Stocks to watch- TCS, TVS Motor, IDFC First Bank, Biocon

Stocks to watch: TCS, TVS Motor, IDFC First Bank, Biocon

Stocks in Focus: GIFT Nifty traded down 0.53% at 19,665, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the NSE Nifty 50 gained 0.55% to settle at 19,653.50, while the BSE Sensex added as much as 263.06 points to 65,995.63.

“The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India’s 10-year yield inching higher. The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support,” said Vinod Nair, Head of Research at Geojit Financial Services.

Adani Energy Solutions

The company has acquired 100% equity shares of Sangod Transmission Service from Rajasthan Rajya Vidyut Prasaran Nigam in a manner consistent with the Share Purchase Agreement and other applicable consents. The proposal was approved by the committee of the Board of Directors of the Company at its meeting held on October 6, 2023, according to the regulatory filing on the NSE.

PNB

The Bank has appointed Sanjeevan Nikhar, Chief General Manager of the Bank, as the Group Chief Compliance Officer of the Bank, vice V Sundaresan, Chief General Manager of the Bank, with immediate effect.

Biocon

The company has announced the signing of a partnership agreement with Juno Pharmaceuticals, a specialty pharmaceutical company in Canada, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity. Under the terms of this agreement, Biocon will be responsible for obtaining regulatory approval for Liraglutide, and thereafter, for the manufacture and supply of the product in the Canadian market, according to the regulatory filing on the NSE.

TVS Motor Company

To commemorate the 10-year-long partnership of TVS Motor Company and BMW Motorrad, TVS Motor Company announced the roll out of 150,000 unit of BMW Motorrad’s 310cc series of motorcycles. The motorcycle was rolled out from the TVS Motor’s Hosur facility by Mr KN Radhakrishnan, Director & CEO, TVS Motor Company and Dr Markus Schramm, Head of BMW Motorrad, according to the regulatory filing on the NSE.

IDFC First Bank

The Capital Raise and Corporate Restructuring Committee of the Board of Directors of the Bank (Committee) at its meeting held today, i.e., October 06, 2023, approved the issue and allotment of 33,24,09,972 Equity Shares of face value of Rs 10 each to qualified institutional buyers at an issue price of Rs 90.25/- per Equity Share (including a premium of Rs 80.25/- per Equity Share), aggregating to Rs 3,000 crore, pursuant to the Issue, according to the regulatory filing on the NSE.

(With agency inputs.)