Stocks to Watch: Zomato, Sun Pharma, ONGC, LTI Mindtree, Adani group companies
2 min read 29 Aug 2023, 07:33 AM ISTReliance group shares will also be in focus after it made several key announcements on Monday on succession plan, and its telecom, financial services and insurance businesses
PremiumFollowing are the top ten stocks that are expected to be in news today:
Sun Pharmaceutical Industries: The drugmaker plans to allocate 7-8% of its current fiscal's sales towards research and development to enhance its range of products in various therapeutic categories. The company said it witnessed robust performance across all regions in the previous fiscal, marking a growth in double digits.
Zomato: US private equity player Tiger Global, divested its residual shares in the Indian food delivery company in a transaction worth ₹11.24 billion/Tiger Global offloaded 123.5 million shares at ₹91.01 rupees apiece through consolidated transactions.
Oil and Natural Gas Corp: The state-owned oil major is in talks with global entities including Malaysia’s Gentari to form a joint venture in energy storage, chairman and chief executive Arun Kumar Singh said, as the energy giant makes strides in its energy-transition journey. ONGC would look at both battery storage and pump storage projects (PSP), Singh said in an interview to Mint.
Adani Group companies: The Supreme Court is set to hear the contentious Adani-Hindenburg case today. Following allegations against the Adani Group by short-seller Hindenburg Research in their January report, the top court had instructed Sebi to provide an update on their ongoing investigation. Stay tuned for further developments. A Reuters report quoting sources said the investigation has found violations of rules on disclosures by listed entities.
LTIMindtree: The company has tied up with CAST AI, a leading SaaS company to offer businesses average savings of over 60% on cloud expenses during the transition of legacy applications to the cloud. This integrated solution ensures seamless Kubernetes management across single or multi-cloud settings without manual oversight.
HCL Tech: The IT services giant has announced its new 'preferred professional services' pact with Cloud Software Group which is aimed at implementing, upgrading, and servicing all TIBCO products for worldwide enterprise clients. As part of the deal, around 400 professionals from Cloud Software Group, who possess expertise in TIBCO products, will be integrated into HCLTech.
SJVN: The company's arm SJVN Green Energy Limited (SGEL) has secured the Letter of Awards for three solar power projects, totaling 320 MW, from Assam Power Development Corporation Limited. The tentative cost of construction/development of the 320 MW projects is around ₹1900 crores.
Schaeffler India: The company has announced its intention to wholly purchase KRSV Innovative Auto Solutions Pvt Ltd, a platform specializing in automotive aftermarket spare parts, for a sum of ₹142.4 crore. Operating under the Koovers brand, the Bengaluru-based KRSV provides aftermarket workshops in India with spare parts through its B-to-B e-commerce platform.
NBCC: The state-owned construction firm has clinched a significant ₹66.3 crore contract from the Indian Medical Association (IMA). The deal encompasses the blueprint, design, and development of the IMA Indian Medical House, slated to be situated in New Delhi.
Bayer Cropsciences: The company has declared significant leadership transitions on Monday. Duraiswami Narain, who presently holds the titles of Vice Chairman, Managing Director, and CEO, will be stepping down from his role by October 31, 2023, in preparation for a new phase with Bayer US. Executive Director Simon Weibusch will be exiting his role as the Whole-time Director.
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