Stocks to Watch: Zomato, Sun Pharma, ONGC, LTI Mindtree, Adani group companies
Sun Pharmaceutical Industries: The drugmaker plans to allocate 7-8% of its current fiscal's sales towards research and development to enhance its range of products in various therapeutic categories. The company said it witnessed robust performance across all regions in the previous fiscal, marking a growth in double digits. Zomato: US private equity player Tiger Global, divested its residual shares in the Indian food delivery company in a transaction worth ₹11.24 billion/Tiger Global offloaded 123.5 million shares at ₹91.01 rupees apiece through consolidated transactions.
Oil and Natural Gas Corp: The state-owned oil major is in talks with global entities including Malaysia’s Gentari to form a joint venture in energy storage, chairman and chief executive Arun Kumar Singh said, as the energy giant makes strides in its energy-transition journey. ONGC would look at both battery storage and pump storage projects (PSP), Singh said in an interview to Mint. Adani Group companies: The Supreme Court is set to hear the contentious Adani-Hindenburg case today.
Following allegations against the Adani Group by short-seller Hindenburg Research in their January report, the top court had instructed Sebi to provide an update on their ongoing investigation. Stay tuned for further developments. A Reuters report quoting sources said the investigation has found violations of rules on disclosures by listed entities.
LTIMindtree: The company has tied up with CAST AI, a leading SaaS company to offer businesses average savings of over 60% on cloud expenses during the transition of legacy applications to the cloud. This integrated solution ensures seamless Kubernetes management across single or multi-cloud settings without manual oversight. HCL
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