Stocks to Watch: Dr Reddy’s, Bharti Airtel, Ruchi Soya, Escorts – Mint

Dr. Reddy’s Laboratories: The pharma major, among the handful of Indian drug companies licensed to make a new covid-19 pill developed by Merck, has said it was open to making a similar pill from Pfizer, thought to be even more effective. The new drugs, which unlike vaccines can be used to treat patients once they contract coronavirus infection, are expected to be a huge market.

Bharti Airtel: Has partnered with US-based Mavenir for open radio access network (Open RAN)-based fifth generation or 5G field trials in the mmWave and mid band at Chandigarh tri-city.

Vodafone Idea: The debt-ridden telecom operator is evaluating the option of converting interest dues arising out of deferment of statutory payments into equity, a senior company official said. The company is also in talks with banks and investors for raising funds and part of the proceeds is likely to be utilised towards meeting obligations related to debt maturing this fiscal.

Ashok Leyland: Hinduja group flagship Ashok Leyland is working on hydrogen-powered commercial vehicles, with a team is currently engaged in developing them. For the time being, the company will stick to its ₹750 crore capital expenditure for this financial year.

Macrotech Developers: The real estate major, earlier known as Lodha, on Monday launched a share sale to raise ₹3,000 crore- ₹4,000 crore from institutional investors. The company has set a floor price of ₹1,184.70 for the qualified institutional placement (QIP), following a pricing formula set by the market regulator. The share sale will result in a dilution of approximately 7.5%.

Escorts: Farm machinery and construction equipment major Escorts Ltd has said it will raise tractor prices, effective 12 November, to offset the rise in commodity prices. Escorts Agri Machinery (EAM), a division of the company, shall be increasing prices of its tractors effective November 2021.

Phoenix Mills: Mall developer Phoenix Mills Ltd (PML) and Canada Pension Plan Investment Board (CPP Investments) have entered into a new joint venture to develop an office-led, mixed-use asset in Mumbai’s Lower Parel. CPP Investments has committed to put in about ₹1,350 crore in tranches, for an ultimate equity stake of 49% in the entity, known as PCREPL, which will own the asset.

Ruchi Soya: Baba Ramdev-led Ruchi Soya Industries Ltd on Monday reported a 29.6% year-on-year jump in net its net profit to ₹164.27 crore for the second quarter of the fiscal 2021-22, on robust sales. Net income during July-September rose to ₹6,010.99 crore from ₹3,990.72 crore in the year-ago period.

Coforge Ltd: The company, formerly NIIT Technologies and which is promoted by PE major Barings Private Equity Asia, is likely to soon file papers with the US Securities Exchange Commission for an initial public offer via American Depository Receipts route.

Apollo Tyres: Will hike prices by 3-5% in the domestic market in the third quarter of this fiscal to offset the impact of rising commodity prices, which if continue to remain high, may compel it to take a similar increase in the fourth quarter. Up until September, the company had taken an average increase of around 9% in tyre prices.