Top 10 stocks for today – 1st March 2024

1 Mar 2024 , 08:46 AM

Here are some of the stocks that may see significant price movement today.

Adani Enterprises: The company has completed the divestment of its entire 100% stake in subsidiary Vizag Tech Park to Adani Infrastructure and Developers for a total consideration of ₹150.81 Crore. As a result of this transaction, Vizag Tech Park no longer remains a subsidiary of the company.

Vedanta: The Supreme Court has rejected Vedanta’s petition to reopen its Sterlite Copper smelter plant in Tamil Nadu. In its decision, the court emphasized the importance of sustainable development and prioritized the health and well-being of the local residents.

Bharti Airtel: Chairman Sunil Bharti Mittal, in an exclusive conversation with CNBC-TV18, shared that the company aims to achieve an Average Revenue Per User (ARPU) of ₹300 by the end of the financial year 2025. He expressed optimism about commencing with an ARPU of ₹250 this financial year. Mittal also highlighted the promising prospects of SATCOM and expressed excitement about launching operations in Gujarat.

Aurobindo Pharma: The US Food and Drug Administration (USFDA) has issued a Form 483 with seven observations to the injectable facility of Eugia SEZ, a wholly-owned step-down subsidiary of the company. The inspection of the unit took place between February 19 and February 29, 2024. The observations primarily pertain to procedural matters. The company intends to address these observations within the specified timeframe.

Biocon: The USFDA conducted an inspection at Biocon Biologics’ Biocon Campus (Site 1) facility from February 20 to 28. This inspection was related to the production of rh-Insulin (rhI) drug substance intended for veterinary use. Following the inspection, the US FDA issued Form 483, highlighting four observations regarding compliance and quality control measures at the facility.

Suven Pharma: The board has approved the merger of Cohance Lifesciences with Suven Pharmaceuticals, with Cohance shareholders to receive 11 equity shares of Suven for every 295 shares held. Upon completion of the merger, the combined entity will operate across three segments: Pharma CDMO, Specialty Chemical CDMO, and CPI, in addition to adding an antibody drug conjugate segment.

L&T: L&T has successfully commissioned its inaugural domestically manufactured electrolyser at the Green Hydrogen Plant located in Hazira, Gujarat. This advanced electrolyser is equipped with a rated power capacity of 1 MW, with the potential for expansion to 2 MW. It is designed to produce 200 Nm3/Hr (normal cubic meters per hour) of hydrogen, marking a significant milestone in India’s pursuit of green hydrogen production.

Godrej Industries: The company has raised its ownership in subsidiary Godrej Capital to 89.48%, marking an increase from the previous 87.23% stake. This additional 2.25% stake was acquired between June 2023 and February 2024. Godrej Capital operates as a core investment company, primarily holding equity shares of Godrej Housing Finance and Godrej Finance.

ICICI Bank: The private sector bank has acquired an additional 25,14,365 equity shares of ICICI Lombard General Insurance, amounting to approximately ₹431 Crore. This acquisition has led to ICICI Lombard becoming a subsidiary of the bank. Earlier, on February 27, the bank had purchased 80,98,658 equity shares in ICICI Lombard for ₹1,356 Crore.

TVS Motor: TVS Motor (Singapore) Pte Ltd., a subsidiary of TVS Motor Company, has made a strategic move by initiating the acquisition of 8,000 equity shares in Killwatt GmbH. The acquisition involves a payment of 2 million euros. Following this transaction, the shareholding of TVS Motor (Singapore) in Killwatt GmbH will witness a significant increase, rising from 39.28% to 49%.