Top 10 stocks for today

RBI fines the Kotak Mahindra Bank. Kotak Mahindra Bank has been fined Rs1.05 crore by the Reserve Bank of India for not complying with certain norms.

In Q1FY23, Vedanta’s production of mined metal increased by 14% year over year. According to the company’s BSE filing, the Lanjigarh refinery’s alumina production in Q1FY23 climbed slightly YoY to 4.85 lakh tonnes, up 1% YoY, as a result of planned maintenance in April 2022. Smelters increased their production of cast metal aluminum by 3% YoY to 5.65 lakh tonnes. Due to increased ore production across all mines and improved mill recovery, mined metal production increased 14% YoY to 2.52 lakh tonnes. Due to debottlenecking efforts in blast furnace-3 and firing of blast furnace-2, the total saleable production, at 268,523 tonnes, decreased by 7% YoY. To 3,577 million units, overall power sales climbed by 32% year over year.

The RBI fines the IndusInd Bank. IndusInd Bank has been fined Rs 1 crore by the Reserve Bank of India for noncompliance.

Tata Steel has finished buying Neelachal Ispat Nigam. Through its step-down subsidiary Tata Steel Long Products, Tata Steel has completed the acquisition of a 93.71% share in Neelachal Ispat Nigam Ltd (NINL). Rs12,100 crore were spent on the transaction. Tata Steel Long Products now owns 49.78% of NINL after MMTC and NMDC both successfully sold their respective 10.10% stakes.

The managing director of RCC Cements resigns. Due to commitments abroad, Sunil Kumar has resigned from his position as managing director of the business.

The state-owned insurance giant LIC would contribute Rs80.67 crore to its joint venture’s proposed rights offering (Nepal). During the Monday board meeting of the insurance, the idea was adopted. On September 27, 2022, LIC will host its inaugural Annual General Meeting.

The company belonging to the Tata Group stated that the outlook for its jewellery segment in FY23 and the medium term is “promising,” with “great” development prospects made possible by multifaceted initiatives within the wedding market, the momentum behind its gold exchange plan, and network expansion.

The Koppal factory in Karnataka’s tiny blast furnace II (MBF-11) is upgraded by the smallcap pig iron company. MBF-11 operations have resumed as of July 4. Following the upgrading, MBF-11’s ability to produce pig iron has increased to 2,17,600 metric tonnes annually.

The electricity division of the Tata Group stated that it has signed an agreement with the Tamil Nadu government to invest Rs3,000 crore in the construction of a new plant to produce solar cells and modules in the state’s Tirunelveli district. The MoU highlights the parties’ shared commitment to promoting the transition to renewable energy and job creation.