RIL, Hero MotoCorp, Dr. Reddy’s Lab in focus

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 39 points at the opening bell. Overseas, Asian stocks traded higher on Monday following US jobs data released Friday that came in far short of expectations. Japanese shares climbed on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. Here is the list of top stocks that could be in focus on September 6.

RIL: Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries (RIL) has acquired 2,28,42,654 equity shares of Rs.10 each of Strand Life Sciences (Strand) for a cash consideration of Rs 393 crore. A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into ~80.3% of equity share capital in Strand on a fully diluted basis.

Hero MotoCorp: Hero MotoCorp and Harley-Davidson, the legendary motorcycle brand have expanded the touchpoints for customers in the country. Hero MotoCorp now has an expanded network of 14 full-fledged dealerships and seven authorized service centers across the country, exclusively for Harley-Davidson customers.

Dr Reddy’s: Dr Reddy’s Laboratories announced that it has entered into a definitive agreement with Citius Pharmaceuticals, Inc. (“Citius”) pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.

PNB: Punjab National Bank said that the meeting of the board of directors of the bank is scheduled on 10 September 2021, to consider and approve raising of capital through the issuance of BaselIII Compliant Additional Tier-1 Bonds and/or Tier-II Bonds or combination thereof, in one or more tranches.

ICICI Lombard: The company said that the company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General.

Engineers India: The company said that Chennai Petroleum Corporation entrusted the execution of EPCM-1 with MPMC & EPCM-3 services for 9 MMTPA Cauvery Basin Refinery (CBR) project at Nagapattinam, Tamil Nadu to the company. The total awarded order value is Rs 1,039 crore, with a total project schedule of 42 months for mechanical completion.

HealthCare Global Enterprises: The company announced the acquisition of oncology hospital labs and clinical trials business from Strand Lifesciences as well as simultaneous divestment of its around 38.5% stake (on paid-up capital basis and 34.5% on fully diluted basis) in Strand to Reliance Industries group company.