Stocks in focus today: In today’s business, the focus will be on these stocks including two shares of Adani Power and Tata.
Stocks in focus today: Amidst the decline in Asian markets, trading started in the domestic market today. Sensex and Nifty are seeing a rise on the basis of buying in banking stocks. On the other hand, if we talk about individual stocks, then today’s business will focus on stocks like Biocon, Adani Power, Tata Motors, Tata Steel, Spice Jet and Marico.
Today focus on these stocks
- Biocon: Biocon’s subsidiary Biocon Biologics has received the European Union’s Certificate of Good Manufacturing Practices from the Health Products Regulatory Authority of Ireland for its new Monoclonal Antibodies Drug Substance Manufacturing Facility in Bengaluru. This certificate has been received after investigation in April 2022. According to the company, this plant is spread over 3.40 lakh square feet.
- Tata Motors: Tata Motors has received a major setback from the Bombay High Court. The Bombay High Court has upheld the BEST (BrihatMumbai Electric Supply and Transport) decision which held Tata Motors ineligible to operate electric buses in Mumbai. The High Court says that BEST has every right to decide on the merits of Tata Motors. When BEST disqualified Tata Motors to participate in the tender process to operate 1400 electric buses in Mumbai, the company went to the High Court against it, but it did not get any relief from there.
- Marico: Marico’s Indian business declined in the first quarter April-June 2022 of the financial year 2022-23. Marico’s Indian business was affected due to a sharp fall in the sales of Saffola oil and a slight decline in the sales of Parachute Coconut Oil. Although the growth of its international business was better. Overall, the consolidated revenue of the company in the June 2022 quarter was slightly higher on a year-on-year basis.
- Adani Power: Adani Power informed on Tuesday that it will try to get the approval of shareholders in the Annual General Meeting (AGM) to be held on July 27 for the proposed transaction of Rs 5 thousand crore from Adani ConneX. Once approved, Adani Power will be able to sell its special purpose vehicles or subsidiaries to AdaniConneX. These subsidiaries have ownership or leasehold rights of the land or land parcels. The transaction is expected to be completed in the financial year 2022-23 after the approval of the shareholders.
- Spicejet: Cash-strapped SpiceJet faced two incidents on Tuesday. One is that when a SpiceJet plane was moving from Delhi to Mumbai, it had to make an emergency landing in Karachi, Pakistan due to technical difficulties. DGCA has ordered an inquiry into the matter. On the other hand, the second incident was that the Q400 turboprop aircraft flying from Kandla in Gujarat had to land as a priority in Mumbai due to a crack in the outer windshield. There have been seven incidents with SpiceJet in the last two months.
- Tata Steel: Tata Steel India’s deliveries declined by 2.16 per cent in the first quarter of the current financial year 2022-23. Tata Steel could deliver only 40.6 million tonnes in the April-June 2022 quarter due to the imposition of 15 per cent export duty, as against 4.15 million tonnes in the same period last year.