Stocks To Watch: Asian Paints, Sula Vineyards, Glenmark Pharma, Power Grid

Shares of Asian Paints, Sula Vineyards, Glenmark Pharmaceutical and Power Grid Corp. of India will be in focus on Friday.

Sula Vineyards Ltd. announced its highest-ever net revenue of Rs 129.6 crore for the first quarter of fiscal 2025, according to a press release on the BSE.

India's top paint companies—Asian Paints Ltd. and Berger Paints India Ltd.—have started raising prices to cope with higher cost, implying that they are undeterred by competition from new entrant Birla Opus.

Glenmark Pharmaceuticals Ltd. will divest its entire 7.84% stake in Glenmark Life Sciences Ltd. through an offer for sale in the secondary market. The board approved the sale of up to 96.09 lakh shares at its meeting on Wednesday, an exchange filing said. Chairman and Managing Director Glenn Mario Saldanha will also offload 7,800 shares in the offer.

The GIFT Nifty was trading 11.5 points or 0.05% lower at 24,396.00 as of 7:20 a.m.

The benchmark equity indices logged their worst session since June 4 after hitting respective highs at open on Wednesday as shares of Mahindra & Mahindra Ltd. fell nearly 7%.

The NSE Nifty 50 closed 108.75 points, or 0.45%, lower at 24,324.45, while the S&P BSE Sensex ended 426.87 points, or 0.53%, down at 79,924.77.

Analysts expect the Nifty index to correct on Thursday with the earnings season set to begin. The index will have support level at 24,270, however if it falls below the level then it might decline to the range of 24,100–24,000. The markets are expected to consolidate in the higher zone and any dip is an opportunity to buy for long-term investors, according to analysts.

The 50,200 mark will act as a support level for Bank Nifty, according to the analysts. They added that if the index holds these levels, then one can expect a relief rally. If the Bank Nifty index falls below the level, then it could trigger further weakness.

• Asian Paints: The company confirmed a price hike across the portfolio by approximately 1%, to be effective July 22.

• Sula Vineyards: The company saw the highest-ever first-quarter net revenue and own brand revenue. Net revenue grew 9.7% year-on-year to Rs 130 crore. Wine tourism revenue in the quarter was Rs 11.3 crore, down 2.5% year-on-year. Own brand revenue rose 2.7% to Rs 104.4 crore.

• Glenmark Pharmaceutical: The company and Glen Saldanha will sell up to a 7.85% stake via an offer-for-sale at a floor price of Rs 810 per share. OFS will open for non-retail investors on July 11 and for retail investors on July 12.

• Power Grid Corporation of India: The company will increase the current borrowing limit from its existing Rs 12,000 crore to Rs 15,000 crore during the financial year 2024-25. The board approved the proposal in a meeting on Wednesday and the company will seek shareholders' nod at the upcoming annual general meeting.

• GE Power India: GE Power India would sell its hydro business at a premium of Rs 100.19 crore and gas power business at a lumpsum of Rs 43.86 crore through a slump sale.

• IRB Infrastructure Developers: The company's gross toll collection was up 35% year-on-year at Rs 517 crore in June.

• Bajaj Healthcare: The company approved raising up to Rs 137 crore through the preferential issue of shares.

• Shalby: The company received the Mumbai Charity Commissioner's nod for executing a 30-year lease for Asha Parekh Hospital in Santa Cruz, Mumbai. This Order will enable co to construct a new 175+ bedded healthcare facility.

• IRCTC: The company, DMRC, and CRIS collaborated to promote the 'One India – One Ticket' initiative, enhancing the travel experience for main-line railway and metro passengers in the Delhi NCR area.

• Oriana Power: The company received a new order worth Rs 155 crore for a 40 MWp solar plant in Rajasthan.

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