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Coal India falls 3% as board approves SECL, Mahanadi Coalfields divestment

Coal India falls 3% as board approves SECL, Mahanadi Coalfields divestment

by | Mar 24, 2026 | Share Market



Coal India share price today: Shares of Coal India, the largest state-owned coal producer in the world, fell nearly 4 per cent on Tuesday, March 24, to hit an intraday low of ₹439 on the NSE. This comes after the company announced that its Board has granted in-principle approval for the partial disinvestment and listing of its two subsidiaries, South Eastern Coalfields Limited (SECL) and Mahanadi Coalfields Limited (MCL).

 


Around 11:00 AM, Coal India stock was trading at ₹441, down 3.1 per cent against the previous session’s close of ₹455.25. In comparison, the benchmark NSE Nifty50 was quoting at 22,664.85 levels, up 152 points or 0.68 per cent.

 
 


The stock’s 52-week high was at ₹476, and its 52-week low was at ₹356 on the NSE. Its total market capitalisation stood at ₹2.71 trillion. 

 


On March 25, Coal India’s board have in-principle approval for divestment of up to 25 per cent stake held by the company each in South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL) through ‘offer for sale’.

 


It will also issue equity shares of SECL of up to 10 per cent of the post-issue paid-up equity share capital, in one or more tranches, through an initial public offer (IPO) or other routes in the domestic market, the company informed the exchanges in a filing. 

 


On December 23, 2025, the company gave in-principle approval for the listing of SECL and MCL. 

 


The proposed listing of SECL remains subject to the necessary regulatory approvals and the completion of all required formalities.

 


SECL and MCL are the company’s largest subsidiaries, together accounting for 50 per cent of total coal production and 40 per cent of consolidated profit in FY25.

 


According to ICICI Securities, the proposed listings could unlock significant shareholder value, with the combined market capitalisation of both entities estimated to be more than ₹1 trillion, assuming a 7x PE multiple on FY25 earnings. 

 


“With this, from a long-term perspective, we maintain a positive stance supported by strategic diversification into coal gasification, critical minerals, and renewable energy, robust net-cash-positive B/S and a strong dividend yield of 7 per cent,” the brokerage said.



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Stock Alert: Coal India, InterGlobe Aviation, Wipro, Persistent Systems, IRFC

Stock Alert: Coal India, InterGlobe Aviation, Wipro, Persistent Systems, IRFC

by | Mar 24, 2026 | Share Market


Securities in F&O Ban:

Sammaan Capital and SAIL shares are banned from F&O trading on 24 March 2026.

New listing:

Raajmarg Infra Investment Trust (InvIT) and GSP Crop Science are set to debut on stock exchanges today. Raajmarg InvIT was subscribed 6.25 times with a revised price band of Rs 99100 per share, while GSP Crop Science was subscribed 1.61 times, with a revised price band of Rs 304320 per share.

IPO to Open:

Amir Chand Jagdish Kumar, a processor and exporter of basmati rice and other FMCG products in India, operates fully integrated operations across the basmati rice value chain. The company has launched an initial public offering (IPO) entirely as a fresh issue, raising Rs 440 crore. The IPO is priced in the band of Rs 201 to Rs 212 per share.

 

Powerica, a power solutions company specializing in diesel generator sets for primary and backup use, has announced a public issue of Rs 1,100 crore. The offer comprises a fresh issue of Rs 700 crore and an offer for sale of Rs 400 crore. The price band is fixed at Rs 375395 per share.

Sai Parenteral, a diversified pharmaceutical formulations company, has announced a public issue of Rs 409 crore. The issue comprises a fresh issue of Rs 285 crore and an offer for sale of Rs 124 crore. The price band is fixed at Rs 372392 per share.

Stocks to Watch:

Wipro has launched a new Innovation Lab in South Korea under its Wipro Innovation Network (WIN), expanding local operations. The company continues to invest in talent to support South Korean clients both locally and globally.

InterGlobe Aviation said that its board has approved the appointment of Aloke Singh as Chief Strategy Officer of the company, effective April 6. Previously, Aloke Singh served as the Managing Director and Chief Executive Officer of Air India Express.

Persistent Systems said Ruchi Kulhari has been appointed as Executive Vice President (EVP), Chief of Staff, and Senior Management Personnel (SMP), effective March 23.

