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Stocks to Watch: Torrent Pharma, Cipla, TVS Supply Chain, Titan, AdaniTotal

Stocks to Watch on August 23, 2023: Torrent Pharma has joined the race to buy out Cipla's promoter stake held by the Hamied family, reported The Economic Times

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Harshita Singh New Delhi
The Sensex and Nifty indices are eyeing a weak start on Wednesday amid dismal global cues. At 7:30 am, the Gift Nifty Futures declined 37-odd points to trade around 19,349 levels over Nifty Futures' Tuesday close.

Globally, the US markets ended mixed overnight, led by losses in banking and financial names after S&P Global cut down its credit rating and outlook for multiple banks citing 'tough' operating conditions. While Dow Jones and the S&P 500 indices declined up to 0.5 per cent, NASDAQ Composite eked out slim gains to close flat.

Asia-Pacific markets, too, were mixed this morning. Australia's S&P 200 and Japan's Nikkei 225 rose up to 0.3 per cent, whereas South Korea's Kospi fell marginally.

Stocks in focus today:

Torrent Pharma/Cipla: As per a report by The Economic Times, Torrent Pharma has joined the race to buy out Cipla’s promoter stake held by the Hamied family. It is looking to form a consortium with PE funds and has held discussions with a few of them, the report said.  
TVS Supply Chain Solutions: The TVS Mobility Group company will make its debut on the BSE and NSE today. The issue price has been fixed at Rs 197 per share.

Titan: As per The Economic Times, Titan’s now majority-owned Caratlane Trading has challenged a show cause notice from the ED that alleged the company had violated rules between 2011-2014 by receiving foreign direct investment (FDI). It accused CaratLane of violating the Foreign Exchange Management Act (FEMA). The notice served on March 28, 2022, stated that FDI was not allowed in single-brand retail at the time. 

Vodafone Idea: The debt-ridden telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, sources privy to the development told PTI. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest by September, the source said. Vodafone Idea had to pay a licence fee of around Rs 770 crore by July and Rs 1,680 crore as the first instalment for the spectrum it purchased in auctions that were held last year.

Piramal Enterprises: The company said the board members have approved the public issuance of non-convertible debentures (NCDs) for up to Rs 3,000 crore. The public issuance of Rs 3,000 crore will take place in one or more tranches.

Adani Total Gas: Its unit Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

NBCC: The company signed an MoU with Delhi Metro to work together in the field of building and infrastructure development in overseas.

Hindalco Industries: The company plans to invest Rs 2,000 crore to establish a copper and e-waste recycling facility, chairman, Kumar Mangalam Birla told shareholders at the company's annual general meeting on Tuesday.

Zydus Lifesciences: The drugmaker will complete the acquisition of 6.5 per cent stake in Mylab Discovery Solutions in next 20-30 days. 

Somany Ceramics: The company entered into a joint venture to operate Cerapro Nepal and acquire a 30 per cent stake in it. CNPL will establish a tile manufacturing facility in Nepal

Gulshan Polyols: The company said that in view of the current embargo on release of Surplus Rice by the FCI coupled by the increase in market rate of Damaged Food Grain and Maize, oil marketing companies are declaring additional incentive amount of Rs 3.71 per litre on Ethanol produced from Damaged Food Grain and Ethanol produced from Maize with immediate effect. Hence, total incentive amount on Damaged Food Grain and Maize will be Rs 8.46 a litre and Rs. 9.72 a litre, respectively including interim incentive amount given from August 07, 2023 for the balance period of ESY 22-23.

Brightcom: Sebi has passed a second interim order against the Brightcom Group, restraining Suresh Kumar Reddy and Narayan Raju from holding any directorial positions until further notice.

Essar Shipping: Board meeting will be held on 25 Aug 2023 to consider and approve the proposal for raising funds. 

RITES: The state-run railway company has emerged as the lowest bidder in the tender floated by the Railway Board. The estimated order value is Rs 65.4 crore. The company will do a service testing and inspection of rails as per IRS T-12 2009 for the Indian Railways. The contract will be executed within a five-year period, and extendable by up to one year.

Linde India: The company received an LoA from IOCL for setting-up of Air Separation Unit for production and supply of instrument air, plant air and cryogenic nitrogen to IOCL Panipat Refinery Expansion Project. On completion, it will operate and maintain the facility for a period of 20 years. The company will fund the capital expenditure by using internal accruals

BEML: The company bagged an order worth Rs 101 cr from Ministry of Defence for supply of command post vehicles.

Polycab India: The electrical equipment maker has issued a comfort letter to HDFC Bank for the enhanced borrowing facility from Rs 52 crore to Rs 89.97 crore to be availed by subsidiary Tirupati Reels. Subsidiary will use funds for working capital and capex expenditure to meet its business requirement for manufacturing business.

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First Published: Aug 23 2023 | 8:04 AM IST

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