Stocks To Watch: ONGC, M&M, IRCTC, PFC, Tata Twins, LIC & More

On Wednesday, January 10, market observers will be focusing on the top 8 stocks, which include popular stocks like Tata Power, Tata Motors, M&M, ONGC, and LIC.

Tata Motors

Global wholesale sales for the Tata Motors Group, which includes Jaguar Land Rover, were 338,177 units in Q3 FY24-a 9% increase over Q3 FY23. In Q3 FY24, there were 98,679 units worldwide in wholesale sales of all Tata Motors commercial vehicles including the Tata Daewoo line, a rise of 1% over Q3 FY23.

In Q3 FY24, there were 138,455 Tata Motors passenger vehicles sold globally, a 5% increase over Q3 FY23. Jaguar Land Rover's global wholesale sales jumped by 27% to 101,043 units. According to Tata Motors, Land Rover had 88,894 wholesale vehicles during the quarter, while there were 12,149 wholesale vehicles for Jaguar.

Tata Power

The company's subsidiary, Tata Power Renewable Energy Limited (TPREL), has accelerated India's clean energy transition by signing two Memoranda of Understanding with the Tamil Nadu government to boost the growth of the state's renewable energy landscape.

For the next five to seven years, TPREL intends to look into possibilities to construct 10,000 MW of renewable energy power projects, including solar, wind, hybrid, RTC, peak, Firm and Dispatchable Renewable Energy (FDRE), etc., in accordance with the first Memorandum of Understanding (MoU).

According to the terms of the MoU, these renewable energy projects with an aggregate investment potential of around Rs 70,000 crore would be positioned strategically over roughly 50,000 acres of land in Tamil Nadu which will also create 3,000 green job opportunities.

The signing of the second Memorandum of Understanding (MoU) demonstrates TPREL's will to raise its investment in the existing agreement, which was signed on July 4, 2022, to establish 4 GW of solar cells and modules at Gangaikondan, Tirunelveli District, Tamil Nadu, with an investment of Rs 3,000 crore over two phases.

The expansion will raise the plant's overall capacity to 4.3GW by upgrading the infrastructure and adding an additional 300 MW to each of the cell and module lines utilising the latest TOPCon technology. The project would require an additional Rs 800 crore in investment over the next two years, according to the revised Memorandum of Understanding.

LIC

At an average price of Rs 3630.39, LIC has raised its stake in "Navin Fluorine International Limited" from 23,75,398 to 24,97,139 equity shares, or 4.792% to 5.037% of the paid-up capital of the aforementioned company.

Lupin

The US Food and Drug Administration (U.S. FDA) approved the introduction of Bromfenac Ophthalmic Solution, 0.07%, which was announced by global pharmaceutical giant Lupin Limited. For this product, Lupin is the only first-to-file and is granted 180 days of exclusivity.

The generic version of Bausch & Lomb Inc.'s Prolensa Ophthalmic Solution, 0.07%, is referred to as Bromfenac Ophthalmic Solution, 0.07%. It is recommended for the treatment of ocular pain and postoperative inflammation in individuals who have undergone cataract surgery. According to IQVIA MAT November 2023, Bromfenac Ophthalmic Solution (RLD Prolensa®) has expected yearly sales of USD 182 million in the United States.

Power Finance Corporation

The company has received approval from RBI for setting up of a Finance Company (as a wholly owned subsidiary) in International Financial Services Centre (IFSC) situated in GIFT City, Gujarat PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence, as per a stock exchange filing.

IRCTC

With effect from the date of assumption of charge until the appointment of a regular incumbent to the post or until further orders, whichever is earlier, the Ministry of Railways, Government of India, has announced that additional charge of the post of CMD/IRCTC may be entrusted to Shri Sanjay Kumar Jain, IRTS, PCCM, Northern Railway, in addition to his own, pending approval of the Competent Authority. As a result, from January 9, 2024, Smt. Seema Kumar, Member (Operations & Business Development), Railway Board, has given up her additional responsibility as Chairman and Managing Director of IRCTC.

M&M

The company has received an outstanding rating of CRISIL AAA/Stable for Rs 113.50 Cr and Rs 1,000 subordinated debt respectively.

ONGC

In GIFT City, Gujarat, ONGC Videsh Ltd. (OVL), a navratna enterprise, has established OVL Overseas IFSC Ltd. (OOIL), a wholly owned subsidiary. In order to support the treasury needs of OVL and its 25 subsidiaries-including step-down subsidiaries-distributed across 15 countries, this GIFT city entity will serve as the Global Treasury Centre.

OOIL anticipates effectively bringing together funds available with the group in multiple countries and raising additional funds needed to meet the ambitious target of producing 40 million metric tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets, thanks to the business-friendly regulatory environment in GIFT City.

Multinational corporations based in India and abroad will now have the opportunity to relocate their foreign investments onshore thanks to the opening of India's first International Financial Services Centre at GIFT City. Thus, for the ONGC Group's international investments and activities, OOIL will serve as their doorway to the globe.