Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus | The Financial Express

Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus

Indian benchmark indices BSE Sensex and NSE Nifty are likely to extend losses on Friday. Ahead of the session, SGX Nifty was in red hinting at a negative start for Indian equities.

Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus
Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus

Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to extend losses on Friday. Ahead of the session, SGX Nifty was in red hinting at a negative start for Indian equities. “Deteriorated global economic environment has led to a sharp surge in bond yields and dollar index which has instilled fears of recession. Given this backdrop, market is expecting RBI in its policy meeting outcome to raise interest rate by 50bps. Investors, on Friday, would also react to GDP and Initial jobless claim data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Stocks in focus on 30 September, Friday

Reliance: Mukesh Ambani led Reliance Industries’ Reliance Retail launched a premium fashion and lifestyle store brand on Thursday, with the first store inaugurated in Bengaluru. It plans to open close to 40 such stores across 12 cities over the coming nine months, Akhilesh Prasad, CEO, fashion and lifestyle, Reliance Retail, said in an interview. The company will open about 25 AZORTE stores this financial year alone, and they will be positioned in metros, mini metros, class A cities and state capitals, Prasad said.

Also Read: Sensex, Nifty end in red for 7th straight day amid volatility on F&O expiry; all eyes on RBI MPC meet decision

Hero MotoCorp: Hero MotoCorp on Thursday said it will invest $60 million in US-based Zero Motorcycles to jointly develop electric motorcycles. The two-wheeler maker said it is finalising a collaboration agreement with the California-based manufacturer of premium electric motorcycles and powertrains. Zero Motorcycles is the global leader in electric motorcycles and powertrains.

PNB: State-owned lender Punjab National Bank (PNB) announced plans to sell its entire 10.1% stake in Asset Reconstruction (ARCIL), amounting to 3.25 crore shares. The deal is expected to be completed by December 2022, the bank said in an exchange filing, without disclosing the identity of the purchaser or the consideration of the sale. The sale process of PNB stake in ARCIL is subject to the approval of the RBI, and when completed the bank will cease to be a sponsor of ARCIL.

Adani Power: Fair trade regulator Competition Commission of India (CCI) on Thursday approved the acquisition of 100 per cent equity of Diliigent Power and DB Power by Adani Power Ltd. The proposed combination relates to the acquisition of 100 per cent of the share capital and economic rights of Diliigent Power and DB Power by Adani Power Ltd.

Bajaj Electricals: At a meeting held on 29 September 2022, the Board of Bajaj Electricals approved the Scheme of Merger by Absorption of Nirlep Appliances (Transferor Company) with Bajaj Electricals (Transferee Company) and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (Scheme).

Lupin: The pharma company has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA), Mirabegron extended-release tablets, to market in the US. Mirabegron is a generic equivalent of Myrbetriq extended-release tablets of Astellas Pharma Global Development, Inc. The product will be manufactured at Lupin’s facility in Nagpur, India. The drug had estimated annual sales of $2403 million in the US as per IQVIA MAT data by June 2022.

Also Read: Tractor sales fall 4.6% in August due to erratic rainfall, but exports hold up; festive season respite eyed

Rail Vikas Nigam: The company has received contract for the construction of 4 lane highway from Samarlakota to Achampeta Junction, from the National Highways Authority of India (NHAI). The contract is a part of Kakinada port to NH – 16 connectivity in Andhra Pradesh under Bharatmala Pariyojana on EPC mode at the cost of Rs 408 crore.

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