Stocks in news: Allied Blenders, Lupin, Tata Motors, Hero Moto, NMDC, KPI Green and Indian Bank

02/07/2024

Indian benchmark indices manage to post strong gains during the trading session on Monday amid the buying in banking and IT stocks. BSE Sensex rallied 443.46 points, or 0.56 per cent to end at 79,476.19. NSE's Nifty50 index jumped 131.55 points, or 0.55 per cent, to settle at 24,141.95 for the day. Here are the stocks that may remain under spotlight before the opening bell on Tuesday, July 02, 2024:

Allied Blenders and Distillers: Shares of the alcohol maker will make its Dalal Street debut on Tuesday after raising Rs 1,500 crore via IPO, which was open for bidding between June 25 and June 27. The company sold its shares in the range of Rs 267-281 apiece. The current GMP for the stock stood at Rs 59 per share.

Tata Motors: Total domestic sales fell 8 per cent YoY to 74,147 units in June 2024, with commercial vehicle sales declining 7 per cent to 31,980 units and passenger vehicle sales down 8 per cent at 43,524 units. In Q1 FY25, its total sales grew 1.6 per cent to 2,29,891 units compared to the year-ago quarter.

Hero MotoCorp: The world's largest manufacturer of motorcycles and scooters sold 5,03,448 units in June 2024, increasing 15 per cent over the corresponding month last year. In the domestic market, the company sold 4,91,416 units, up 16 per cent YoY, while exports fell 15.5 per cent YoY to 12,032 units during the month.

Maruti Suzuki India: The country's largest car maker produced 133,095 vehicles in June 2024, down 2.94 per cent compared to production of 137,133 vehicles in the same month last year.

TVS Motor: The two and three-wheeler maker recorded sales of 3,33,646 units in June 2024, growing 5 per cent over the 3,16,411 units sold in the same month last year. Total two-wheeler sales grew by 6 per cent YoY to 322,168 units, and electric vehicle sales registered a growth of 10 per cent YoY to 15,859 units in June 2024. Total exports fell 3.9 per cent YoY to 76,074 units in June.

Lupin: The pharmaceuticals company has completed the transfer of its trade generics business in India to its subsidiary Lupin Life Sciences as a going concern, on a slump sale basis.

NMDC: The iron ore company reduced lump ore prices by Rs 500 to Rs 5,950 per tonne, from Rs 6,450 per tonne, and prices of fines by Rs 500 to Rs 5,110, from Rs 5,610 per tonne. The total production of iron ore fell by 3.16 per cent YoY to 3.37 MT and sales declined by 9 per cent to 3.73 MT in June 2024.

Indian Bank: The PSU lender decided to increase the marginal cost of funds-based lending rate (MCLR) by 5 basis points on one-month, six-month, and one-year tenures, effective July 3.

Patanjali Foods: The FMCG company received approval from the board for the acquisition of the entire non-food business undertaking from Patanjali Ayurved through a slump sale arrangement on a going concern basis, subject to the approval of shareholders and lenders.

CSB Bank: The private sector lender recorded a 22.24 per cent YoY growth in total deposits at Rs 29,920 crore for the quarter ended June FY25, while gross advances increased by 17.8 per cent to Rs 25,099 crore, as per provisional data.

South Indian Bank: The south India-based lender registered gross advances for the June FY25 quarter at Rs 82,510 crore, growing 11.35 per cent over the same period last year. Total deposits during the same period increased by 8.41 per cent to Rs 1.03 lakh crore. CASA rose by 5.88 per cent to Rs 32,998 crore compared to the year-ago quarter.

IOL Chemicals and Pharmaceuticals: China’s drug regulatory authority, the National Medical Products Administration (NMPA), has approved the company's product Fenofibrate. This will enable the company to export its Fenofibrate API to the Chinese market. Fenofibrate is used to treat high cholesterol and triglyceride levels in the blood.

DCX Systems: The aerospace and defence company received a contract worth Rs 1,250 crore for the manufacturing and supply of electronic modules from Larsen & Toubro.

Welspun Specialty Solutions: The company received a contract worth Rs 117.17 crore for the supply of seamless stainless steel boiler tubes for NTPC's Talcher 2 x 660 MW supercritical thermal power project. The contract is expected to be executed by December 2024.

KPI Green Energy: The green energy firm received approval from the Chief Electrical Inspector (CEIG) for its 13.60 MW solar power projects under the Independent Power Producer (IPP) segment. These projects will be included in its power generation asset portfolio through Sun Drops Energia, a wholly-owned subsidiary of the company.

Carysil: The household appliance maker opened its qualified institutions placement (QIP) issue on July 1, with a floor price of Rs 837.89 per share.

Sakuma Exports: The company received approval from the board for the issuance of 4 bonus shares for every 1 equity share held. The board also approved raising funds up to Rs 500 crore via qualified institutions placement, in one or more tranches, and to undertake investments up to Rs 600 crore in direct or step-down subsidiaries of the company.

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