Stocks to watch: Indus Tower, Som Distilleries, Sun Pharma, PNB Housing, IOC – Market News

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 could see a subdued opening on Thursday. Here’s an overview of the top stocks to watch in trading.

Stocks in focus: GIFT Nifty traded flat while the index rose 4 points or 0.02% to 23,518.50, signaling a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Earlier, on Wednesday, the NSE Nifty 50 lost 42 points or 0.18% to settle at 23,516, while the BSE Sensex gained 36 points or 0.05% to close at 77,338.

Stocks to watch on June 20, 2024

Indus Tower

Bharti Airtel bought about 1% stake in Indus Towers on Wednesday, by acquiring approximately 26.95 million shares, increasing its stake from 47.95% it previously held to 48.95%. Britain’s Vodafone Plc sold an 18% stake in the tower company for 1.7 billion euros (about Rs 15,300 crore). The shares were sold at Rs 310-341.

Som distilleries and breweries

The Madhya Pradesh government has suspended the license of Som Distilleries after child laborers were rescued from its unit in Raisen district on Wednesday. The National Commission for Protection of Child Rights (NCPCR) has rescued around 19 girls and 39 boys from the company’s Madhya Pradesh distillery.

Sun pharmaceutical products

Sun Pharmaceutical has received a warning letter from the US Food & Drug Administration (USFDA) for its Dadra facility, the company said in an exchange filing. The warning letter summarizes violations of current Good Manufacturing Practice (cGMP) regulations.

PNB Home Financing

Open market transactions between General Atlantic and Asia Opportunities V (Mauritius) are expected to take place on Thursday, involving the sale of shares in PNB Housing Finance worth around Rs 830 crore, news reports showed. According to the term sheet, these two funds propose to sell 1.08 crore shares, or 4.16%, of the total share capital.

IOC

An agreement was signed between GPS Renewables and Indian Oil Company. This association will pave the way for the establishment of a 50:50 joint venture dedicated to promoting biofuel adoption across the country.

Godrej group

The proposed changes in the legal ownership, management and alignment of interests of the various entities of the Godrej group have been approved by the Competition Commission of India (CCI).

Sapphire food India

The division of the company’s shares has been approved by the board of directors, said Sapphire Foods India, which runs KFC and Pizza Hut. Each existing equity share, which had a face value of Rs. 10, it was decided to be divided into five shares, each of which would have a face value of Rs. 2. According to a stock exchange filing, this action is subject to shareholder approval at the upcoming 15th Annual General Meeting (AGM).