Key Stocks in Focus Today: IDFC First Bank Merger, PNB Fundraising, Dr Reddy’s $620M Investment, RIL-Disney Deal, and More

Here’s a simple look at the stocks that are expected to make headlines in today’s trading session:

IDFC First Bank: The board has approved the merger of IDFC Financial Holding Company with IDFC, effective from September 30. On October 1, IDFC will merge with IDFC First Bank. V Vaidyanathan has been named the Managing Director and CEO of IDFC First Bank for a three-year term starting from December 19, 2024.

Punjab National Bank (PNB): The bank raised ₹5,000 crore through a Qualified Institutions Placement (QIP) by allotting 48.19 crore shares at ₹103.75 per share. Some of the key investors include Citigroup Global Markets, BOFA Securities, and Goldman Sachs.

Dr Reddy’s Laboratories: The company invested $620 million in its Swiss subsidiary, Dr Reddy’s Laboratories SA, by issuing 6.2 million preference shares with a face value of $100 each.

Welspun Enterprises: The company has secured a project worth ₹1,989.9 crore from the Brihanmumbai Municipal Corporation (BMC) to design and build an 8.48 km treated water tunnel. The project is expected to be completed in 93 months.

Apollo Hospitals Enterprise: Apollo Healthco has approved the allocation of ₹2,475 crore worth of preference shares to Rasmeli, an Advent affiliate, for a 16.9% stake. This will reduce Apollo Hospitals’ stake in Apollo Healthco from 94.91% to 78.879%.

Asian Energy Services: The company won an ₹82 crore contract from Oil India to acquire 2D seismic data in the Rajasthan Basin, to be completed in 18 months. Their total order book now stands at ₹1,000 crore.

Piramal Pharma: The US FDA inspected Piramal’s Ahmedabad manufacturing plant and found no issues, with a “No Action Indicated” result.

Jubilant Pharmova: The US FDA has classified an inspection of Jubilant HollisterStier’s Canadian facility as “Official Action Indicated” (OAI), raising concerns for one of the company’s subsidiaries.

Tata Motors: The company started construction on a new manufacturing plant in Tamil Nadu with an investment of ₹9,000 crore. It plans to produce up to 2.5 lakh vehicles per year once fully operational in 5-7 years.

Reliance Industries (RIL) & Network18 Media: RIL received government approval to transfer non-news TV channel licenses to Star India as part of its merger with Disney’s Indian media assets. The merger, valued at ₹70,350 crore, is expected to complete by late 2024 or early 2025.

Biocon: Following an inspection of its Bengaluru facility, the US FDA issued four observations. The company is working to resolve the issues and does not expect a major impact on its business.

REC: The company raised $500 million through green dollar bonds to fund renewable energy projects. The bonds will mature on September 27, 2029.

Sterling and Wilson Renewable Energy: Shapoorji Pallonji and Khurshed Yazdi Daruvala sold a 7.14% stake in the company, valued at ₹1,040 crore.

Zydus Lifesciences: Zydus Lifesciences received approval from the US FDA to manufacture generic Enzalutamide capsules for prostate cancer treatment. The drug’s US market is worth approximately $869.4 million.

These stocks are likely to be closely watched in today’s trading session based on these key developments.