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EquityPandit

EquityPandit
MARKETS

Embassy REIT Rs 1,050 Crore of NCDs to Refinance Bank Loans

The block deal triggered a spike in volume as 23 crore shares changed hands on the exchanges.

The first listed Estate Investment Trust (REIT) in India, Embassy Office Parks REIT, announced in a press release on Monday that it has successfully raised debt of Rs 1,050 crore through non-convertible debentures (NCDs). 

The monies raised will be used to refinance bank loans that will be reset in the coming months. Embassy REIT anticipates significant interest savings of approximately 138 basis points (bps) versus the estimated interest rate upon repricing. The NCDs have been rated AAA or Stable by CRISIL. 

The Series VII NCDs have a two-year tenure and a 7.77% quarterly coupon rate and have been approved by the Debenture Committee of the Board of Directors of the Manager to Embassy REIT. The NCDs will be listed on the wholesale debt market of BSE Limited. 

The Chief Investment Officer (CIO) at Embassy REIT, Ritwik Bhattacharjee, in the press release, said that the NCD issuance would enable the company to refinance floating rate loans prudently partly, and they will continue to monitor our floating rate debt book to minimise the impact of potential interest rate increases to unitholders.

Embassy REIT owns and operates a 45 million sq feet portfolio of high-quality office parks and city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the Delhi NCR.  

Axis Bank Limited, Barclays Bank PLC, and ICICI Bank Limited served as arrangers to facilitate this debt raise. Talwar Thakore & Associates provided legal counsel to Embassy REIT, ensuring compliance with regulations and legal requirements.

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MARKETS

Stocks Under F&O Ban: 

Ali Waghbakriwala

Under the futures and options (F&O) segment, no stocks were banned from trade on Tuesday, 1 April, by the National Stock Exchange (NSE). 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

Stocks in Focus: Hindustan Aeronautics, HBL Engineering, Vodafone Idea, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 176 points lower at 23,519.35, indicating that the domestic benchmark indices are likely to make a negative start on Tuesday.

On Monday, 31 March, Domestic benchmark indices S&P BSE Sensex slumped by 191.51 points or 0.25% and settled at 77,414.92 while the Nifty50 traded 0.31% lower by 72.60 points, settling at 23,519.35.

Here are some stocks that are likely to remain in focus on 1 April.

Hindustan Aeronautics: The company has announced inking two contracts with the Ministry of Defence for supplying 156 Light Combat Helicopters of which 90 units will be given to the Indian Army and 66 units will be given to the Indian Air Force for a total consideration of Rs 62,700 crore. 

HBL Engineering: The company has secured 5 LoA worth from the Central Railway for the provision of the Kavach. The value of these contracts stands at Rs 762.56 crore. 

Vodafone Idea: The government of India has announced their plans to raise its stake in the company to 48.99% after converting the outstanding spectrum auction dies into equity shares. The centre has ordered the company to issue equity shares worth Rs 36,950 crore to the government. 

Auto Stocks: The shares of automobile companies such as TVS Motor, Hyundai India, Hero Motocorp, Maruti Suzuki, and many others will be in focus as these companies are set to release their monthly sales for the month of March. 

Power Mech Projects: The company has secured an order worth Rs 425 crore from Mirzapur Thermal Energy, which is a wholly-owned subsidiary of Adani Power for civil works and the erection of prefabricated structural steel.

ITC: The company has announced its plans to acquire Century Pulp and Paper from Aditya Birla Real Estate for a total consideration of Rs 3,498 crore, strengthening its foothold in the north and boosting its own paper capacity by half. 

NCC: The company has announced receiving other orders worth Rs 5,773 crore in March 2025, from which, orders worth Rs 2,686 crore are for the transportation business vertical, orders worth Rs 2,139 crore are for the building business vertical, and orders worth Rs 948 crore are for the water and environment business vertical. 

Engineers India: The company has announced securing a consultancy order worth Rs 245 crore from a state-owned company for executing projects on a cost-plus basis in West Bengal and Maharashtra.

RITES: The company has secured a Letter of Award (LoA) from Numaligarh Refinery for a project worth Rs 155.5 crore. The scope of the order involved railway sidings at the NRL Panchgram Terminal, a 3rd Railway Spur at Rangapani (SMT), and Duliajan (crude oil TW loading railway siding) of Oil India.

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MARKETS

BEML Shares Extend Gains on Rs 405 Crore Contract

Ali Waghbakriwala

Shares of BEML jumped 7% and hit an intraday high of Rs 3,367.90 on 28 March after the company announced receiving a contract worth Rs 405 crore from Bengaluru Metro Rail Corporation Limited (BMRCL).

