Top stocks: According to a report released by ANAROCK on Monday, about 31,180 luxury projects were launched in the National Capital Region (NCR), the Mumbai Metropolitan Region (MM), Bengaluru, Pune, Hyderabad, Chennai, and Kolkata between July and September, accounting for 27% of the 1,16,220 real estate projects that were launched nationwide during this time.
Tata Steel
The Issuer Default Rating (IDR) of India-based Tata Steel Limited (TSL) has been raised by Fitch Ratings to ‘BBB-‘ from ‘BB+’. The future looks promising.
Dr. Reddy’s Laboratories
The company’s subsidiary Dr. Reddy’s Laboratories, Inc. was listed as a defendant in a complaint that was submitted on October 6, 2023, to the United States District Court for the Northern District of California. Mayo Clinic and Lifepoint Corporate Services filed the case, claiming that through their individual settlements of patent disputes, the defendants unfairly hampered competition and upheld a joint monopoly in the sale of brand-name and generic Revlimid. The complaint asks for equitable redress as well as monetary compensation for alleged overpayments.
The stock continues to have an ‘outperform’ rating from brokerage firm Macquarie, which has set a target price of Rs 6,300 per share.
Oil Stocks
Given the continued unrest in the Middle East, oil-related equities will continue to command attention. During the prior session, upstream businesses like Oil India and ONGC saw gains while OMCs, tire, and paint equities experienced losses.
SCI
SCI disinvestment is now underway, and the government hopes to have it finished by FY24, according to the Chief Managing Director of the Shipping Corporation of India in an exclusive interview with Zee Business. Moreover, discussions on SCILAL’s (SCI Lal) listing are still going on.
Container Corporation of India (CONCOR)
The company’s overall volumes increased 7.59% year over year in the second quarter to 1.23 M Twenty Foot Equivalent Units (TEUs). Domestic volume increased by 26.13% year over year.
Phoenix Mills Ltd
In Q2 FY24, the company’s total consumption increased by 20% year over year to Rs 2,637 crore. In Q2 of FY24, retail collections were reported at Rs 638 crore, up 23% year over year.
