Stocks to watch: Grasim Industries, DR. Reddy’s Lab, ACC, Aditya Birla Capital, Torrent Power GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade. Stocks in Focus: GIFT Nifty traded down by 36 points or 0.16% at 21,812.50, indicating negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 dropped 47.30 points or 0.22% to settle at 21,731.40, while the BSE Sensex ended lower by 170.13 points or 0.23% to 72,240.26. Grasim Industries has augmented its annual advanced materials capacity by an additional 1.23 lakh tons at the Bharuch plant in Gujarat. With a total capacity of 2,46,000 tons per annum. The global arm of Dr. Reddy’s Laboratories has acquired a 6.46% stake in the Israel-based biotechnology company Edity Therapeutics at $1.97 per share. Aditya Birla Capital has extended the completion timeline for the sale of a 50% stake in Aditya Birla Insurance Brokers until March 31, 2024. This extension is subject to approval from the Insurance Regulatory and Development Authority of India. ACC has successfully commissioned a new cement manufacturing unit with a capacity of 1.0 MTPA at Ametha, Madhya Pradesh, reinforcing its position in the cement industry. The Gujarat Pollution Control Board has imposed a fine of Rs 17.45 crore on Hikal for alleged violations of environmental laws. Torrent Power has established a wholly-owned subsidiary dedicated to generating electricity from renewable sources in Gujarat, aligning with the company’s commitment to sustainable energy practices. Edelweiss Financial Services unit, Zuno General Insurance, has received a GST demand amounting to Rs 32.39 crore along with penal interest of Rs 3.23 crore. SKF India has successfully acquired a 26.74% stake in Sun Strength Renewables for Rs 2.31 crore, strengthening its presence in the renewable energy sector. Nazara Technologies’ subsidiary has signed agreements to subscribe to a convertible note of Freaks 4U Gaming GmbH at a consideration of Rs 33.26 crore, to be paid in cash. Oil India has appointed Anfor Ali Haque as the resident chief executive, effective from January 1, signaling a key leadership change in the company. Eicher Motors, Tata Motors, Here MotoCorp, Bajaj Auto, TVS Motors and other auto stocks to remain in focus as monthly sales numbers to be announced today.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)