Coal Indias board approved divestment of up to 25% in South Eastern Coalfields via OFS and fresh equity issuance up to 10% through IPO. In-principle approval given for up to 25% divestment in Mahanadi Coalfields via IPO/OFS. The board also approved a 100% corporate guarantee of Rs 3,160 Cr for subsidiary CRAULs 875 MW solar PV project. CRAUL is a JV with Rajasthan Rajya Vidyut Utpadan Nigam.

GR Infraprojects announced that it has received an order worth Rs 2,440.87 crore from NHAI for the construction of a greenfield section of NH-33 in Bihar.

Indian Railway Finance Corporation (IRFC) said that it has signed a major rupee term loan agreement with Hindustan Urvarak and Rasayan (HURL) for the refinancing of its existing long-term debt of up to Rs 12,842 crore.

GNG Electronics has amended its facility agreement with ICICI Bank, raising overall limits from Rs 40 crore to Rs 72 crore. Additionally, an addendum with Axis Bank enhanced working capital facilities from Rs 44 crore to Rs 65 crore. The funds will be used to meet the companys working capital requirements.

Dredging Corporation of India said that its board approved the appointment of Captain S. Divakar as Managing Director & CEO (Additional Director Executive, Non-Independent) and Key Managerial Personnel (KMP) of the company.

SEPCs board approved the acquisition of a 90% stake in Avenir International Engineers & Consultants LLC, Abu Dhabi, for Rs 1,530 crore. The acquisition will help SEPC expand its presence in the global oil & gas sector.

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Stock Alert: Coal India, InterGlobe Aviation, Wipro, Persistent Systems, IRFC

NBCC secures Rs 59-cr order from Odisha University

by | Mar 24, 2026 | Share Market


Last Updated : Mar 24 2026 | 8:04 AM IST

NBCC (India) said that it has received a project management consultancy (PMC) contract from Maharaja Sriram Chandra Bhanja Deo University, located in Baripada, Mayurbhanj, Odisha.

The scope of work includes construction of various buildings, roads, and drainage systems, along with associated electrical and mechanical works. The project is being undertaken under an Infrastructure Development Grant.

The contract, valued at approximately Rs 58.61 crore, has been awarded by a domestic entity and will be executed within a timeline to be specified.

NBCC clarified that neither its promoter nor group companies have any interest in the awarding entity, and the contract does not fall under related party transactions.

 

NBCC (India) operates in three major segmentsproject management consultancy, real estate, and engineering procurement & construction.

The company’s consolidated net profit advanced 38.5% to Rs 197.22 crore on a 7.6% rise in revenue from operations to Rs 3,022.39 crore in Q3 FY26 over Q3 FY25.

Shares of NBCC (India) tanked 5.73% to end at Rs 79.10 on the BSE.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Mar 24 2026 | 8:04 AM IST



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Motilal Oswal sector of the week: Utilities; check top stock pick here

Motilal Oswal sector of the week: Utilities; check top stock pick here

by | Mar 24, 2026 | Share Market



ALMM expansion to wafers signals next phase of solar manufacturing consolidation

India’s solar manufacturing ecosystem is entering a new phase of structural evolution, following the government’s decision to extend the Approved List of Models and Manufacturers (ALMM) framework to include wafers from June 2028. This move completes the policy’s coverage across the entire solar value chain – modules, cells, and now wafers; marking a decisive push toward end-to-end domestic manufacturing.  


The amendment introduces ALMM List-III for wafers, with implementation contingent upon the establishment of at least three independent players with a combined capacity of 15GW across ingot and wafer production. While certain exemptions have been provided such as projects nearing bid deadlines and select open-access installations; the broader direction is clear: future solar projects will increasingly be required to source components entirely from domestically approved supply chains.  

 


This policy shift is expected to significantly reshape industry dynamics. The current module manufacturing landscape remains fragmented, with multiple small-scale players contributing to pricing pressure and margin compression. The combined enforcement of ALMM-II (cells) and ALMM-III (wafers) is likely to accelerate consolidation, favouring players with integrated capabilities spanning the full manufacturing stack. Such integration not only enhances control over costs but also improves supply reliability and margin resilience.  


Capacity expansion plans already underway indicate that the industry is preparing for this transition. Several manufacturers have announced large-scale investments in ingot and wafer facilities, with timelines aligned ahead of the enforcement trigger. This suggests growing confidence in the long-term policy framework and demand visibility, particularly as domestic solar installations continue to scale.  


