IndoCo Remedies, Paytm, Maruti, HeroMoto Corp, Lupin, oil-linked stocks, and SBI Life among top stocks to track today
Stocks to watch: The SBI Life Insurance Company will take over around 2 lakh policy liabilities and assets of the Sahara India Life Insurance Co. Ltd (SILIC), the Insurance Regulatory and Development Authority of India (IRDAI) said.
Stocks to watch: The bulls on Dalal Street are expected to have the upper hand on Monday (June 5), when the market opens after the weekend amid positive global cues. At 8:13 AM, the Nifty futures on the Singapore Exchange (SGX) traded 95.5 points, or 0.51 per cent, higher at 18,724.5 levels. Besides, Asian shares extended a global rally on Monday on optimism that the Federal Reserve would pause its rate hikes this month after a mixed US jobs report, while oil jumped as Saudi Arabia pledged significant output cuts in July. On Friday, US equities, too, ended on a positive note.
Let's take a look at the top stocks that may remain in focus today -
IndoCo Remedies: The company, in its regulatory filing on June 4, informed exchanges that its clinical research organisation, AnaCipher, located in Hyderabad, was inspected by the United States Food and Drug Administration (USFDA) in July 2022, and the USFDA confirmed that no objectionable conditions were observed during their remote assessment. In a separate announcement, the company informed exchanges that the USFDA had inspected its sterile facility (Plant II), located at Goa ("Facility"), from February 20, 2023, to February 28, 2023. The said facility had four observations in Form 483. The USFDA has determined the inspection classification of this facility as OAI (Official Action Indicated).
Tata Chemicals, Tata Motors: The Tata group signed an outline deal with the Gujarat government on Friday on building a lithium-ion cell factory with an investment of about Rs 13,000 crore ($1.6 billion). The move comes as the government is looking to create its own electric vehicle (EV) supply chain. According to sources close to the development, the decision to set up the EV battery plant at Sanand, Gujarat, was taken earlier this week at a Tata Sons board meeting, Reuters reported.
SBI Life: The SBI Life Insurance Company will take over around 2 lakh policy liabilities and assets of the Sahara India Life Insurance Co. Ltd (SILIC), the Insurance Regulatory and Development Authority of India (IRDAI) said. According to the regulator, the decision has been taken in view of the “continuous deterioration of the financial position of SILIC” and to protect the general interest of the holders of the company’s policies. READ MORE
Oil-linked stocks: Oil upstream and downstream companies, tyres, and paint stocks are likely to be in focus today as oil prices jumped more than $1 a barrel on Monday after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets.
Paytm: The company said in April and May, its average monthly transacting users (MTU) increased 24 per cent YoY to Rs 9.2 crore while the payment volume in April and May jumped 35 per cent YoY.
Maruti: Maruti Suzuki India is slated to launch the Jimny on June 5. The Jimny will bolster the carmaker's portfolio, which also includes the Fronx, Brezza and Grand Vitara, as per reports.
Speciality Restaurant: Promoter Anjan Chatterjee has sold 5 lakh (1.06 per cent) shares at Rs 226.99 apiece.
Hero Moto Corp: The two-wheeler company has launched a new range of HF Deluxe (100 cc) in four variants.
Lupin: The pharma major announced the launch of Darunavir Tablets, 600 mg and 800 mg, to market a generic equivalent of Prezista® Tablets of Janssen Products, LP. Darunavir Tablets, 600 mg and 800 mg (RLD Prezista®) had estimated annual sales of USD 308 million in the U.S. (IQVIA MAT March 2023), the company said in its press release.
Hindalco: Foreign brokerage JP Morgan has maintained an 'overweight' rating on the stock with a target price of Rs 490. The analysts at the brokerage believe that at current levels the risk-reward is favourable.
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