Stocks to watch- TCS, Larsen & Toubro, Maruti Suzuki India, Glenmark Life Sciences

Stocks to watch: TCS, Larsen & Toubro, Maruti Suzuki India, Glenmark Life Sciences

Stocks in Focus: GIFT Nifty traded up 19 points, or 0.10%, at 19,849, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. On Wednesday, the NSE Nifty 50 gained 0.62% to settle at 19,811.35, while the BSE Sensex added as much as 393.69 points to 66,473.05.

“Positive global cues helped domestic markets extend gains for a second straight session as moderating US bond yields improved the sentiment. With oil prices seeing little movement in the wake of the Israel-Palestine conflict, the focus has once again quickly shifted back to global macro-economy. If the US treasury yields doesn’t spike from here on, it would bring some stability to global equity markets and encourage investors to undertake risk-on strategy,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

Larsen & Toubro

The company said that its Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) has secured a letter of intent for a mega onshore project worth above Rs 7000 crore from a prestigious client in the Middle East, according to the information available on the NSE.

“The scope of work involves engineering, procurement and construction of gas compression plants consisting of gas inlet facilities, gas compression system, produced water handling, propane refrigeration system, condensate transfer and utilities for gas compression facilities in new onshore facilities and its integration with existing gas compression plants,” the company said in a regulatory filing.

Maruti Suzuki India

The company has started exports of its off-roader, the Jimny 5-Door to Latin America, the Middle East, and Africa regions. “The India-manufactured Jimny 5-Door in our export portfolio will surely create excitement among our overseas customers. Aligning with the Government of India’s ‘Make in India’ initiative, our Company now exports an extensive range of 17 vehicles across segments. We remain committed in our efforts to sustain leadership in export of India Manufactured passenger vehicles,” said Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India.

Glenmark Life Sciences

The company announced the interim dividend for the financial year ending March 31, 2024. “We are pleased to inform you that the Board of Directors at their Meeting held on October 9, 2023 have declared Interim Dividend of Rs 22.5/‐ per Equity Share of face value of Rs 2/‐ each for the financial year ending March 31, 2024. The Interim Dividend, will be paid on or after October 23, 2023,” read the company’s letter to its Shareholders.

Cipla

The company has received the Establishment Inspection Report from the United States Food and Drug Administration (USFDA) on the classification of the inspection conducted at the manufacturing facility of InvaGen Pharmaceuticals Inc., a wholly owned subsidiary of the Company (InvaGen) in Central Islip, Long Island, New York, USA.

Vedanta

India Ratings and Research has downgraded the company’s long-term issue rating to ‘IND AA-’from ‘IND AA’ and placed the company on rating watch with negative implications.

Plaza Wires

The wire and cables manufacturer company is scheduled to make its debut on the NSE and BSE today. The Initial Public Offering (IPO) of Plaza Wires was subscribed 160.97 times on Oct 5, 2023.

(With agency inputs.)