Top Stocks in Focus on January 9, 2024

Top Stocks in Focus on January 9, 2024
  • By Divya Singhal
  • 09th January, 2024
  • Banking

Today’s market spotlight falls on several key stocks, including LIC, Bajaj Auto, Tata Motors, BEML, Thirumalai Chem, GMDC, IndoStar Fin, Cipla, Aurobindo Pharma, Oil India, Lemon Tree, Cupid, Tanla Solutions, Sarveshwar Foods, Zee Entertainment, Ambuja Cements, and Sanghi Industries.

Life Insurance Corporation of India (LIC) announced plans to invest in the New Company, associated with the National Housing Bank. This move involves an equity contribution of up to 10% of the share capital in phases, focusing on residential mortgage-backed securities.

Bajaj Auto Ltd approved a buyback of company shares at ₹10,000 per share, with plans to buy back up to 40 lakh fully paid-up shares, totaling ₹4,000 crore. This tender offer will include all equity shareholders, including promoters and members of the promoter group, yet the record date is to be announced.

BEML secured orders valued at ₹330 crore from the Defence Ministry for the supply of mechanical minefield marking equipment, reinforcing its commitment to defense-related initiatives.

Tata Motors’ subsidiary, Jaguar Land Rover (JLR), reported a robust 27% year-over-year growth in Q3 sales, totaling 101,043 units. The year-to-date wholesales for FY24 surged by 28%, reaching 291,113 units, while retail sales saw a 29% increase, reaching 109,140 units.

Cipla revealed a strategic joint venture in the US with Kemwell Biopharma and Manipal Education & Medical Group. Their focus lies on developing and commercializing innovative cell therapy products to address unmet medical needs across the US, Japan, and the EU.

Oil India signed a Joint Venture Agreement with Assam Power Generation Corporation, aimed at venturing into renewable and green energy initiatives. Their collaboration aims to maximize renewable power generation in Assam.

Lemon Tree Hotels sealed a deal for a new 75-room hotel in Meerut, Uttar Pradesh, expected to open its doors in FY25, expanding its footprint in the hospitality sector.

Bloomberg reported that Sony Group Corp. plans to cancel the merger pact with Zee Entertainment Enterprises Ltd, a development that will draw attention to the latter’s stock performance.

Ambuja Cements announced an open offer to the public shareholders of Sanghi Industries, scheduled to run from January 15 to January 29. Ambuja Cements aims to acquire up to 6,71,64,760 Equity shares at ₹121.90 per share, aggregating up to ₹818.74 crore.

Aurobindo Pharma received an Establishment Inspection Report from the USFDA for its Telangana Unit. The USFDA classified the unit as ‘Voluntary Action Indicated’ after conducting an inspection at the formulation manufacturing facility.

Thirumalai Chemicals resumed operations at its phthalic anhydride plant in Bharuch, Gujarat, after completion of maintenance, having been shut down since November 5, 2023.

Gujarat Mineral Development Corporation Ltd (GMDC) received Environmental Clearance for the capacity expansion of its Surkha(N) Lignite Mine from 3 MTPA to 5 MTPA. This expansion signifies both increased production and the company’s commitment to sustainable resource utilization.

IndoStar Capital Finance greenlighted the issuance of up to ₹500 crore worth of listed, rated, secured, redeemable, non-convertible debentures, demonstrating their commitment to financial growth within the approved limit set earlier.

Cupid Ltd secured orders worth ₹16.23 crore for male condoms from the Central Medical Services Society (CMSS), further solidifying its role in the streamlined drug procurement system under the Ministry of Health and Family Welfare, Government of India.

Tanla Platforms welcomed former TRAI Chairman RS Sharma to its board of directors, expanding the board to seven members and adding valuable expertise to the company’s leadership.

Cressanda Railway Solutions Ltd submitted an e-bid for advertising and publicity spaces across more than 7000 Ordinary/Janrath Buses of Uttar Pradesh State Road Transport Corporation, aiming to leverage this opportunity for promotional initiatives.

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