Stocks to Watch: Tata Steel, Wipro, Strides Pharma, HDFC AMC, Sheela Foam

livemint.com:

Tata Steel: Moody's Investors Service upgraded Tata Steel's long-term issuer rating to Baa3, the lowest investment grade rating, citing the company's solid market position and expectation of an increase in profitability. The global rating agency also changed the outlook to "stable" from "positive". Moody's said the stable rating outlook reflects Tata Steel's strengthening credit metrics.

Sheela Foam: The Sleepwell mattress maker announced the closure of its QIP issue on 25 September. The company has allocated 11,131,725 shares at an issue price of ₹1,078 per share which is a discount of 4.94% to the floor price. The proceeds from the issue will be used to reduce debt and fund growth initiatives.

Wipro: The IT major has sold a 14-acre plot of land in Chennai, Tamil Nadu, along with a 20-year-old building, to Casagrand Bizpark Private Limited for ₹266.38 crore. The property is located in Sholinganallur, a prime IT corridor in Chennai. HDFC AMC: The company has invested ₹25 crore in its wholly owned subsidiary HDFC AMC International and it continues to hold 100% of the total paid-up share capital of the arm, the company said in an exchange filing.

Strides Pharma: The company said it has approved a scheme of arrangement to create a separate contract development and manufacturing entity called OneSource. The new entity will be formed by merging the CDMO and soft gelatin businesses of Strides Pharma, Steriscience Specialties, and Stelis Biopharma. The demerger is expected to be completed within 12-16 months.