Stocks in the news: Dr Reddy’s, Axis Bank, Zomato, Tata Power and Federal Bank

Nifty futures on the Singapore Exchange traded 155.5 points, or 0.99 per cent higher at 15,856.5, signaling that Dalal Street was headed for a positive start on Monday. Here are a dozen stocks which may buzz the most in today’s trade:

Dr Reddy’s Laboratories: The homegrown drug maker announced that it has acquired a portfolio of branded and generic injectable products from USA-based Eton Pharmaceuticals, Inc for $50 million.

Axis Bank: The private lender said the Reserve Bank has approved the reappointment of Rajiv Anand as the Deputy MD for a period of three years until August 2025. In January this year, the private sector lender had re-appointed Anand as the Deputy Managing Director for a further period of three years, from August 4, 2022, to August 3, 2025.

Zomato: The online food delivery platform said it will acquire Blink Commerce (formerly known as Grofers) for Rs 4,447.48 crore in a share swap deal as part of its strategy of investing in quick commerce business.

Tata Power:

Solar Systems, an arm of Tata Group’s power player said it has commissioned India’s largest floating solar power project of 101.6 Megawatt Peak (MWp) in Kerala backwaters. The project is installed on a 350-acre water body in Kayamkulam, Kerala.

Federal Bank: The private lender is going to consider fund raising on June 30. It said the board will hold a meeting on June 30 to consider proposals for raising of funds through issuance of securities. The board will also consider convening a general meeting to seek approval of the shareholders for fund raising proposals.

Welspun Corp: The iron and steel product firm bags Rs 600 crore worth orders. The company has secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the USA across the oil & gas and water sector. These include, receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia.

Indian Overseas Bank: The state-owned lender is aiming to boost advances in retail, MSMEs, corporate and agricultural loans during the current fiscal year, as the lender has substantially brought down the stressed assets on its balance sheet through sustained and targeted efforts.

Oil India: The state-owned oil firm said it has completed a beta demonstration of the hydrogen-powered bus developed by Ohm Cleantech under the ‘Startup Nurturing, Enabling and Handholding (SNEH)’ programme of the company.

Hindustan Copper: The state-owned board will meet next week to consider a proposal to raise up to Rs 500 crore by issuing debentures. The company board will meet on June 30 to consinder and seek approval from the shareholders to raise funds via issuing secured or unsecured non-convertible debentures or bonds on a private placement basis up to Rs 500 crore.

CSB Bank: The private lender appoints Bhama Krishnamurthy as part-time chairperson. The bank in its BSE filing said the board has appointed Bhama Krishnamurthy as the part-time chairperson of the bank. This appointment is subject to the approval of Reserve Bank of India.

GHCL: The chemical, textiles and consumer products firm, formerly Gujarat Heavy Chemicals, has inaugurated a new spinning unit in Tamil Nadu set up at an investment of Rs 200 crore. With the setting up of the unit at Manaparai in Madurai district, the company would be able to cater to premium segments both in domestic and international markets.


Satin Creditcare Network: The microfinance lender has raised Rs 96.25 crore by issuing bonds on a private placement basis to two investors. A total of 19,250 secured, rated and redeemable non-convertible debentures (NCDs) of Rs 50,000 each have been issued to AAV Sarl and Masala Investments Sarl.

BLS International Services: The travel and tourism services firm said it has received a work order from the Government of West Bengal to install and commission hardware at 81 offices under Presidency Zone in Kolkata. It will also provide manpower as part of the contract

Dish TV: A total of 78.94 per cent of the votes polled in the Dish TV extraordinary meeting (EGM) were against the resolution to reappoint Jawahar Goel as the Managing Director. Goel represents the promoter group in Dish TV, could get only 21.05 per vote in favour of his reappointment for three more years.

GE T&D India: The rating agency ICRA downgraded long-term credit rating for the power company. ICRA has downgraded the long-term rating of the fund based and non-fund based facilities of the company to A from A+ with negative outlook, due to decline in the financial performance.

Services: The mutual fund arm of the financial services firm, JM Financial Mutual Fund, amid volatility and negative sentiments due to economic headwinds in the capital market, remained optimistic to launch 4-5 New Fund Offers (NFOs) and expanding assets under management between Rs 7,000 crore and Rs 10,000 crore by FY23.

Kiri Industries: The dyes and pigment firm acquired 81 per cent stake in Indo Asia Copper. The company is acquiring 81 per cent equity stake of Indo Asia Copper. Accordingly, Indo Asia Copper has become a wholly-owned subsidiary of the company.

SJVN: The power producer said it has started the river diversion work of the 210 MW Luhri Stage-1 hydro-electric project in Himachal Pradesh. In November 2020, the government approved an investment of Rs 1,810.56 crore for the 210 MW power project located on river Satluj. This project will generate 758.20 million units of electricity per year.

Reliance Capital: Lenders of debt-ridden Anil Dhirubhai Ambani Group decided to extend the resolution process timeline by another two months to November 2 as there has been a tepid response from bidders for its acquisition.

Future Enterprises: The debt-ridden firm has defaulted on interest payment of Rs 4.10 crore for its non-convertible debentures. The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 24, 2022.