Here is the list of the top 10 stocks that will be in focus today:
State Bank of India: The largest public sector lender in the country, State Bank of India (SBI) on Monday announced its plan to raise up to $2 billion for the financial year FY24 through the issuance of senior unsecured notes. To discuss and consider the same, the lender’s board members are scheduled to meet on April 18. The senior unsecured notes will be in US dollars or any other convertible foreign currency. Also, the board will consider whether to issue these notes through a public offer and or private placement.
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Reliance Industries: After announcing its plan to revive the iconic soft drink, Campa-Cola, to build its presence in India’s soft drinks market, Reliance Industries-backed Reliance Consumer Products is all set to compete with dairy brands like Amul and Mother Dairy by venturing into the ice cream and dairy market. The Mukesh-Ambani-led company is planning to launch ice cream products under its brand, Independence, starting from Gujarat, and may also enter into a contract with a manufacturer in the state, reported Business Standard citing anonymous sources.
Bajaj Finserv: Bajaj Finserv Mutual Fund, which received Sebi’s clearance to begin the mutual fund operations last month, has filed draft documents with the markets regulator for launching seven schemes in equity, debt and hybrid spaces. The newest player has filed papers to launch mutual fund schemes — liquid fund, money market fund, overnight fund, arbitrage fund, large and mid-cap, balance advantage and flexi cap fund, an update with the Securities and Exchange Board of India (Sebi) showed on Monday. The company would launch these products after receiving the regulator’s approval.
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L&T: Larsen and Toubro on Monday said its hydrocarbon business, L&T Energy Hydrocarbon or LTEH, recently secured an order under its ‘advanced value engineering and technology’ vertical from Chambal Fertilisers and Chemicals. The order has been awarded by Chambal Fertilisers for licence plus engineering, procurement and construction of a technical ammonium nitrate (TAN) plant along with weak nitric acid (WNA) plant at Gadepan, Kota, Rajasthan. Last week, L&T’s hydrocarbon business received multiple offshore orders from a ‘prestigious’ client in the Middle East.
Bajaj Auto: Bajaj Auto has announced that it has successfully completed the transfer of Triumph India’s sales and marketing operations. The announcement comes after three years when the duo announced a strategic partnership in 2020. In a regulatory filing today, Bajaj Auto said “This launches the next phase of the partnership, effective from April 1st, 2023, where all the current 15 Triumph Motorcycle dealerships will be managed by Bajaj Auto.” Bajaj Auto and Triumph India entered into a partnership in 2020 where they announced to jointly collaborate to create a new range of mid-sized Triumph Motorcycles.
Glenmark Pharmaceuticals: Glenmark Pharmaceuticals Ltd is considering selling a majority stake in Glenmark Life Sciences to pare debt, said two people familiar with the development. Kotak Mahindra Capital Co. Ltd has been hired to run the sale process, and the company has contacted buyout funds to gauge investor interest, the people said. The company had explored a stake sale in its active pharmaceutical ingredient (API) business in 2019 but then opted for a listing in 2021 after spinning off the entity as Glenmark Life Sciences.
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Bank of Baroda: Bank of Baroda on Monday reported its Q4 business update, said that the bank’s total deposits grew by 15.1 per cent to ₹12.04 lakh crore as of the quarter ended 31 March 2023, as compared to ₹11.4 lakh crore in the corresponding quarter last fiscal. “Total Deposits of the bank grew by 15.1% YoY and 4.7% QoQ to Rs. 12.04 trillion as of 31st March 2023.,” said the bank in its regulatory filing. The domestic deposits grew around 13 per cent year-on-year to ₹10.47 lakh crore during the same period as compared to ₹10.03 lakh crore.
Vedanta: Anil Agarwal-led Vedanta Ltd on Monday said that the company would hold a meeting on April 13, 2023, to consider the issuance of non-convertible debentures (NCDs) on a private placement basis. “The Company proposes to hold a meeting of its duly constituted Committee of Directors on Thursday, April 13, 2023, to consider the proposal for issuance of Non-Convertible Debentures on a private placement basis,” said Vedanta in its regulatory filing. In recent months, Agarwal has faced one of his toughest acts yet. The tycoon’s Vedanta Resources Ltd. has close to $2 billion of bonds to settle in 2024 — half of which is due in January.
JSW Steel: JSW Steel on Monday said the company reported its highest ever consolidated crude steel production at 24.15 million tonne in FY23, registering a growth of 24 per cent year-on-year. The company has reported its highest-ever quarterly consolidated crude steel production at 6.58 million tonnes for the March quarter of FY23, registering a growth of 13 per cent year-on-year (YoY) and 7 per cent quarter-on-quarter (QoQ). This was driven by improved capacity utilisation at the Indian operations, with capacity utilisation of 96 per cent in Q4 FY23 versus 91 per cent in Q3 FY23.
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Zydus Lifesciences: Zydus Lifesciences on Tuesday said it has received approval from the US health regulator to market a generic product which is used to treat myxedema coma. The company has received the final approval for Levothyroxine Sodium for Injection in the strength of 100 mcg/vial, 200 mcg/vial, and 500 mcg/vial from the US Food and Drug Administration (USFDA), said Zydus Lifesciences in a statement. Levothyroxine Sodium Injection is indicated for the treatment of myxedema coma.
