Stocks to watch: Dr Reddy’s, Mphasis, IDBI Bank, Wardwizard, Dalmia Bharat

Dr Reddy’s Laboratories: The pharmaceutical company has reported that the US FDA issued a Form 483 with four observations at its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh on June 7. The company has stated that it will address these issues within the stipulated timeline.

Mphasis: BCP Topco IX Pte, a Singapore-based private limited company linked to Blackstone, is set to sell a 10.6% stake in Mphasis at a base price of ₹2,350 per share. The transaction, valued at ₹4,700 crore, could potentially increase to 15.1%, raising the deal’s total potential value to ₹6,697 crore. The deal includes a 180-day lock-in period for the shares involved in the block deals.

IDBI Bank: The bank has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17. The bank is currently evaluating the implications of this refund order on its financial statements.

KEC International: The company has secured new orders totalling ₹1,061 crore across its various business segments. These include orders for transmission lines and substations in India, a transmission line project in Malaysia, and supply of towers, hardware, and poles in the Americas.

Gland Pharma: The company has appointed Srinivas Sadu as executive chairman and CEO, effective from June 10, 2024. Sadu, who has served as managing director (MD) and CEO since April 25, 2019, brings over two decades of experience to his new role.

Wardwizard Innovations & Mobility: WIML has secured a big order worth $1.29 billion from Beulah International Development Corporation of the Philippines. The order is part of a strategic collaboration to revolutionise the public transportation system in the Philippines with electric vehicles.

Borosil Renewables: The company has announced that it will raise up to ₹450 crore through a rights issue. The company has informed stock exchanges that it has approved the Draft Letter of Offer (DLOF) to be filed with the market regulator, Sebi. The proceeds from the rights issue will be used to prepay part of the term loans.

Jubilant Pharmova: The company announced that the US FDA has issued three observations for its contract manufacturing facility operated by Jubilant HollisterStier LLC in Spokane, Washington.

Reliance Infrastructure: Anil Ambani-promoted Reliance Infrastructure plans to raise $350 million ( ₹3,000 crore) through foreign currency convertible bonds (FCCB) to repay its rupee debt and start new businesses such as electric power generation.

Mankind Pharma: A consortium of Warburg Pincus and ChrysCapital, along with TPG, Blackstone, EQT, and Mankind Pharma, are in the running to acquire BSV Group, formerly Bharat Serum & Vaccines Ltd. The company is valued at ₹12,000-13,000 crore ($1.4-1.5 billion). Dr Reddy’s Laboratories may also join the race, having sought extra time to submit a bid. The final offers are expected to be submitted in July.

Suzlon Energy: Marc Desaedeleer, an independent director on the board of wind energy major, Suzlon Energy, resigned from the company’s board due to concerns regarding compliance and transparency.

Dalmia Bharat: The company announced that its subsidiary, Dalmia Cement will acquire 26% of Solarcraft Power India 23 Pvt Ltd. The acquisition, which includes 1.03 crore equity shares and 84.37 lakh compulsory debentures for an amount of ₹18.76 crore, is expected to be completed within 60 days.

RailTel Corporation of India: The company has received an order worth ₹81.6 crore from the National Informatics Centre Services Incorporated (NICSI) for ICT infrastructure. The project, which includes supply, installation, configuration, commissioning, and integration of the infrastructure, is expected to be completed by 31 August, 2024.

ONGC: The state-run company is seeking a technical service provider to boost oil and gas production from the Mumbai High field. The provider will be selected through an international competitive bidding process, with bids due by September 15. The provider will conduct a comprehensive review of field performance and assist in implementing technological interventions to enhance production. The bidding process is open to international oil and gas majors with annual revenues exceeding $75 billion.

Inox Wind: The company has incorporated four subsidiaries, Junachay Wind Energy Pvt Ltd., Dharvi Kalan Wind Energy Pvt Ltd., Dangri Wind Energy Pvt Ltd., and Kadodiya Wind Energy Pvt Ltd., for wind farm development across India.

Adani Enterprises: The company announced that Adani Airports handled over one million tonnes of cargo in the financial year 2024, capturing a 30.1% market share and recording a 7% year-on-year growth.

Vodafone Idea: The company has managed to keep customer complaints low, with 60% of service requests being handled digitally, up from 40% last year. The company has seen a 17% reduction in non-network-related complaints and an improvement in transactional Net Promoter Score from 47.1 to 55.7 within a year. The company has also expanded its exclusive physical presence in over 3,000 outlets in the form of Vi Mini Stores and Vi Shops.

TVS Motor: The company has announced a proactive recall of a select set of iQube electric two-wheeler units for inspection. The company will inspect the bridge tube of units manufactured between July 10, 2023, and September 9, 2023, to ensure good ride handling over extended usage. Any necessary rectifications on affected scooters will be carried out at zero cost to the customer.

Lupin: The company has entered into a Business Transfer Agreement with Lupin Life Sciences Ltd., a wholly-owned subsidiary, to carve out its trade generics business in India, effective from 1 July, 2024.

SpiceJet: The airline has informed the National Company Law Tribunal (NCLT) that it has settled its pending dues with its vendor, Raymach Technologies Pvt Ltd. Raymach has also expressed its intention to withdraw the insolvency case against SpiceJet. The NCLT has granted Raymach time until August to file the withdrawal application. In separate news, the airline also said that it is operating on cash-and-carry mode at all its airports in India. This means that the airline has to pay in advance for using airport services.

Royal India Corporation: RICL has announced a preferential issue amounting to ₹99 crore. The proceeds from the preferential issue will fund the Kalyan Marina project. The promoters will also increase their stake in the company by 5% through this preferential offer.

Bajaj Auto: The company has unveiled its latest offering—Chetak 2901, priced at ₹95,998 (ex-showroom). The new variant of the Chetak electric scooter will be retailed from June 15 across 500+ showrooms in the country. The scooter has an ARAI-certified range of 123 km per charge. Bookings for the new Chetak 2901 are currently open on the company’s website.

PNB: State-owned Punjab National Bank plans to open a representative office in Dubai as part of its plan to expand its global footprint.

Godawari Power and Ispat: The company's board will consider a buyback of equity shares on 15 June.

Coromandel International: The company unveiled a new Nano Fertilizer plant at its Kakinada complex in Andhra Pradesh on 9 June.

Apeejay Surrendra Park Hotels: The company has built a new hotel, ‘The Park’, in Amgarhi in Nainital (Uttarakhand), set to open by October 2025.

Artson Engineering: The company has received a Letter of Award for a project worth ₹126.15 crore from the Guwahati International Airport.