Delta Corp, Bajaj Finance, pharma companies, LIC, CEAT, and Karnataka Bank among top stocks to watch today
Stocks to watch: Delta Corp received a total tax-due notice of Rs 16,822 crore under the CGST and SGST.
Stocks to watch: At around 8:03 am on Monday, September 25, the GIFT Nifty futures traded 11.5 points, or 0.06 per cent, lower at 19,693, suggesting a flat-to-negative start to trading on Monday.
The domestic benchmark indices ended lower on Friday, September 22, amid selling in FMCG, IT, financial services, pharma, metals, and realty stocks. The market also feared the US Fed's hawkish note might hold foreign investors back.
At close, the S&P BSE Sensex was down 221.09 points, or 0.33 per cent, at 66,009.15, and the NSE Nifty was down 68.1 points, or 0.34 per cent, at 19,674.25.
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Godrej Properties today announced that it has sold nearly 670 homes worth over Rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida. This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved. The project was launched in August 2023, within nine months of the purchase of land, through an e-auction conducted by the Noida Authority in November 2022.
Delta Corp. received a total tax-due notice of Rs 16,822 crore under the CGST and SGST.
Grasim Industries: In an intimation regarding the incident at Century Rayon plant, Shahad, the company, in its regulatory filing, said that "we are in receipt of the Order from the Department of Industrial Safety & Health, Kalyan (DISH) (“the Order”) under the Factories Act, 1948, dated September 23, 2023, and in accordance with the Order, the Carbon Di Sulphide (CS2) refining section of the plant has been closed temporarily and shall be operational after complying with the conditions stipulated in the Order." The management has initiated the necessary steps to comply with the conditions stipulated in the said order, and further this is not likely to have a material impact on the company’s profitability, the filing added.
Life Insurance Corporation of India (LIC): The insurance behemoth received a notice under Central Goods and Services Tax (CGST) and State Goods and Service Tax (SGST) for total tax dues of Rs 290 crore from the Additional Cell Tax Commissioner of Bihar. Goods and Service Tax (GST) head includes Rs 166.75 crore, interest 107 crore, and penalty Rs 16.67 crore.
Bajaj Finance: The company's board will consider the proposal to raise funds through preferential issues, QIPs, or other means in the meeting on October 5.
Pharma companies: As per reports, the government is likely to give incentives for the manufacturing of new medicines, and there is a possibility of expanding the scope of the production-linked incentive (PLI) scheme for the manufacturing of bulk drugs. New medicines will be included in the existing PLI scheme, and incentives will be given from the existing PLI scheme of Rs 6,940 crore for bulk drugs.
CEAT: The GST department had also ordered a fine of Rs 107 crore along with a demand of Rs 107 crore. The penalty has been imposed in the case of a show cause notice for the supply of tubes and flaps along with the tyre. The company has challenged this notice in the Delhi High Court and is reviewing the matter.
Karnataka Bank: The board has approved raising Rs 1500 crore through preferential rights issues or QIP. From Rs 1,500 crore, Rs 800 crore is already raised through preferential issues.
Strides Pharma: The company's subsidiary, Strides Pharma Global Pte Ltd, Singapore, got approval from the US Food and Drug Administration (USFDA) for Icosapent Ethyl Capsules 0.5 gram and 1 gram. The medicine is used to reduce the risk of heart attack and stroke.
Sequent Scientific: The USFDA completed its inspection at the Visakhapatnam manufacturing facility in Andhra Pradesh of the company. The investigation took place between September 18 and September 22. The company has been issued a Form 483.
Swan Energy: The board approved raising Rs 1,435 crore on a preferential basis and will issue up to 2.9 crore shares for Rs 495 per share.
Cholamandalam Financial: Nomura India Investment Fund bought 14.51 lakh shares, which is 0.77 per cent, equity at Rs 1145.3 per share.
Fertiliser stocks: Approximately 46 lakh tonnes (lt) of fertiliser were sold in the first 15 days of September. Last month, 80.93 lakh tonnes (lt) were sold against the target of 51.62 lakh tonnes (lt). A direct increase of 13.5 per cent is possible in September sales on a month-on-month basis. Fertiliser sales are expected to increase in the Rabi season (October–March).