 "Stock market today: Shares of Biocon, GRSE, IOC, ONGC, Sun Pharma, and TVS Motors in focus")
GIFT Nifty, around 8:40 am on Monday, was in the red by 93.5 points or 0.45 per cent at 23,373.5. The index hinted at a negative start for the market on June 24. The India VIX, an indicator of volatility in the market, was down 1.24 per cent or 0.16 points at 13.18.
Global cues remained on the down-low. Asian markets open lower ahead of Australia and Japan inflation readings this week. On Friday, Wall Street saw a mixed close, although key indices notch weekly gains.
Ahead of the market opening, here’s a look at stocks to watch:
Biocon: Biocon Biologics, a subsidiary of Biocon, has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new, multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru.
GRSE: GRSE has signed Contract for Construction and delivery of four Multi-Purpose Vessels of 7,500 DWT each with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. The contract value is approximately $54 million.
Sun Pharma: Sun Pharma has announced the outcome of the Phase-1 obesity trial of GL0034 (Utreglutide), which is a GLP-1 inhibitor drug. It belongs to the same class as Ozempic, Wegovy from Novo Nordisk, and Mounjaro from Eli Lilly. The drug is still in the very early stages of development. GLP-1 drugs reached nearly $50 billion in sales in 2023 and are likely to grow to $100 billion by 2029.
ONGC, Indian Oil Corporation: ONGC and Indian Oil Corporation (IOC) have signed a Memorandum of Understanding (MoU) to establish small-scale LNG plants. The agreement aims to develop the HATTA gas field near the Vindhya Basin.
Impact Shorts
More ShortsTVS Motors: The company has partnered with CSC Grameen e-Stores to expand the reach of its range of three-wheeler commercial vehicles. This collaboration will enable CSC’s village-level entrepreneurs to act as points of contact for TVS Motor’s commercial vehicles.
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