Stocks to Watch: LIC, Dr Reddy’s, NALCO, Lupin, GAIL, Varun Beverages, and Others

The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,204, up 25 points or 0.15% from the previous close.

Mahindra & Mahindra

The company sold 6.058% of its stake in its listed peer, Mahindra CIE, amounting to 2,29,80,000 equity shares at the price of Rs 357.39 per share. With this, the total shareholding in MCIE came down to 3.195% of its share capital.

LIC, Dr Reddy’s

The insurance major’s shareholding in Dr Reddy’s increased from 1,27,83,287 to 1,61,44,983 Equity Shares increasing its shareholding from 7.676% to 9.695% in the pharma company.

Sona Comstar

Funds affiliated with Blackstone sold their stake of 20.5% in Sona BLW Precision Forgings (Sona Comstar). “This stake sale happened via bulk deals in the open market, which saw strong demand from Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC MF bought shares from Blackstone in the bulk deal,” said the company in a filing with the exchanges.

NALCO

The board approved a second interim dividend of 50% at Rs 2.50 per share of face value of Rs 5 each, on the paid-up equity share capital of Rs 918.32 crores.

Axita Cotton

Received orders for Indian raw cotton from Bangladesh, with the total value aggregating $2.7 million.

Lupin

United States Food and Drug Administration (U.S. FDA) completed an inspection of Lupin’s bioresearch center in Pune, India. The inspection closed without any observation.

Varun Beverages

The company invested in 9.80% (5.68% on fully diluted basis) of Lone Cypress Ventures, special purpose vehicle engaged to supply solar power to consumers in the state of Uttar Pradesh. The consideration for this investment was Rs 3.15 crore.

Embassy Office Parks REIT

Embassy Office Parks REIT has committed over Rs 300 crore (Indian Rupees Three Hundred Crores only) to its environment, social and governance program across its 43.6 msf pan-India portfolio.

GAIL

The board of GAIL (India) has approved an interim dividend of Rs 4 per equity share for financial year 2022-23. The company has fixed March 21 as the record date.

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