Top 10 stocks for today – 2nd April 2024

2 Apr 2024 , 09:16 AM

Here are some of the stocks that may see significant price movement today.

1. Infosys: The IT services major has received a tax demand totaling ₹341 Crore from the Income Tax Department for the assessment year 2020–21, which includes interest. The company is currently assessing the potential impact of this order on its financial statements for the quarter and year ending March 2024. Additionally, the company is considering the possibility of filing an appeal against this order.
2. Zomato: The company has been served with an order demanding service tax amounting to ₹92.1 Crore, in addition to interest and penalty charges also totaling ₹92.1 Crore. This order, covering the period from October 2014 to June 2017, was issued by the Commissioner, Adjudication, Central Tax, Delhi.
3. Ashok Leyland: The commercial vehicle maker experienced a 4% year-on-year decline in total vehicle sales, amounting to 22,866 units in March 2024. Within this, domestic sales decreased by 7%, reaching 21,317 units during the same period. Specifically, medium and heavy commercial vehicle sales witnessed a 7% year-on-year drop, totaling 15,562 units in March 2024.
4. NTPC: The country’s largest power generation company has recently signed a Supplementary Joint Venture Agreement (SJVA), Amendment-II, with UP Rajya Vidyut Utpadan Nigam (UPRVUNL). This new agreement, SJVA Amendment-II, will be an essential addition to the existing Joint Venture Agreement (JVA) dated February 28, 2008, and the first Supplementary Joint Venture Agreement (SJVA Amendment-I) dated September 13, 2023.
5. HDFC Bank: HDFC Bank, the private sector lender, announced that its board has appointed Suketu Kapadia as the Group Head of Internal Audit, effective from April 1, 2024. Kapadia will assume this role following the departure of V. Chakrapani, who previously served as the Group Head of Internal Audit and concluded his tenure on March 31. Chakrapani will transition to a new role within the bank as the Group Head of Change Agent, effective from April 1.
6. Maruti Suzuki India: The country’s largest car maker reported a total production of 1,66,730 vehicles in March this year, marking an increase of 8.2% compared to the 1,54,148 vehicles produced in the same month last year. However, alongside this positive development, the company has encountered a challenge in the form of a demand notice from the income tax authority, amounting to ₹238.72 Crore, along with a show cause notice for the initiation of penalty proceedings. In response, the company intends to file an appeal before the Commissioner of Income Tax (CIT) contesting this demand and the penalty proceedings.
7. Hero MotoCorp: In March 2024, the world’s largest two-wheeler manufacturer sold 4.9 lakh units, indicating a decline of 5.6% compared to the same period in the previous year. Domestic sales experienced a decrease of 8.6% year-on-year, totaling 4.59 lakh units. However, exports showed substantial growth, increasing by 87.6% year-on-year to reach 31,158 units in March.
8. TVS Motor Company: The two-wheeler and three-wheeler manufacturer achieved a notable 12% year-on-year growth in total sales, reaching 3.54 lakh units for March 2024. Specifically, total two-wheeler sales rose by 12% year-on-year to reach 3.44 lakh units. Within this segment, domestic two-wheeler sales increased by 8%, totaling 2.6 lakh units, while exports surged by 23% to reach 91,972 units during the same period.
9. NMDC: In March 2024, the company reported iron ore production of 4.86 million metric tons, reflecting a decrease of 13.2% compared to the previous month. Concurrently, iron ore sales during the same period witnessed a decline of 18.2%, amounting to 3.96 million metric tons.
10. Atul Auto: The three-wheeler maker reported a total of 3,128 units in sales for March FY24, marking a slight decrease of 0.8% compared to the 3,154 units sold in the same month of the previous fiscal year. However, sales for the entire fiscal year FY24 showed growth, with a 1.92% increase to 26,039 units compared to the previous fiscal year.