PRE-MARKET INDIAN STOCKS NEWS: India finalises stricter fuel efficiency rules for passenger vehicles, effective for five years from April 2027

Avalon Technologies (AVALON IS) - Promoter groups Bhaskar Srinivasan, BBS Family Trust and KBS Family Trust are reportedly looking to sell up to a 6% stake in the Co. via block deals worth around INR 8.62bln at INR 2,150-2,302/shr. (Moneycontrol) Cummins India (KKC IS) - Co. received an INR 9.526mln penalty order from the Income Tax Department for assessment year 2018-19. (Economic Times) JSW Cement (JSWCEMEN IS) - Co. and listed subsidiary Shiva Cement approved a scheme to amalgamate Shiva Cement into the Co. (Economic Times) Power Mech Projects (POWM IS) - Co. secured an INR 5.49bln order to provide complete operations and maintenance services at Adani Group’s 2x600 MW Moxie Power Generation Tuticorin TPP. (Moneycontrol) Tata Steel (TATA IS) - Co. received a favourable Income Tax Appellate Tribunal order for FY2009 that reduced its tax exposure by around INR 4.27bln to INR 12.59bln; separately, Co. acquired 3.94bln shares in overseas subsidiary T Steel Holdings for USD 340mln as part of additional funding. (Economic Times) Automakers - India finalises stricter fuel efficiency rules for passenger vehicles, effective for five years from April 2027.