Stocks to Watch: BPCL, Tata Motors, Adani Green Energy, Cochin Shipyard, Cipla, Paytm

Stocks in Focus: GIFT Nifty traded flat at 21,081.5 down merely 0.05%, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 gained 68.25 points or 0.33% to settle at 20,937.10, while the BSE Sensex added 303.91 points or 0.44% to 69,825.60.

“Markets remained in a range for most of the session and ended with marginal gains on Friday. Nifty tested a new milestone of the 21,000 mark in the early trades however profit taking in heavyweights trimmed the gains in the middle. The rotational buying across heavyweights is fueling the up move and we see the same trend to continue. In case of any dip, Nifty is likely to hold the 20,700-20,800 zone while profit-taking may reemerge around the 21,200 level. Amid all, traders should stay focused on stock selection and prefer banking and IT for long trades and pick selectively from others,” said Ajit Mishra, SVP – Technical Research, Religare Broking.

Adani Green Energy

The renewable energy arm of Adani Group, has proposed to repay $750 million bonds on its due date itself. The payment of the secure senior notes, with a coupon rate of 4.375%, is due on September 8, 2024. The company has asked the underwriters of the bond to provide a funding letter for $675 million and will use equity transaction proceeds to build up the repayment sum, AGEL said in a filing with Singapore Stock Exchange.

Adani Infrastructure

Adani Energy Solutions’ transmission business chief Bimal Dayal has been appointed as the CEO of Adani Infrastructure India. Dayal will oversee the implementation of the pipeline of infrastructure projects in thermal, renewable energy and green hydrogen by Adani Infrastructure India, Adani Energy Solutions(AESL) said in a statement on Friday

Cochin Shipyard

The company held the keel-laying ceremony for the 4th and 5th Anti-Submarine Warfare Shallow Water Craft in the series of eight for the Indian Navy on Friday. RAdm Jaswinder Singh, NM, Chief of Staff, SNC, and RAdm Subir Mukherjee, NM, Admiral Supdt., NSRY, SNC, actively laid the keel.

Cipla

Drug major Cipla on Sunday said its subsidiary is voluntarily recalling one lot of medication in the US due to seal integrity issues, reported PTI. InvaGen Pharmaceuticals Inc, USA, is voluntarily recalling one lot of Vigabatrin for Oral Solution, USP (500 mg), at the consumer level due to seal integrity issues, allowing for powder leakage from the pouch, the Mumbai-based drug maker said in a regulatory filing.

Paytm

One of the leading fintech platforms in India, is planning to invest approximately Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) for the development of a Global Payment Development Centre. With its presence in GIFT City, Paytm also aims to grab the opportunity to be a participant in the growing fintech ecosystem boom based out of here.

Swan Energy

SEL, the successful resolution applicant for Reliance Naval and Engineering (RNEL), has got the bankruptcy court’s approval to reconstitute the latter’s board, paving way for its formal takeover. The monitoring committee of RNEL approved the constitution of a new board at its meeting held on Friday. The committee also cleared the firm’s standalone financial results and allotment of 50 million shares to a special purpose vehicle (SPV) among others, Swan Energy said in a regulatory update.

(With agency inputs.)