Lupin, Punjab National Bank, Zomato, Biocon, Laurus Labs, Hariom Pipe stocks in focus on 25 November | The Financial Express

Lupin, Punjab National Bank, Zomato, Biocon, Laurus Labs, Hariom Pipe stocks in focus on 25 November

Positive momentum in Indian markets expected to continue. buoyed by positive global cues, fall in crude oil prices to 10-month low and 9th consecutive weekly decline in India VIX to 52-week low

Lupin, Punjab National Bank, Zomato, Biocon, Laurus Labs, Hariom Pipe stocks in focus on 25 November
Lupin, Punjab National Bank, Zomato, Biocon, Laurus Labs, Hariom Pipe stocks in focus on 25 November

Indian benchmark indices may open on a muted note on the week’s last trading day, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 47 pts or 0.25% down on the Singapore Exchange hinting at a tepid start for domestic equities. In the previous session, BSE Sensex and Bank Nifty hit fresh highs, while NSE Nifty 50 inched closer to its all-time high. “Going forward we expect the positive momentum in Indian markets to continue buoyed by positive global cues, fall in crude oil prices to 10-month low and 9th consecutive weekly decline in India VIX to 52-week low. Once Nifty is able to cross its previous high of 18,604, we expect the index to gradually inch up towards 19k levels over the next few weeks,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Stocks in focus on 26 November, Friday

Lupin: The USFDA has issued Form-483 with 8 observations for the drug product facility and API facility at Mandideep. The US drug regulator has inspected company’s Mandideep unit-1 facility during 14-23 November 2022. “We do not believe this will have an impact on disruption of supplies or the existing revenues from operations of this facility,” the company said.

Also Read: Sensex, Bank Nifty hit record high, Nifty tests 18500; gains led by dovish Fed meeting minutes

Hariom Pipe Industries: The company has completed the setting up of its 15-ton electric melting furnace and the commercial production from the same will commence from 25 November 2022. This will increase the company’s production of MS billets from the current 95,832 MTPA to 1.04 lakh MTPA.

Zomato: Zomato may be gaining an edge over rival Swiggy despite the latter’s more attractive discounts to customers. With a growth rate of 55% in the six months to June, compared with 40% for Swiggy, Zomato seems to be forging ahead. However, the heavy discounts have probably led to Swiggy making bigger losses. At over $315 million, it is meaningfully higher than Zomato’s standalone losses of $50 million and a combined (with Blinkit) loss of around $170 million.

Punjab National Bank: The public sector lender has received approval of DIPAM, Ministry of Finance, for divestment of stake in UTI Asset Management Company in single or multiple tranches. As of now, PNB holds 15.22% stake in UTI AMC. The objective is to realise gain on investment.

Tube Investments of India: The auto ancillary company will pick 50% stake in X2Fuels and Energy, a start-up company engaged in developing processes to convert waste to liquid/solid fuels, for Rs 6.15 crore. Tube Investments has signed shares’ subscription agreement with X2Fuels and Energy, and its founders.

Laurus Labs: The company has entered into Share Subscription Agreement and Shareholders’ Agreement with Ethan Energy India for buying 26% stake in Ethan Energy India. This will enable the company to consume 100% of the solar energy to be supplied by Ethan Energy India from their 10 MW solar energy plant.

Also Read: India to grow at ‘moderately brisk rate’, inflation to ease: FinMin

Biocon: Biocon Biologics has allotted equity shares worth Rs 2,205.63 crore to parent company Biocon. Its stake in Biocon Biologics will be 88.85% post allotment of shares

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First published on: 25-11-2022 at 07:04 IST