 "Stocks to watch: Ultratech Cements, Maruti Suzuki, Biocon, Dr Reddy's and BHEL shares in focus")
The GIFT Nifty index, on Monday (July 29) at 9 am, was up 102.5 points or 0.41 per cent at 25,053.5. It hinted at a positive start for Dalal Street. India VIX, a measure of volatility in the stock market, was down 2.93 per cent at 12.25.
Ahead of the share market opening, here’s a look at stocks to watch:
UltraTech Cement and India Cements: UltraTech Cement has received board approval for the acquisition of a 32.72% stake in India Cements, priced at ₹390 per share, totaling ₹3,954 crore. Additionally, UltraTech announced an open offer for an additional 26% stake in India Cements at ₹390 per share, a 4% premium over Friday’s closing price.
Bharat Heavy Electricals: Bharat Heavy Electricals Ltd. (BHEL) has received a Letter of Intent from Damodar Valley Corporation (DVC) to establish the 2x800 MW Koderma Phase-II thermal power station in Jharkhand on an EPC basis. The contract is valued at ₹10,000 crore.
Dr. Reddy’s Laboratories: Dr. Reddy’s Laboratories reported a decline in net profit to ₹1,392 crore for the April to June 2024 quarter. However, revenue exceeded projections by nearly 7%, reaching ₹7,672 crore for the quarter, marking a 14% increase over the same period last fiscal year.
Maruti Suzuki: Maruti Suzuki India received a final assessment order with a tax demand, including interest, of ₹779.2 crore, along with a Show Cause Notice for penalty proceedings. The company plans to appeal before the Income Tax Appellate Tribunal and stated that the order would not impact its financial, operational, or other activities.
Biocon: The US Food and Drug Administration conducted a cGMP and pre-licensing inspection at Biocon Biologics’ facilities in Bengaluru from July 15-26. Following the inspection, the regulator issued a Form-483 with 10 observations: one across the four drug substance facilities, seven across the two drug product facilities, and two concerning the analytical quality control laboratories.
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