6:38 AM, GIFT Nifty futures were up by 70.00 points at 23,060.00.

In the previous session, the Sensex gained 147.79 points (0.20%) to 75,449.05, while the Nifty50 jumped by 73.30 points (0.32%) to 22,907.60.

Here are the key stocks to watch today on March 20, 2025:

Hyundai Motor

Hyundai Motor has announced a price hike of up to 3% across its model lineup, effective April 2025. The company cited rising input costs, escalating commodity prices, and increased operational expenses as the primary reasons for the adjustment. The actual price increase will vary based on the model and variant.

NHPC

NHPC‘s Board has approved a plan to raise up to ₹6,300 crore in debt during the financial year 2025-26. The funds will be raised through non-convertible corporate bonds in one or more series or tranches on a private placement basis.

Vedanta

Vedanta Chairman Anil Agarwal has stated that the company anticipates approval from the National Company Law Tribunal (NCLT) for its proposed demerger within the next 4-6 weeks. However, he did not provide a specific timeline for the completion of the restructuring process.

Wipro

Wipro has introduced new agentic AI services powered by the NVIDIA AI Enterprise platform to help nations and local governments develop and deploy AI-driven solutions tailored to their languages and cultures. The initiative aims to enhance AI adoption in public services through customised, region-specific implementations.

Adani Enterprises

Adani Enterprises‘ subsidiary, Kutch Copper, has completed the incorporation of a joint venture company, Praneetha Ecocables, in partnership with Praneetha Ventures. Kutch Copper will hold a 50% equity stake in the newly formed entity.

Mishra Dhatu Nigam

State-owned Mishra Dhatu Nigam has announced an interim dividend of ₹0.75 per equity share, representing 7.50% of the face value of ₹10 per share for FY2024-25. The company’s Board of Directors approved the decision in a meeting held on March 19. The record date for determining eligible shareholders has been set as March 25, 2025.

Dhanlaxmi Bank

Dhanlaxmi Bank‘s Board has approved issuing unsecured Basel III-compliant Tier-II bonds worth up to ₹150 crore on a private placement basis. The 10-year bonds, with a face value of ₹1 crore each, will be issued along with approved regulatory documents.

Raymond

Raymond has announced that Nawaz Singhania has resigned from her position as a Non-Executive Director of the company, effective March 19.

Conclusion

Indian markets are set for a dynamic session today, influenced by key corporate developments and GIFT Nifty futures trending higher. Major announcements from Hyundai, NHPC, Vedanta, Wipro, Adani Enterprises, and others highlight strategic moves in pricing, debt-raising, AI innovation, and restructuring. Investors will closely monitor these updates for market impact and trading opportunities on March 20, 2025.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Shares of Shilpa Medicare rose over 4% to ₹657 in morning trade on March 18 after its subsidiary, Shilpa Biologicals, announced a strategic partnership with Switzerland-based mAbTree Biologics AG.

The collaboration aims to co-develop and manufacture a novel immuno-oncology therapy targeting a newly identified immune checkpoint protein, which could revolutionise cancer treatment.

Therapy Targets New Immune Checkpoint Protein

The therapy in focus is a fully human monoclonal antibody designed to enhance T-cell activation and improve the immune system’s response against cancer. Researchers believe it has the potential to convert ‘cold’ tumours—those with poor immune infiltration—into ‘hot’ tumours that respond better to treatment.

This makes it a promising option for various cancers, including lung and head and neck carcinomas.

Under the agreement, Shilpa Biologicals will handle the drug’s development, including clinical trials, and serve as the long-term commercial supplier. The manufacturing will take place at Shilpa Biologicals’ GMP (Good Manufacturing Practice) facility in Dharwad, Karnataka.

Potential to Revolutionise Cancer Treatment

The program aims to develop a fully human monoclonal antibody targeting a novel immune checkpoint protein that enhances T-cell activation, triggering a potent immune response against tumours.

This approach is similar to the well-established PD-1/PD-L1 blockade, which has achieved significant clinical success in cancer treatment.

Emerging research suggests that the new target holds immense therapeutic potential across various immuno-oncological conditions, both as a standalone treatment and in combination with other therapies. This could open new avenues for patients who do not respond to current immunotherapies.

Leadership Highlights Vision and Potential

Madhav Bhutada, Director of Shilpa Biologicals, emphasised the collaboration’s alignment with the company’s vision to deliver innovative and affordable oncology treatments globally. “This collaboration aligns with our vision to deliver innovative and affordable oncology treatments globally,” he said.

