Stocks to watch on June 24: Sun Pharma, Cipla, Lupin, Vedanta, Tata Steel

Stocks to watch on June 24: USFDA has issued six observations for Cipla's Goa facility following an inspection from June 10 to June 21, 2024

Stocks to watch on Monday, June 24, 2024: The benchmark indices Sensex and Nifty are expected to open lower, influenced by mixed global cues. The GIFT Nifty futures also indicated a muted opening, as they quoted 25 points lower at 23,462 compared to Nifty50 futures.

Across Asia-Pacific markets, sentiment varied, Korea's Kospi dropped 0.20 per cent, Australia's ASX declined 0.28 per cent, while Japan's Nikkei showed resilience with a 0.40 per cent gain. Traders are anticipating inflation data releases from Australia and Japan later this week.

In the US, the previous session closed with mixed results, the S&P500 and Nasdaq slipped 0.16 per cent and 0.18 per cent respectively, while the Dow Jones edged up 0.04 per cent.

 

On the domestic front, foreign institutional investors (FIIs) sold shares worth Rs 1,790.19 crore on June 21, while domestic institutional investors (DIIs) bought shares worth Rs 1,237.21 crore.

Meanwhile, back home here are some stocks to track on Monday:

Vedanta: Vedanta Resources has denied rumors of any promoters planning to sell stake in Vedanta Ltd. 

Cipla: USFDA has issued six observations for Cipla's Goa facility following an inspection from June 10 to June 21, 2024. The facility has been under a warning letter since February 2020. Cipla's Indore plant has also been under a warning letter since November 2023.

CarTrade Tech: According to reports, CarTrade Tech is set to witness a stake sale on Monday, with Highdell Investment and Macritichie Investments planning to offload 7 per cent and 3.4 per cent respectively via block deals. Priced at Rs 820 per share, the deal size is estimated at Rs 400 crore, with an option to increase by another Rs 100 crore. 

Lupin: Lupin has received an Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status for its Somerset manufacturing facility. The facility was inspected between May 7 to May 17, 2024.

Prestige Estates: Prestige Estates' board has approved raising up to Rs 5,000 crore through a Qualified Institutional Placement (QIP) and other methods.

Sun Pharma's: Sun Pharma has announced positive results from the Phase-1 trial of GL0034, a GLP-1 inhibitor drug similar to Ozempic and Wegovy.

Tata Steel: Employees of Tata Steel in the UK are set to strike for the first time in 40 years. Approximately 1,500 workers will commence the strike from July 8.

ONGC, IOC: ONGC and IOC have entered into a Memorandum of Understanding (MoU) to establish small-scale LNG plants. The agreement aims to develop the HATTA gasfield near the Vindhya Basin.