January 23, 2022

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Tata Motors, MRPL, Tech Mahindra, Lupin and more

Stocks in news: Tata Motors, MRPL, Tech Mahindra, Lupin and more

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Stocks in news: Tata Motors, MRPL, Tech Mahindra, Lupin and more

The Indian market is likely to open on a flat note today as SGX Nifty fell 2 points to 17,249. Sensex has gained 20.83% since the beginning of this year and risen 29.27% in one year. However, the ongoing correction and volatility in Indian equities has turned benchmark indices negative on a monthly basis. While Sensex has lost 3.47% or 2,075 points, Nifty is down 3.55% or 632 points in the last one month.

Benchmark indices ended on a negative note on Friday hit by losses in index-heavyweights Reliance Industries, HDFC twins and Kotak Bank, after India reported its first case of the Omicron variant of the coronavirus. Sensex closed 764.83 points lower at 57,696.46 and Nifty tanked 204.95 points to 17,196.70. PowerGrid was the top   Sensex loser, shedding 4.03 per cent, followed by Reliance Industries, Asian Paints, Kotak Bank, Tech Mahindra and Bharti Airtel.

Here’s a look at stocks that are likely to remain in news today.

Tata Motors: The Tata Group’s auto arm is likely to raise vehicle prices from January next year to offset the impact of rising input costs. Car maker Maruti Suzuki has already said it would raise vehicle prices from next month.

Tech Mahindra: The IT major has bought 100 per cent stake in Activus Connect, which provides work-at-home customer experience management solutions, for $62 million (about Rs 466 crore). The US based Activus Connect has 1,750 employees and reported a revenue of $17 million in the financial year ended December 31, 2020.

Lupin: The drug maker has inked a marketing pact with Biomm SA to distribute and market biosimilar Pegfilgrastim in Brazil. The company has signed an exclusive distribution and marketing agreement with Biomm SA in Brazil for distribution of Pegfilgrastim.

Indiabulls Housing Finance: The NBFC will raise up to Rs 1,000 crore via a public issue of bonds that opens next week. The base issue size of the bonds, in the nature of secured redeemable NCDs, is of Rs 200 crore with an option to retain oversubscription up to Rs 800 crore, aggregating up to Rs 1,000 crore.

Mangalore Refinery and Petrochemicals: The firm said it has received board’s nod to buy compulsory convertible debentures worth up to Rs 1,000 crore issued by its subsidiary ONGC Mangalore Petrochemicals Limited (OMPL).

Morepen Laboratories: The pharma firm said it has received nod from the US health regulator to market its generic anti-allergy drug in the American market. The company sells the product in India under the Fexopen brand (Fexofinadine Hydrochloride). Morepen’s product is the generic version of Sanofi Aventis’ anti-allergy drug Allegra.

Eris Lifesciences: The Drug maker said it has formed a joint venture with Mumbai-based MJ Biopharm to enter the insulin segment. Eris MJ Biopharm, the 70:30 joint venture (with Eris holding a 70 per cent stake), would primarily engage in marketing and distribution of human and analogue insulin including Aspart, Glargine.

GSS Infotech: The board of the company has cleared issuance of convertible warrants worth Rs 29.96 crore to promoters and non-promoters at Rs 107 per share. Further, the board has also identified Polimeraas as a potential acquisition target, and plans to invest Rs 25 crore in the company for acquiring up to 10 per cent stake.

Karda Constructions: French financial services company Societe Generale bought 36 lakh equity shares in Karda Constructions (0.58 percent) at Rs 16.65 per share via an open market transaction on the NSE as per the bulk deals data.

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