Stocks to Monitor: Dr Reddy's, Torrent Pharma, Gensol, L&T Finance, Glenmark


Stocks to Monitor: Dr Reddy's, Torrent Pharma, Gensol, L&T Finance, Glenmark
Global markets maintained their gains in the early session on Thursday after the US Federal Reserve decided to keep interest rates steady at 5.25-5.5 percent overnight. However, the Fed changed its outlook for rate cuts to just one in 2024, citing "moderate progress in inflation." In Asia this morning, South Korea's Kospi was up 1.45 percent, Hong Kong's Hang Seng 0.86 percent, Australia's ASX200 0.58 percent, and Japan's Nikkei 0.07 percent. At 7:50 AM, GIFT Nifty was up 98 points to 23,453 levels.
Dr. Reddy’s Laboratories: The company has entered into a licensing agreement with US-based Ingenus Pharmaceuticals to market Cyclophosphamide injection, a cancer treatment. As per the agreement, Dr. Reddy’s will handle the injection's commercialization in the US market and will pay Ingenus 50 percent of the calculated profit share.
Torrent Pharmaceuticals: The company announced on Wednesday that it received a Form 483 with five observations from the US FDA following an inspection of its manufacturing plant in Indrad, Gujarat.
Gensol Engineering: The company has been awarded the Gujarat Urja Vikas Nigam’s 250 MW (500 MWh) Battery Energy Storage Project valued at Rs 1,340 crore. This project will provide electricity to Gujarat State’s DISCOMs during peak and off-peak hours.
L&T Finance: Private equity firm Bain Capital plans to completely divest from L&T Finance through a block deal.
Glenmark: The company announced on Wednesday that it has received approval from the US FDA to market a generic medication for treating conditions caused by excessive stomach acid production.
Whirlpool of India, Hindustan Unilever: The two companies have announced a new marketing alliance for Surf Excel. According to the alliance, both brands will have joint marketing initiatives.
Tata Motors: In their latest report, Jefferies stated that Tata Motors' India business, which was a significant burden in the past decade, now accounts for 50 percent of the price target set by the brokerage for FY26. During its presentation on India Investor Day, the company shared its plans to boost its market share in passenger vehicles and increase its non-vehicle revenues in commercial vehicles.
Tata Communications: The company has revealed a broadcasting services agreement with World Athletics that will span five years.
Brigade Enterprises: The company plans to invest Rs 8,000 crore in Chennai by 2030 to expand its business and establish the city as its second-largest market. Additionally, the company has announced the launch of Brigade Icon Residences as part of its high-end mixed-use development projects in Chennai.
PTC India Financial Services: The company's director, Rajib Kumar Mishra, and former MD and CEO, Pawan Singh, have each been fined Rs 10 lakh and Rs 25 lakh, respectively, by the market regulator Sebi, following its investigation of corporate governance lapses. Additionally, the regulator has barred Mishra from holding a director's post in listed companies for six months.
NBCC (India): The company has secured a Rs 100 crore contract from Oil India to construct a centralized core repository with advanced laboratory facilities in Guwahati, Assam.
Zaggle Prepaid Ocean: ICICI Prudential purchased a 0.52 percent stake in Zaggle Prepaid Ocean through a bulk deal.
Jaiprakash Associates: The National Company Law Appellate Tribunal (NCLAT) has decided not to stay the order issued by the National Company Law Tribunal (NCLT) that initiated insolvency proceedings against Jaiprakash Associates. The NCLAT has also directed ICICI Bank, the lead creditor, to consider a one-time settlement proposal submitted by the company.
Sobha Limited: The company's board has approved a rights issue of equity shares worth Rs 2,000 crore. The issue price is set at Rs 1,651 per share, which is a 25 percent discount, and the offer will be open from June 28 to July 4. Eligible shareholders will receive six rights equity shares for every 47 fully paid-up equity shares held.
Federal Bank: The bank has reportedly submitted three names to the Reserve Bank of India for the position of managing director and chief executive officer. The potential candidates include KVS Manian, a former deputy managing director at Kotak Mahindra Bank, as well as Shalini Warrier and Harsh Dugar, who are currently serving as executive directors of the bank.