Stocks to Watch: Tata Steel, Wipro, Strides Pharma, HDFC AMC, Sheela Foam

Following are the top ten stocks that are likely to be in focus on Tuesday:

Tata Steel: Moody's Investors Service upgraded Tata Steel's long-term issuer rating to Baa3, the lowest investment grade rating, citing the company's solid market position and expectation of an increase in profitability. The global rating agency also changed the outlook to "stable" from "positive". Moody's said the stable rating outlook reflects Tata Steel's strengthening credit metrics.

Sheela Foam: The Sleepwell mattress maker announced the closure of its QIP issue on 25 September. The company has allocated 11,131,725 shares at an issue price of ₹1,078 per share which is a discount of 4.94% to the floor price. The proceeds from the issue will be used to reduce debt and fund growth initiatives.

Wipro: The IT major has sold a 14-acre plot of land in Chennai, Tamil Nadu, along with a 20-year-old building, to Casagrand Bizpark Private Limited for ₹266.38 crore. The property is located in Sholinganallur, a prime IT corridor in Chennai.

HDFC AMC: The company has invested ₹25 crore in its wholly owned subsidiary HDFC AMC International and it continues to hold 100% of the total paid-up share capital of the arm, the company said in an exchange filing.

Strides Pharma: The company said it has approved a scheme of arrangement to create a separate contract development and manufacturing entity called OneSource. The new entity will be formed by merging the CDMO and soft gelatin businesses of Strides Pharma, Steriscience Specialties, and Stelis Biopharma. The demerger is expected to be completed within 12-16 months.

Reliance Industries: The oil-to-telecom conglomerate may eventually transform into a holding company, with majority stakes in independent entities that operate its major business verticals, according to a report by CreditSights, part of the Fitch Group released on Monday. 

Fortis Healthcare: The healthcare provider has announced that its board has approved the acquisition of a 99.9% stake in Artistery Properties Private Ltd for ₹32 crore. The acquisition is part of Fortis Healthcare's expansion plans, particularly in the vicinity of Fortis Hospital, Anandpur, Kolkata.

Welspun Corp: The leading pipe manufacturer has announced that its wholly owned subsidiary Sintex BAPL has signed a Memorandum of Understanding (MoU) with Telangana government to set up a manufacturing unit in the state with an investment of up to ₹350 crore. The proposed project will be under the state government's incentive scheme and will manufacture water tanks and pipes. The project is expected to be completed within the next two years.

RPP Infra: The company has received letters of acceptance for four new projects worth ₹482.37 crore. The projects include road and drain works for CBR Project of CPCL at Nagapattinam, Tamilnadu, and provision of civil works and allied services for engine test facility for GRTE at Rajankute, Bengaluru, Karnataka.

Mangalore Chemicals: The chemical fertiliser manufacturer has shut down its ammonia and urea plants for planned maintenance. The production is scheduled to resume by the end of October 2023. The company said in a stock exchange filing that it will inform the exchanges once it resumes operations of the plants.