Here are the top stocks that could be in focus in today’s trade:
Reliance Industries: The Centre on Thursday filed a petition challenging a Delhi high court order in favour of Reliance Industries Ltd (RIL) regarding a gas dispute in the Krishna Godavari Basin. The court has asked RIL to file a response, a counsel aware of the matter said. The dispute began when ONGC wrote to the director general of hydrocarbons, alleging there was evidence of ‘lateral continuity’ of gas pools between the Reliance block and the adjacent blocks allocated to ONGC.
Cipla: The sale of a stake in Cipla Ltd. is in jeopardy as potential buyers have baulked at the 1.09 trillion rupee valuation members of the founding family are targeting the Indian firm in a deal, according to people familiar with the matter. Negotiations between the family members and prospective buyers, including companies in the industry and private equity firms, are no longer moving forward, as the founders are demanding about 1,350 rupees per share, the people said.
Tata Motors: Tata Motors plans to set up a separate sales network for its electric passenger vehicles in the current fiscal year as it looks to give a differentiated experience to the buyers opting for the environment-friendly models, according to a top company official. The Mumbai-based auto major, which on Thursday introduced all-new versions of its Nexon EV and Nexon (internal combustion engine), said it will start experimenting with new outlets in some of the cities where EV volumes have gone up.
L&T: A global company and an Indian firm have joined hands to bring the world-leading Articulated All-Terrain Vehicle (AATV), the ‘BvS10’, to the Indian defence market, according to an official statement issued on Thursday. BAE Systems and Larsen & Toubro have teamed up to bring the AATV to the country under the ‘Make in India’ programme, it said. “The two companies have signed an agreement to offer the BvS10 for an Indian armed forces programme”, the statement said.
Zee Entertainment: Non-banking financial company Axis Finance Ltd has filed an appeal against the NCLT order to approve 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 order of the Mumbai bench of the NCLT.
Sun Pharma: LIC on Thursday said it has sold 2 per cent of its holding in Sun Pharma for ₹4,699 crore via open market sale. Following the share sale, there is a decrease of 2 per cent in holding during the period from July 22, 2022, to September 13, 2023. The shares were sold at an average price of ₹973.80 per share during the period through an open market sale in an ordinary course of transaction, it said.
Vedanta: Vedanta Resources on Thursday announced the appointment of Chris Griffith as its Chief Executive Officer for Base Metals and president of International Businesses. His appointment will be effective from October 2, 2023, the global metal and mining player said in a statement. Vedanta Resources owns 68.11 per cent of its Indian subsidiary Vedanta Ltd, which has significant operations in oil and gas, zinc, iron ore, aluminium, power, and copper.
Shree Renuka/EID Parry/Balrampur Chini: The Department of Food and Public Distribution will seek an exemption for sugar from mandatory 20% jute bag packaging starting next month. Sugar millers and factory owners wrote to the textile secretary last month, saying though jute bags were good for packaging grains, they were not ideal for sugar. Jute bags, being porous do not protect sugar from moisture, a senior government official aware of the matter said.
JK Paper/West Coast Paper: Paper manufacturers’ revenue may decline 8-10 per cent in the current fiscal despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition, rating agency Crisil said in a report. For FY24, the industry’s total volume is expected to rise 5-7 per cent, similar to the last fiscal, and the operating margin will remain healthy at 18 to 19 per cent, ensuring a stable cash flow generation, it added.
Strides Pharma Science: Strides Pharma Science Ltd on Thursday said its wholly-owned subsidiary Strides Pharma Global Pte Ltd, Singapore, has received tentative 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) is for Dolutegravir tablets of strength 50mg, Strides said in a statement.
