Stocks in News: IndusInd Bank, Ola Electric, IndiGo, Castrol India, Sun Pharma, RIL

Markets traded dull for the second straight session on Wednesday, ending marginally lower, indicating continued consolidation after the recent surge. Analysts maintain a positive bias amid the ongoing consolidation in the index and continue to recommend a buy-on-dips approach as long as the Nifty maintains its prevailing uptrend.“For renewed momentum, stronger participation from the banking index will be essential, with a decisive break above the 59,500 level likely to fuel the next leg of the upward move,” said Ajit Mishra – SVP, Research, Religare Broking.

In today’s trading, shares of IndusInd Bank, Ola Electric, IndiGo, Castrol India, Adani Power and RIL, among others, will be in focus following several news developments.IndusInd Bank
Serious Fraud Investigation Office (SFIO) has initiated an investigation against IndusInd Bank in connection with discrepancies in its derivatives trading portfolio. The private lender informed the exchanges on Wednesday that it had received a letter from the white-collar crime investigation.

KIMS
KIMS has entered into a leave and license agreement with Andhra Mahila Sabha for acquiring land amounting to 1,168 hectares in Chennai on a long-term lease for setting up a Super Specialty Hospital. The company, together with its subsidiaries, will have a total bed capacity of more than 8,800 beds by September 2025.

Ola Electric
Ola Electric announced that it has received a sanction order from the government for release of incentives amounting to Rs 366.78 crore under the PLI scheme for automobiles and auto components. The sanction relates to the demand incentive for the determined sales value for FY25.

Vikran Technology
Vikran Engineering has announced that it has received a Notice of Award (NOA) from NTPC Renewable Energy for a Rs 459 crore EPC contract for a 400 MW AC grid-connected solar power project at Chitrakoot-1 in Uttar Pradesh. The contract includes the implementation of the Balance of System (BoS) package for the solar project
to be completed within a period of twelve months.

Indigo
IndiGo said it has fully stabilized its operations since December 9 and has been steadily expanding its capacity, within government guidelines. The company operates 2,100 to 2,200 flights and transports more than 1 million customers every three days.

Castrol India
Canada Pension Plan Investment Board and US private equity firm Stonepeak will make a bid to buy up to a 26% stake in Castrol’s Indian division, following their deal to acquire the company from parent BP. Stonepeak and CPPIB are offering Castrol India shareholders Rs 194.04 per share, which is a premium of 2.5% over Wednesday’s closing price.

Sun Pharma
Taro Pharmaceutical Industries, a unit of Sun Pharma, is recalling more than 17,000 units of an antifungal drug in the US due to production problems, the US Food and Drug Administration (USFDA) said. The company is recalling the affected lot due to “failed impurity/degradation specifications,” the USFDA said.

RIL
Reliance Industries resumed purchases of competitively priced Russian crude, sourcing barrels from non-sanctioned suppliers and sending them to its refinery in Gujarat, according to a Bloomberg report. The return to the market is likely to offset a drop in Indian purchases of Russian oil, which officials say could be more than halved this month.

Adani power
Adani Power has raised its long-term installed capacity target to 41.87 gigawatts (GW) in FY32 and committed capex of around Rs 2 lakh crore, signaling one of the most aggressive private sector expansion plans in the Indian thermal power industry.