From a demand-supply perspective, the move strengthens India’s ambition to reduce import dependence and build a self-reliant renewable energy ecosystem. However, execution risks remain. The success of the policy will depend on timely capacity creation, technological competitiveness, and the ability of domestic players to match global cost benchmarks. 


In the medium term, the sector appears well-positioned for structurally higher profitability, driven by improved pricing power, better capacity utilisation, and reduced external supply shocks.  


As the ecosystem transitions toward vertically integrated manufacturing, companies with early investments in upstream capabilities are likely to emerge as key beneficiaries. 


Overall, the extension of ALMM to wafers represents a pivotal step in India’s solar manufacturing journey – one that could redefine competitive positioning while reinforcing long-term sectoral growth. 


Waaree Energies: Target Price- ₹3,514

Waaree Energies benefits from its strong position in domestic and international solar module/cell manufacturing, operational efficiency gains, and a favourable product mix. Rising share of DCR modules and enhanced competitiveness versus Chinese imports support sustainable long-term growth and structural advantage. Q3FY26 results surpassed expectations, with revenue of ₹7,570 crore (beats estimate by 16 per cent) and Ebitda up 26 per cent with Ebitda margin of 25 per cent. Module and cell production grew 34 per cent/35 per cent Q-o-Q. Higher realisations, improved utilisation, and cost absorption measures mitigated the limited impact of silver price volatility. Looking forward, WEL is set to exceed FY26 Ebitda guidance of ₹5,500-6,000 crore. Margins are expected to moderate gradually to 20.5 per cent by FY28, while strong global pricing, ramped-up production, and project execution support growth. 


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  (Disclaimer: This article is by Motilal Oswal Financial Services Research Desk. Views expressed are their own. )



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FPI selling surpasses ₹1 trillion mark in March amid West Asia crisis

FPI selling surpasses ₹1 trillion mark in March amid West Asia crisis

by | Mar 23, 2026 | Share Market



Foreign portfolio investors (FPIs) pulled out a record ₹1.04 trillion ($11.28 billion) in March 2026 amid escalating geopolitical tensions in West Asia, the latest data available on NSDL suggests.

 


Earlier in October 2024, FPIs offloaded a net amount of ₹94,017 crore ($11.19 billion) from the equity market mainly due to a strategic shift to cheaper Chinese equities, high domestic valuations, and geopolitical tensions.

 


In this backdrop, the BSE Sensex and Nifty 50 have slipped 10.6 per cent each so far in March, data shows.

 


Domestic institutional investors (DIIs), on the other hand, have made a net investment of ₹1.13 trillion during this period, exchange data suggests. This has helped prevent deeper cuts to the indices. In the process, DIIs extended their buying streak to 32 months, supported by systematic investment plan (SIP) flows.

 
 

Weakness in global equity markets following the war in West Asia, steady depreciation of the rupee, and concerns about the impact of high crude oil prices on India’s growth and corporate earnings contributed to FPIs’ concern, analysts said. However, they expect this selling to abate once crude oil prices stabilise and war-related fears recede. 

 


“Sharp underperformance of India versus the other emerging markets (EMs) last year, normalisation of India’s premium over EMs’, underweight positioning of foreign institutional investors (FIIs), the size of India’s economy, strong growth prospects, and strong macros should encourage FIIs over time to not just sell but buy,” wrote Prashant Jain, chief investment officer (CIO) and fund manager at 3P Investment Managers, in a co-authored note with Ashwani Kumar, their portfolio strategist and co-fund manager. 

 


“Poor returns from India vis-a-vis other markets — both developed and emerging — during the last eighteen months are the principal reason for FPIs’ indifference towards India. If their sustained selling strategy is to change, there should be clear indications of earnings recovery back home. In the present uncertain context, this will take time,” said V K Vijayakumar, chief investment strategist at Geojit Investments.

 


The complete negative stance of the FPIs towards India, he said, is also evident from the fact that they are selling recklessly without regard for valuations.

 


“The financial services sector is performing well, and valuations are fair. Despite this, FPIs sold massively (₹31,831 crore for fortnight ending March 15) because it accounts for about 32 per cent of their assets under custody. The sector has liquidity, making it easy to sell and exit. A reversal of the FPI selling will happen only when the war ends and normalcy returns to the market,” Vijaykumar added.

 


Going ahead, U R Bhat, co-founder & director, Alphaniti Fintech, expects DII buying, too, to slow down as war-related concerns persist and crude oil prices stay elevated.



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