Stocks to Watch: Trent, BEL, ONGC, Ambuja Cement, IDFC First Bank, and more

Here’s a quick look at stocks likely to be in focus in today’s trade.

Trent and Bharat Electronics: In a significant move by the National Stock Exchange (NSE), Trent and Bharat Electronics Limited (BEL) will be added to the prestigious Nifty 50 index, effective from September 30. This reshuffle highlights the growing importance of these companies within the Indian equity markets. Trent, known for its strong retail presence, and BEL, a leader in defense electronics, will replace Divi’s Laboratories and LTIMindtree, which are set to exit the index.

Ambuja Cement: GQG Partners has further increased its investment in Ambuja Cement, raising its stake to 2.5 percent by acquiring an additional 1.1 percent through block deals valued at ₹1,679 crore. The purchase was made at a price of ₹625.5 per share, reflecting GQG Partners’ continued confidence in the company’s growth prospects.

Hero MotoCorp: Hero Motors, the flagship auto components division of the Hero Group, has filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise up to ₹900 crore through the public issue, marking a significant step in its expansion plans.

ONGC: Oil and Natural Gas Corporation (ONGC) has achieved a milestone with the commencement of production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset. Additionally, ONGC has successfully commissioned a gas export line connecting the offshore site to the onshore terminal, further enhancing its operational capabilities.

Transport Corporation of India: The board of Transport Corporation of India has approved a buyback of up to 13.33 lakh shares at ₹1,200 per share, a 4.5 percent premium to the previous Friday’s closing price. The buyback is set to take place with a record date of September 4, reflecting the company’s commitment to returning value to its shareholders.

Alembic Pharma: Alembic Pharmaceuticals has received approval from the US Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate foam, 0.12 percent. This product is a generic equivalent to Luxiq foam, 0.12 percent, and will be used to treat scalp skin conditions, providing a new option for patients in the US market.

KEC International: KEC International has secured orders worth ₹1,079 crore across its transmission and distribution (T&D) and cables businesses. The new contracts include projects from a private developer in India and transmission line orders in Saudi Arabia, Oman, and the UAE. This brings the company’s Year-to-Date order intake to over ₹8,700 crore, showcasing its strong business momentum.

IDFC First Bank: IDFC First Bank has received an income tax refund totaling ₹202.55 crore for the Assessment Year 2023-24. The refund includes ₹189.25 crore in taxes and ₹13.30 crore in interest, providing a boost to the bank’s financials.

Ashoka Buildcon: Ashoka Buildcon has emerged as the lowest bidder for a ₹478 crore project awarded by the Mumbai Metropolitan Region Development Authority (MMRDA). The project involves the design and construction of an elevated road connecting key areas, including the Kalyan-Murbad Road and Pune Link Road, and will include a slip road and a crossing over the Karjat-Kasara railway line. This win further strengthens Ashoka Buildcon’s position in infrastructure development.

Piramal Enterprises: Piramal Capital and Housing Finance, a subsidiary of Piramal Enterprises, has partnered with Central Bank of India to expand its co-lending operations. This strategic alliance aims to enhance financial inclusion by targeting middle and low-income borrowers in rural and semi-urban areas, thereby extending credit accessibility to underserved regions.

Jio Financial Services: Jio Financial Services has received approval from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment limits to 49 percent of its total equity on a fully diluted basis. This move is expected to attract significant foreign investment, enhancing the company’s financial flexibility and growth prospects.

FDC: FDC Limited announced that its Baddi manufacturing facility successfully passed a US FDA inspection with no observations and zero 483s, signaling full compliance with the stringent regulatory standards. This clean inspection reflects FDC’s commitment to maintaining high-quality manufacturing practices.

Dr. Reddy’s Laboratories: Dr. Reddy’s Laboratories reported that the USFDA completed a Pre-Approval Inspection at its Srikakulam facility, resulting in a Form 483 with three observations. The company has expressed its commitment to addressing these observations within the stipulated timeline, ensuring compliance with regulatory requirements.