Stocks To Watch: Cipla, Oil India, Escorts Kubota, Ramco Cements, Tata Power, Hero MotoCorp

Stocks in focus: GIFT Nifty traded 0.03% lower during Tuesday’s early trading session at 19,593.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the Sensex closed above the 65,500 mark, while the Nifty topped 19,500. Sectors like metals took the lead, along with gains in PSU banks, I.T., real estate, and media. However, consumer durables and fast-moving consumer goods stocks faced challenges.

“Recent releases of domestic macroeconomic data have portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks. The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.

Tata Power

Tata Power Renewable Energy inked a deal with Neosym Industry for the delivery of 26 MW solar power, situated in Jamkhed, Maharashtra, with an annual generation capacity of 59 MU.

Cipla

Cipla’s subsidiary in South Africa has inked a definitive term sheet to purchase a 100% share in Actor Holdings (Pty), a private pharmaceutical firm with expertise in consumer health and generic drugs. The agreed-upon payment stands at approximately Rs 400 crore in cash for 920 equity shares, which represents the entire equity stake.

Oil India

Oil India has gained the green light from its board to make an equity investment of up to Rs 1,738 crore in the North East Gas Distribution Company, a joint venture with Assam Gas Company.

LIC Housing Finance

LIC Housing Finance invested an additional Rs 21.61 crore in LIC Mutual Fund Asset Management Company through a rights issue.

Ramco Cements

Ramco Cements commissioned the balance capacity of 3 MW of waste heat recovery system out of the 12 MW capacity at Kolimigundla plant. With this, the total operating capacity of the waste heat recovery system for the company has gone up to 43 MW.

Hero MotoCorp

Hero MotoCorp received the green light from its board to invest an additional Rs 550 crore in Ather Energy, an electric two-wheeler company in which it already holds a stake.

(With agency inputs.)

In Kolkata, Amit Shah inaugurates Ram Mandir-themed Durga Puja Pandal

With Durga Puja being around the corner, Union Minister Amit Shah inaugurated a Durga Puja pandal in Kolkata on Monday. He said that he’d pray Maa Durga to end “corruption and atrocities” in West Bengal.

The Ram temple themed durga pandal that Shah inaugurated is located at Santosh Mitra Square in north Kolkata. The pandal had drawn inspiration from the under-construction Ram Temple in Ayodhya. The Union Home minister had inaugurated Puja Pandal in 2021 at the time of assembly elections in the state which was virtually attended by PM Modi.

It was during the inauguration that Shah prayed for corruption and atrocities to come to an end. He also praised the organizers of the pandal design which was in resemblance to the Ram Temple that is under construction in Ayodhya.

Shah notably said that the Ram Mandir in Ayodhya is set to be inaugurated in January. “However, the people of Kolkata have already celebrated the temple’s inauguration through this Durga Puja pandal. I extend my congratulations to all of you for this remarkable effort”, he added.

The Trinamool Congress leadership taunted Shah by pointing out that the ones who once alleged that Durga Puja festivities were not allowed in West Bengal are now rushing to the state to inaugurate pandals.

TMC Member of Parliament, Santanu Sen, commented, “Those who previously criticized the traditions and culture of West Bengal, claiming that permission was denied for Durga Puja celebrations, are now visiting the state to inaugurate pandals.”

Sen suggested that before propagating “baseless accusations” against West Bengal, Shah should examine the “deteriorating” law and order situation in BJP-governed states, particularly in Uttar Pradesh.

Back in 2019, Shah had inaugurated a communal Durga Puja in Salt Lake, situated on the eastern outskirts of the city. The West Bengal BJP launched its own Durga Puja festivities in 2020, becoming the first and only political party in the state to do so. Subsequent celebrations took place in 2021 and 2022. However, the state’s BJP announced last year that it would no longer be organizing the puja starting from 2023.