The top Stocks to watch that could be the focus of today’s trade are listed below:
Stocks to watch – Reliance Industries: In relation to a gas issue in the Krishna Godavari Basin, the Centre on Thursday filed a petition contesting a Delhi high court ruling in favor of Reliance Industries Ltd (RIL). A lawyer with knowledge of the situation indicated that the court has ordered RIL to submit a response. The disagreement started when ONGC claimed in a letter to the director general of hydrocarbons that there was proof of “lateral continuity” of gas pools between the Reliance block and the other blocks assigned to ONGC.
Cipla: According to persons familiar with the situation, the sale of a stake in Cipla Ltd. is in peril because prospective purchasers have shied away from the 1.09 trillion rupee valuation that members of the founding family are seeking for the Indian company in a deal. The founders’ demand of roughly 1,350 rupees per share has halted negotiations between the family members and potential bidders, including industry corporations and private equity firms, the sources claimed.
Tata Motors: A top corporate executive has stated that Tata Motors wants to establish a separate sales network for its electric passenger vehicles in the current fiscal year in an effort to provide a unique experience to customers choosing environmentally friendly models. The Mumbai-based auto giant said it will begin experimenting with new outlets in some of the locations where EV volumes have increased after introducing brand-new versions of its Nexon EV and Nexon (internal combustion engine) on Thursday.
L&T: According to a formal statement released on Thursday, a global corporation and an Indian business have partnered to provide the BvS10, the world’s best Articulated All-Terrain Vehicle (AATV), to the Indian defense market. According to the statement, BAE Systems and Larsen & Toubro have partnered to introduce the AATV to the nation as part of the “Make in India” initiative. The statement read, “The two businesses have signed an agreement to offer the BvS10 for an Indian military forces initiative.
Stocks to watch – Zee Entertainment: Axis Finance Ltd., a non-banking financial institution, has appealed the NCLT’s decision to allow Zee Entertainment Enterprise to merge with Culver Max Entertainment, previously Sony Pictures Networks India. The order has been challenged by the lender at the NCLAT. After private lender IDBI Bank, this is the second creditor to request a hearing before the Mumbai NCLT bench.
Sun Pharma: On Thursday, LIC said that it had sold 2% of its stake in Sun Pharma for $4,699 crore through an open market sale. Following the selling of the shares, there is a 2% drop in ownership from July 22, 2022, to September 13, 2023. According to the statement, the shares were sold during the period through an open market sale in the regular course of business for an average price of 973.80 per share.
Vedanta Resources: Chris Griffith has been appointed as the company’s Chief Executive Officer for Base Metals and president of International Businesses, according to a statement released on Thursday. The global metal and mining player announced in a statement that his appointment will take effect on October 2, 2023. Owning 68.11% of its Indian subsidiary Vedanta Ltd., Vedanta Resources is a major player in the oil and gas, copper, zinc, iron ore, and aluminum industries.
Balrampur Chini, EID Parry, and Shree Renuka: Beginning next month, the Department of Food and Public Distribution will request a sugar exemption from the law’s requirement for 20% jute bag packaging. Jute bags are appropriate for packaging grains, but sugar should not be packaged in them, sugar millers and factory owners wrote to the textile secretary last month. According to a senior government official with knowledge of the issue, jute bags’ porous nature does not shield sugar from moisture.
JK Paper/West Coast Paper: Despite volume growth, revenue for paper makers may fall 8–10% this fiscal year as average realizations are expected to drop due to reduced raw material prices and fierce competition, according to a report by rating agency Crisil. The operating margin will stay healthy at 18 to 19%, maintaining a consistent cash flow generation, and the total industry volume is anticipated to increase by 5-7% in FY24, similar to the previous year.
Strides Pharma Science: On Thursday, Strides Pharma Science Ltd said that its solely-owned Singaporean subsidiary, Strides Pharma Global Pte Ltd, has acquired a provisional approval from the US Food and Drug Administration for generic Dolutegravir tablets used to treat HIV. The US Food & Drug Administration (USFDA) has approved the use of 50mg Dolutegravir tablets, according to a statement released by Strides.
