Stocks to watch: TCS, M&M, Vedanta, Tata Power, Dr Reddy's, Tata Motors

Stocks to watch today: IT behemoth Tata Consultancy Services (TCS) is slated to report June quarter 2022 numbers (Q1FY23); Dr Reddy's received two observations from USFDA for its Andhra plant

Stocks to Watch today: The Sensex and Nifty are likely to start Friday’s trade on an upbeat note amid strong global cues. As of 7:30 AM, the SGX Nifty Futures quoted 16,270 levels, indicating a 140-points gap-up on the Nifty50.

Meanwhile, here are some stocks that may see market action today:

Results: Tata Consultancy Services, Kohinoor Foods, MMTC, Spectrum Foods, and Brahmaputra Infrastructure will release their Q1FY23 quarterly earnings today.

M&M: UK’s development finance institution British International Investment (BII) will invest Rs 1,925 crore into a new dedicated, four-wheeler electric passenger vehicle arm which Mahindra and Mahindra (M&M) will incorporate, the company said in a late night notification. M&M and BII will invest $250 million each into the new entity called EV Co. at a valuation of Rs 70,070 crore ($9 billion).

Dr Reddy's Laboratories: The US health regulator has issued Form 483 with two observations after inspecting its manufacturing facility located at Srikakulam in Andhra Pradesh.Read here

Tata Power: The company would spend Rs 75,000 crore in the next five years to expand the capacity of its renewable energy business, Chairman N Chandrasekaran said on Thursday. An amount of Rs 10,000 crore would be spent in 2022-23 (FY23) to take the total capital expenditure (capex) during the financial year to Rs 14,000 crore, Chandrasekaran said at the company’s 103rd annual general meeting, which was held virtually. Read more

Vedanta: Mining major Vedanta on Thursday said it would acquire debt-ridden Athena Chhattisgarh Power for Rs 564.67 crore in an all-cash transaction. The liquidation process for the company was initiated in March last year. According to Vedanta, the deal will be completed in the current financial year, fulfilling its power requirement for its aluminium business.Read here

Tata Motors: Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, COVID-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units. Read here

Shriram City: Equity shareholders and secured & unsecured creditors of the company have approved merger with Shriram Transport Finance Company (STFC). The merger of Shriram City with STFC is to create Shriram Finance – India’s largest Retail NBFC.

Oberoi Realty: Booking value for company in Q1FY23 came at Rs 750 cr vs Rs 930 cr from the preceding quarter. It booked 164 units in April-June vs 234 units in Q4.

Adani Ports and Special Economic Zone: The company said the board of directors have considered and approved the appointment of D Muthukumaran as the Chief Financial Officer and Key Managerial Personnel of the company, with effect from July 25.

Alkem Laboratories: The company has received Form 483 with one observation with respect to ANDA filed for the products to be manufactured at Indore plant. There is no data integrity observation. The US FDA had conducted a good manufacturing practice (GMP) and pre-approval inspection at manufacturing facility in Indore during July 1-7.

Bank of Baroda: The bank said its Investment Committee will hold a meeting on July 16 to finalise the quantum and timing of issuance of long term bonds for financing of infrastructure and affordable housing out of the board approved limit of Rs 5,000 crore.

Pricol: The company has entered into Licensing Agreement with BMS PowerSafe SAS, France, for providing battery management system to the original equipment manufacturers in Indian market and international markets, across all vehicle segments. BMS PowerSafe is the brand of Startec Development Group.