The contract under Bengaluru Metro Rail Projects includes comprehensive maintenance and staff training for a maximum of fifteen (15) years, as well as the design, production, delivery, installation, testing, and commissioning of standard gauge metro vehicles.

BEML announced plans to construct a mining equipment manufacturing factory in Chhattisgarh in the interim. This plant will primarily produce dump trucks, water sprinklers, and high-performance motor graders. According to the corporation, this will satisfy the rising demand in the mining and infrastructure sectors.

BEML, a well-known multi-technology “Schedule A” company under the Ministry of Defense, is vital to India’s primary industries, which include mining, construction, rail, power, and defence, thanks to its excellent products.

On 12 March 2025, Siemens India and BEML signed a non-binding Memorandum of Understanding (MoU) to jointly explore opportunities in the semi-high-speed and suburban passenger train segments, as well as the metro and commuter rail markets. 

Additionally, BEML and Dragflow S.R.L., Italy Forge, signed an MOU to Strengthen Indigenous Dredging Solutions.
 
Last month, BEML and a renowned South Korean company, STX Engine, signed a strategic partnership to jointly develop, manufacture, and market battle tank engines, marine engines, spare parts, and engine aggregates.   The agreement involves engine component servicing and maintenance to suit India’s defence needs, in addition to looking into export opportunities to friendly nations.

At 3:30 pm, the shares of BEML closed 2.85% higher at Rs 3,230 on NSE. 

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MARKETS

Force Motors Shares Soar 7% on Securing Order for Force Gurkha Light

Ali Waghbakriwala

Shares of Force Motors Ltd soared 7% on Friday, 28 March, after the company announced signing a contract with the Indian Defence Forces for an order of 2,978 automobiles.

In its regulatory filing, the company announced, “We are pleased to inform you that the company has signed a landmark contract for an order of 2978 vehicles from Indian Defence Forces i.e. by Directorate General of Capb, Devp (CD-13/14) General Staff Branch, IHQ of MoD (Army) New Delhi.”

Force Motors was chosen as the Indian Defence Forces’ L1 provider for the acquisition of 2,978 Force Gurkha light vehicles (GS 4X4 800 kg Soft Top). The deal will be completed in multiple phases over a maximum of three years. 

Force Motors has been in the defence business for a long time with the Gurkha LSV (Light Strike Vehicle), a vehicle renowned for its durability, off-road skills, and adaptability. 
 
The Force Gurkha, in particular, has been engineered to flourish in the most demanding circumstances thanks to its unparalleled performance, greater ground clearance, the highest water-wading capacity in its class, and exceptional manoeuvrability.

“We are honored to continue our association with the Indian Defence Forces through this substantial order. Our vehicles are designed with a focus on quality, reliability, ruggedness, and performance, aligning perfectly with the operational needs of our defence personnel. This order is a testament to the trust and confidence Indian Defence Forces place in Force Motors,” said Prasan Firodia, managing director of Force Motors.

Shri N. K. Firodia established Force Motors Limited in 1958 with the intention of providing the general population with affordable, reliable, and efficient transportation. With an emphasis on the design, development, and manufacturing of cars, components, and parts, it is today a fully integrated automotive company.

At 1:39 pm, the shares of Force Motors were trading 2.78% higher at Rs 9,032 on NSE.

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MARKETS

Adani Green Shares Trade Higher as Arm Secures 400 MW Solar Power Project 

Ali Waghbakriwala

Shares of Adani Green Energy were trading 1% higher on Friday, 28 March, after the company’s wholly-owned subsidiary, Adani Renewable Energy Holding Twelve Ltd, secured a project from Uttar Pradesh Power Corporation Limited. 

In its regulatory filing, the company said that they have secured a Letter of Award (LoA) granting the company’s subsidiary the rights to supply 400 megawatts (MW) of solar power to Uttar Pradesh Power Corporation Limited for a period of 25 years. 

Solar power would come from a grid-connected solar photovoltaic (PV) power plant that is under development in Rajasthan. The power supply has been set at a fixed price of Rs 2.57 per kWh.

The order supports the nation’s growing solar power capacity and raises Adani Green Energy’s profile in the renewable energy sector, per an exchange filing.

The company confirmed that neither the promoter nor the promoter group have any interest in Uttar Pradesh Power Corporation Limited. 

Adani Green Energy is a leading global player in the renewable energy sector, specializing in the development and operation of solar, wind, hybrid, and hydropower plants across India. With India’s largest operational renewable portfolio of 11.7 GW, AGEL is dedicated to expanding its capacity to 50 GW by 2030, reinforcing its commitment to sustainable energy solutions.

However, at 12:47 pm, the shares of Adani Green Energy shed all their early gains and were trading 0.28% lower at Rs 957.20 on NSE.

Wondering About Adani Green Energy Ltd? The Analyst Has Answers.

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