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Stocks to watch: Shares of firms like Biocon, LIC, NTPC Green, IREDA, Texmaco Rail, and others will be in focus on Tuesday’s trade
Stocks to watch
Stocks To Watch On February 25: Benchmark indices extended their decline for a fifth consecutive session on February 24. At the close, the Sensex fell by 856.65 points, or 1.14%, to settle at 74,454.41, while the Nifty dropped 242.55 points, or 1.06%, to end at 22,553.35. Both the Nifty Midcap and Smallcap indices saw a 1% loss each.
Biocon: The biotechnology company announced that its unit, Biocon Biologics, has launched YESINTEK (ustekinumab-kfce) in the US market. YESINTEK is a biosimilar to Stelara (ustekinumab) and becomes one of the first alternatives to enter the US market for this blockbuster immunology drug. It is approved for treating Crohn’s disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis, providing more cost-effective treatment options for common chronic autoimmune diseases.
NTPC Green Energy: NTPC’s renewable energy arm signed a Memorandum of Understanding (MoU) with Madhya Pradesh Power Generating Company Ltd (MPPGCL) at the Global Investors Summit in Bhopal. The MoU outlines plans to develop renewable energy parks and projects in the state, targeting solar, wind, and hybrid renewable energy projects, with or without storage, aiming for a total capacity of up to 20GW or more.
LIC: The state-owned company announced that it has received a demand order from the Assistant Commissioner, Ward 206, Zone 11, Delhi, for ₹57.28 crore in Goods & Services Tax (GST), interest, and penalties for the financial year 2020-21. The notice includes a GST demand of ₹31.04 crore, interest of ₹23.13 crore, and a penalty of ₹3.10 crore, citing excess Input Tax Credit (ITC) availed by the corporation.
Texmaco Rail and Engineering: The engineering company revealed that it has signed a strategic Memorandum of Understanding (MoU) with Polish technology firm Nevomo to develop next-generation Magrail technology, linear propulsion systems, and AI-powered railway innovations. This collaboration aims to revolutionize rail infrastructure with high-speed rail solutions, AI-driven predictive diagnostics, self-propelled wagons, and driverless freight trains, transforming mobility in India and globally.
IREDA: State-owned IREDA has received shareholder approval to raise up to Rs 5,000 crore through the issuance of equity shares to qualified institutional buyers.
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