Keep an eye on Lupin, PB Fintech, United Spirits, Vedanta

Key Points:

  • Among various stocks to watch, Lupin has received approval from the US Food and Drug Administration for its Allopurinol Tablets USP, a generic equivalent to Zyloprim Tablets.
  • Tata Power Company has signed a contract to supply 152 MWp DCR solar PV modules for NTPC’s Nokh solar PV project in Rajasthan, valued at about ₹ 418 crore.
  • Granules India’s subsidiary received five observations from the USFDA after an inspection, which could potentially affect its standing in the market.
  • Zee Entertainment has requested Sony to extend the effective date of their merger.
  • Softbank has sold 1.14 crore shares of PB Fintech for ₹ 914 crore to buyers including the Government Pension Fund and HDFC Mutual Fund.

The stock of Welspun Corp is another to observe, as its subsidiary Sintex BAPL has confirmed an investment of around ₹ 807 crore to establish a manufacturing unit in Telangana. This will be carried out via another wholly owned subsidiary, Sintex Advance Plastics Limited, over three fiscal years starting from FY25.

Meanwhile, Mankind Pharma has invested approximately £999,900 in Actimed Therapeutics for an additional 1.29% stake. This investment increases their total stake in the company to 10.19%. United Spirits, on the other hand, has received a claim worth ₹ 365.33 crore from a national institutional customer dating to a previous settlement.

In the case of Mazagon Dock Shipbuilders, the company has signed individual contracts worth about $42 million with a European client to build three 7,500 DWT multi-purpose hybrid-powered vessels. Similarly, Landmark Cars has received a letter of intent from MG Motor to open a dealership in Ahmedabad.

Lastly, the board of Vedanta is scheduled to meet to consider an interim dividend. This development could have significant implications for the company’s stock.