Magazine : 
Stocks To Monitor: CarTrade Tech, Fertilizer Stocks, TVS Motors, Cipla, Sun Pharma
Stocks to watch on Monday, June 24, 2024: Indian markets may open lower on Monday, following mixed global trends. The GIFT Nifty futures indicate a lower start, trading 103 points below Nifty50 futures at 23,384 levels. In Asia-Pacific markets, Japan's Nikkei 225 is up 0.23 percent, and the broader Topix index is up 0.27 percent. On the other hand, South Korea's Kospi is down by 0.67 percent, and the small-cap Kosdaq has slumped by 1.08 percent.
CarTrade Tech: Highdell Investment and Macritchie Investments plan to sell 7% and 3.4% of their stakes, respectively, through block deals on Monday. The floor price for the shares has been set at Rs 820 each, which is a 4.3% discount to Friday’s closing price. The total deal size is expected to be around Rs 400 crore, with an option to increase by an additional Rs 100 crore. After the transactions, the sellers will be subject to a 75-day lock-in period. As of the end of the March quarter, Highdell Investments held a 17.36% stake in the company, while Macritchie Investments held a 16.3% stake.
Fertilizer Stocks: The GST Council has referred the request to reduce the GST on fertilizers to the Group of Ministers (GoM) on rate rationalization for further consideration.
TVS Motors: The company has partnered with CSC Grameen e-Stores to expand the reach of its range of three-wheeler commercial vehicles. This collaboration will enable CSC’s village-level entrepreneurs to act as touchpoints for TVS Motor’s commercial vehicles.
Cipla: The US Food and Drug Administration (USFDA) has issued a Form 483 with six observations for the company’s Goa facility. The inspection took place from June 10 to June 21, 2024. It's worth noting that this facility has been under a warning letter since February 2020. In addition, the company’s Indore plant has also been under a warning letter since November 2023.
Sun Pharma: The company has announced the outcome of its Phase-1 obesity trial for GL0034 (Utreglutide), a GLP-1 inhibitor drug. Belonging to the same class as Novo Nordisk’s Ozempic and Wegovy, as well as Eli Lilly’s Mounjaro, Utreglutide is still in the early stages of development but significantly enhances the prospects of the company’s specialty business. GLP-1 drugs achieved nearly $50 billion in sales in 2023, with projections indicating growth to $100 billion by 2029.
Pfizer Limited: The company has received an order from the Deputy Commissioner of State Tax in Dehradun, imposing a penalty of Rs 14.19 lakh for the financial year 2017-18 under the Value Added Tax Act, 2005. In response, the company has stated that, based on its assessment, it believes the demand is not justified. They are currently preparing to appeal against the order.
Religare Enterprises: Religare has received an Order-In-Appeal from the Commissioner of Central Tax (Appeal-II), New Delhi, imposing a penalty of Rs 15.64 crore for the period from FY 2007-08 to 2014-15. The company is currently evaluating its next course of action in response to the order.
Lupin: The company's Somerset manufacturing facility has received an Establishment Inspection Report (EIR) from the USFDA, with a Voluntary Action Indicated (VAI) status. The inspection was conducted from May 7 to May 17, 2024.
IREDA: The company raised Rs 1,500 crore through bond issuance, comprising a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore. The bond issuance was oversubscribed by 2.65 times.
MCX: The company's board has finalized candidates for the roles of its next Managing Director and Chief Executive Officer. The company will now commence the process of obtaining regulatory approvals for the appointment.
Prestige Estate: The company's board has approved a plan to raise up to Rs 5,000 crore through Qualified Institutional Placement (QIP) and other methods.
Honeywell Automation India: The company has received a demand notice from the Department of Registration and Stamps, Government of Maharashtra, imposing a reduced penalty of Rs 1.67 lakh. According to the company, this development is not expected to have a significant impact on its financials or operations. The company is currently assessing the demand and will take appropriate actions in response.
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