Stocks to Watch: L&T Finance, UltraTech Cement, JSW Steel, Lupin, BHEL

Stocks in Focus: GIFT Nifty traded flat at 19,862.5 down merely 0.01%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 9.85 points or 0.05% to settle at 19,802.00, while the BSE Sensex ended flat, down merely 5.43 points or 0.01% to 66,017.81.

“Markets were extremely lacklustre on the back of thin volumes. It looks like a lot of capital has been making its way into the IPO market over the last few days, and investors including retail ones don’t want to miss the bus. Once the current IPO rush is over, we may see investors returning to secondary markets, provided there are no major hiccups in global markets. The good news is that the short-term technical outlook for Nifty continues to be in favor of the bulls. Technically, Nifty needs to reclaim the 19,889 mark to unleash fresh upside, while support is placed at 19,471 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

UltraTech Cement

India’s largest cement producer, has evinced interest in acquiring Kesoram Industries’ cement assets and commenced negotiations to acquire promoters’ stake in the firm. Kesoram Industries – which has presence in cement, tyres and tubes, heavy chemicals and spun pipes – sells cement under the brand Birla Shakti.

Samvardhana Motherson International

The National Company Law Tribunal, Mumbai Bench has approved the scheme of amalgamation of Motherson Consultancies Service and Motherson Invenzen Xlab Private and Samvardhana Motherson Polymers and MS Global India Automotive (collectively referred to as Transferor Companies) with Samvardhana Motherson International (formerly Motherson Sumi Systems) (Company / Transferee Company) and their respective shareholders and creditors, the company said in a regulatory filing.

JSW Steel

The company has completed the Rs 750 crore investment in JSW Paints, a group company of Sajjan Jindal-owned JSW Group. “With the last tranche of investment of Rs 74,99,99,903, the company has completed making the entire investment of Rs 750,00,00,000 in JSW Paints and has been intimated by JSW Paints today that it has on November 22, 2023, completed the allotment in respect of the aforesaid strategic investment,” the company said in a regulatory filing.

Lupin

Global pharma major has received tentative approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application for Canagliflozin Tablets, 100 mg and 300 mg, to market a generic equivalent of Invokana® Tablets, 100 mg and 300 mg, of Janssen Pharmaceuticals, Inc. This product will be manufactured at Lupin’s Pithampur facility in India, the company said in a regulatory filing.

BHEL

The Company has received the notice from BSE Ltd. and National Stock Exchange of India (NSE) each for imposing the fine of Rs 5,42,800/- for non-compliance of Regulation 17 (1) of SEBI (LODR) Regulations, 2015 pertaining to composition of Board of Directors as the number of Independent Directors are less than 50% of the actual strength of the BHEL’s Board, the company said in a regulatory filing.

(With agency inputs.)