Stocks to watch on September 15: GIFT Nifty on the NSE IX was trading 11.5 points, or 0.06 percent, higher at 20,229, indicating that Dalal Street was heading for a positive start on Friday. Here you’ll find a whole host of stocks that will be in the spotlight today for a variety of reasons.
Infosys: Infosys said it will consider an interim dividend along with its second-quarter results, which will be announced on October 12.
Dependent industries: The Center on Thursday filed a petition challenging a Delhi High Court order in favor of Reliance Industries Ltd (RIL) regarding a gas dispute in the Krishna Godavari basin. The court has asked RIL to file a response, said a counsel privy to the matter. The dispute began when ONGC wrote a letter to the Director General of Hydrocarbons, claiming that there was evidence of ‘lateral continuity’ of gas supplies between the Reliance block and the adjacent blocks allocated to ONGC.
Cipla: The sale of a stake in Cipla Ltd. is in danger as potential buyers have shied away from the Rs 1.09 trillion valuation. Members of the founding family are targeting the Indian company in a deal, according to people familiar with the matter. Negotiations between the family members and potential buyers, including industry firms and private equity firms, are no longer moving forward as the founders demand around Rs 1,350 per share, the people said.
Tata engines: Tata Motors plans to set up a separate sales network for its electric passenger cars in the current financial year as it aims to offer a differentiated experience to buyers opting for the eco-friendly models, a top company official said. The Mumbai-based carmaker, which introduced all-new versions of its Nexon EV and Nexon (internal combustion engine) on Thursday, said it will experiment with new retail outlets in some of the cities where EV volumes have increased.
L&T: A global company and an Indian company have joined hands to bring the industry-leading Articulated All-Terrain Vehicle (AATV), ‘BvS10’, to the Indian defense market, according to an official statement issued on Thursday. BAE Systems and Larsen & Toubro have collaborated to bring the AATV to the country under the ‘Make in India’ programme, the company said. “The two companies have signed an agreement to provide the BvS10 for an Indian Armed Forces program,” the statement said.
Sea entertainment: Non-banking financial company Axis Finance Ltd has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the NCLAT against the order. This is the second financial creditor after private lender IDBI Bank, which has approached the bank’s order from the NCLT in Mumbai.
Sun Pharma: LIC on Thursday said it has sold 2 per cent stake in Sun Pharma for Rs 4,699 crore through open market sale. Post the share sale, there is a decline of 2 percent in holdings during the period from July 22, 2022 to September 13, 2023. The shares were sold at an average price of Rs 973.80 per share through open market during the period. sale in the context of a normal transaction, the report said.
Vedanta: Vedanta Resources announced on Thursday the appointment of Chris Griffith as Chief Executive Officer for Base Metals and President of International Businesses. His appointment will take effect on October 2, 2023, the global metals and mining player said in a statement. Vedanta Resources owns 68.11 percent of its Indian subsidiary Vedanta Ltd, which has significant operations in oil and gas, zinc, iron ore, aluminum, energy and copper.
Shree Renuka/EID Parry/Balrampur Chini: The Ministry of Food and Public Distribution will apply for an exemption for sugar from the mandatory 20% jute bag packaging from next month. Sugar millers and factory owners wrote to the textile secretary last month saying that while gunny bags were good for packaging grains, they were not ideal for sugar. Jute bags are porous and do not protect sugar from moisture, said a senior government official aware of the matter.
JK paper/west coast paper: Paper makers’ revenues may decline by 8 to 10 percent in the current fiscal despite volume increases as average realizations are likely to soften due to lower raw material prices and intense competition, rating agency Crisil said in a report. For FY24, the industry’s overall volume is expected to increase by 5 to 7 percent, similar to the previous fiscal, and operating margin will remain healthy at 18 to 19 percent, ensuring stable cash flow generation, it said report.
Strides pharmaceutical science: Strides Pharma Science Ltd said on Thursday its wholly-owned subsidiary Strides Pharma Global Pte Ltd, Singapore, has received provisional approval from the US health regulator for generic Dolutegravir tablets used in the treatment of HIV. The approval granted by the US Food & Drug Administration (USFDA) applies to Dolutegravir tablets with a strength of 50 mg, Strides said in a statement.
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