Sridevi Khambhampaty, CEO of Shilpa Biologicals, called the therapy a “new frontier” in immuno-oncology. She highlighted its potential to benefit patients who do not respond to current immunotherapies, underscoring the transformative impact it could have on cancer treatment.

Raj Andhuvan, CEO of mAbTree Biologics AG, emphasised the partnership’s goal of expanding access to cancer treatments in India and other underserved markets. He praised Shilpa’s strong scientific expertise and its ability to bring innovative therapies to market.

Stock Performance

At around 10:12 AM (IST), Shilpa Medicare share price is trading at ₹657.55, up 4.34% from the previous close on the National Stock Exchange (NSE). Despite the recent surge, Shilpa Medicare’s stock has declined by 23% since the start of the year, weighed down by broader market weakness.

Conclusion

The strategic partnership between Shilpa Biologicals and mAbTree Biologics AG marks a significant step forward in the development of innovative cancer therapies. By targeting a novel immune checkpoint protein.

The collaboration has the potential to transform cancer treatment, particularly for patients who do not respond to existing immunotherapies. The market’s positive reaction to the announcement reflects optimism about the therapy’s potential and Shilpa Medicare’s role in advancing cancer care.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Ajmera Realty Ltd. announced on Monday, March 17, that it has secured a significant redevelopment project in Andheri West, Mumbai, with a gross development value (GDV) of ₹320 crore.

The project involves the redevelopment of the premises of Ascot Co-Operative Housing Society Ltd., marking another milestone in the company’s expansion strategy.

Project Details and Scope

The redevelopment project spans a total land area of 2,319 square meters and will be developed in a single phase. Upon completion, the project is expected to generate an estimated sales revenue of ₹320 crore.

The development will offer a total carpet area of approximately 71,300 square feet, catering to the growing demand for premium residential spaces in Mumbai.

In its exchange filing, Ajmera Realty stated, “The project covers a total land area of 2,319 square metre and will be developed in a single phase. It is expected to generate an estimated sales revenue of ₹320 crore, with a total estimated carpet area of around 71,300 square feet.”

Strategic Focus on Redevelopment and Asset-Light Models

The acquisition of this project aligns with Ajmera Realty’s strategy to diversify its portfolio by focusing on inorganic growth through asset-light acquisitions, including redevelopment projects and joint ventures (JV) or joint development agreements (JDA).

The company has been actively expanding its footprint in high-potential micro-markets across Mumbai.

Dhaval Ajmera, Director of Ajmera Realty, emphasised the company’s commitment to strategic growth, stating, “This project reinforces our commitment to revitalising high-potential micro-markets through strategic redevelopment, JV/JDA models, and asset-light acquisitions.”

Expansion of Project Portfolio

In addition to the Andheri West project, Ajmera Realty has added four new projects to its portfolio over the past year, with a combined gross development value of approximately ₹2,770 crore. These projects underscore the company’s aggressive growth strategy and its focus on leveraging opportunities in Mumbai’s real estate market.

Stock Performance 

On March 18, 2025, Ajmera Realty share price traded 2.21% higher at ₹808 at 9:56 AM (IST). Ajmera Realty’s share price reached a 52-week high of ₹1,225.80, and a 52-week low of ₹546.24.

At the current price, ONGC shares are trading at a price-to-earnings (P/E) ratio of 29.98x, based on its trailing 12-month earnings per share (EPS) of ₹26.95, and a price-to-book (P/B) ratio of 3.90, according to exchange data.

Conclusion

The Andheri West redevelopment project is a testament to Ajmera Realty’s vision of transforming underutilised spaces into premium residential developments. With a strong focus on strategic acquisitions and redevelopment.

The company continues to strengthen its position as a key player in Mumbai’s real estate sector. The project is expected to contribute significantly to the company’s revenue growth while meeting the evolving needs of urban homebuyers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

State-owned Oil and Natural Gas Corporation Ltd (ONGC) disclosed on Monday, March 17, 2025, that it has received a Goods and Services Tax (GST) demand order amounting to ₹22 crore from the Joint Commissioner, State Tax, Circle C, Jodhpur. The demand pertains to the period between April 1, 2020, and May 14, 2020.

In a regulatory filing, ONGC stated, “An Order, dated 25.02.2025 has been received through email today i.e. 17.03.2025 from the Office of Joint Commissioner, State Tax, Circle C, Jodhpur for the Period of 01.04.2020 to 14.05.2020.”

Breakdown of the GST Demand

The order, issued under Sections 73 and 50 of the Central Goods and Services Tax (CGST) Act, 2017, comprises three components:

– GST recovery demand: ₹11.31 crore

– Interest: ₹9.50 crore

– Penalty: ₹1.13 crore

The total demand of ₹22 crore arises from the alleged non-payment of GST on royalty for other joint venture (JV) partners, Vedanta and Cairn Energy Hydrocarbons Limited (CEHL), who hold a 35% participating interest each in the unincorporated JV for the Pre-NELP block RJ-ON-90/1.

ONGC’s Stand on the GST Dispute

ONGC has been paying GST under protest for its own 30% share in the JV. The company maintains that GST is not applicable on royalty and that it is not liable to pay the tax on behalf of its JV partners. The issue is already under litigation, and ONGC plans to review the order and file an appeal.

In its filing, ONGC stated, “The company is of the view that: (a) GST is not leviable on Royalty and, (b) ONGC is not liable to pay GST on Royalty for other JV partner’s share as per the provision of PSC (Production Sharing Contract) and GST Act. It is pertinent to mention that the question of leviability and shareability involved in this issue is presently under litigation.”

No Significant Financial or Operational Impact

ONGC assured stakeholders that the GST demand order will not have a significant financial or operational impact given the size and scale of its operations. The company reiterated its commitment to challenging the order through legal channels.

“No significant impact in view of the size and scale of operations of the Company. The Company shall review the order and file an appeal before the appropriate forum,” ONGC added in its filing.

Background of the Dispute

The dispute stems from the interpretation of GST applicability on royalty payments in the context of joint ventures. ONGC has consistently argued that royalty payments are not subject to GST and that it is not responsible for paying GST on behalf of its JV partners. The matter is currently under litigation, and the company is confident in its legal position.

Stock Performance 

On March 18, 2025, ONGC share price traded 0.17% higher at ₹230.15 at 9:40 AM (IST). ONGC’s share price reached a 52-week high of ₹344.60, and a 52-week low of ₹215.20. As per BSE, the total traded volume for the stock stood at 0.85 lakh shares with a turnover of ₹1.95 crores.

At the current price, ONGC shares are trading at a price-to-earnings (P/E) ratio of 7.41x, based on its trailing 12-month earnings per share (EPS) of ₹31.03, and a price-to-book (P/B) ratio of 0.88, according to exchange data.

Conclusion

While the ₹22 crore GST demand order poses a regulatory challenge, ONGC remains steadfast in its stance and is prepared to contest the order through legal means. The company’s strong financial position ensures that the demand will not significantly impact its operations. Stakeholders will be closely watching the outcome of the litigation as it progresses.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

State-owned Bank of Maharashtra Ltd disclosed on Monday, March 17, 2025, that it has received an administrative warning from the Securities and Exchange Board of India (SEBI) for failing to conduct mandatory Nomination & Remuneration Committee (NRC) meetings during the financial years 2022-23 and 2023-24.

The warning, dated March 12, 2025, was issued due to the bank’s violation of Regulation 19(3A) of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

In a regulatory filing, the bank stated, “The Exchange is hereby informed that the Bank has received an administrative warning letter no. SEBI/HO/CFD/SEC-1/OW/P/2025/08005/1 dated 12.03.2025 regarding non-conduct of Nomination & Remuneration Committee (NRC) Meeting in the FY 2022-23 & 2023-24 resulting into violation of Regulation 19(3A) of SEBI LODR Regulations, 2015.”

Bank’s Response to SEBI Directive

The bank acknowledged the receipt of the warning letter on March 17, 2025, and assured that it would take necessary steps to address the concerns raised by SEBI. “We have taken cognizance of the aforesaid letter and the bank will initiate necessary steps to address the concerns/directives as mentioned in the letter,” the bank added in its filing.

Stock Performance 

On March 18, 2025, Bank of Maharashtra share price traded 0.92% higher at ₹44.83 at 9:26 AM (IST). Bank of Maharashtra’s share price reached a 52-week high of ₹73.50, and a 52-week low of ₹43.69. As per BSE, the total traded volume for the stock stood at 0.48 lakh shares with a turnover of ₹21.49 lakhs.

At the current price, Bank of Maharashtra shares are trading at a price-to-earnings (P/E) ratio of 6.60x, based on its trailing 12-month earnings per share (EPS) of ₹6.82, and a price-to-book (P/B) ratio of 1.53, according to exchange data.

Conclusion

While the SEBI warning highlights a lapse in corporate governance, the Bank of Maharashtra’s strong financial performance and stable asset quality demonstrate its resilience. The bank has assured stakeholders that it will take corrective measures to comply with SEBI’s directives and strengthen its governance framework moving forward.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.