Stocks in news: Biocon, Bank of Baroda, TCS, Sanofi India and Tata Capital

Indian equity markets ended lower on Tuesday, September 8, extending their decline to a seven-week low as elevated crude oil prices and persistent geopolitical uncertainty weighed on investor sentiment. Selling pressure remained evident through the session.

Technically, the index has weakened further, while rising crude prices are likely to add to inflationary pressures. The Nifty has found initial support around its previous swing low, while the daily Relative Strength Index (RSI) is showing positive divergence, indicating a possible shift in momentum.

“Going forward, 23,600 is likely to act as a crucial support for the Nifty. If the index holds above 23,600, we may see a decent recovery, which could take the Nifty towards 24,000 and higher in the short term,” said Rupak De, senior technical analyst at LKP Securities.


Against this backdrop, shares of Bank of Baroda, Sanofi India, Piramal Finance, Tata Capital and several other companies are likely to remain in focus on Wednesday following key corporate developments.

Biocon

Active Pine is likely to sell up to 1.66 crore shares, or a 1% stake, in Biocon through a block deal worth around Rs 638.4 crore.

The floor price has been fixed at Rs 385 per share, representing a discount of up to 1.9% to the current market price. The seller will be subject to a 30-day lock-up period for any further stake sale.

Bank of Baroda

Bank of Baroda plans to divest up to 76,90,375 NSE shares, representing 35% of its holding, through an Offer for Sale as part of NSE’s proposed IPO, subject to regulatory approvals.

The shares were transferred to an escrow account on September 8, with the sale expected to be completed by the end of September.

ALSO READ: NSE IPO likely to open on September 18, list on September 25: Sources

Tata Consultancy Services

Tata Consultancy Services has secured a Rs 122.6 crore contract from the Odisha government to implement OSWAS 3.0, extending its partnership by around six years.

The project will integrate workflow automation, analytics, security and artificial intelligence capabilities on a common digital platform. The existing OSWAS platform is used across more than 4,600 government offices and by nearly 50,000 users in Odisha.

Innovision

Innovision has secured two work orders worth a combined Rs 243.60 crore from the National Highways Authority of India for toll collection and facility maintenance at highway fee plazas in Madhya Pradesh.

The larger Rs 219.07 crore contract covers toll collection and maintenance at the IDTL A and B fee plazas on the six-laning project of the Indore-Dewas section of NH-3, along with upkeep of adjacent toilet blocks.

Garware Tech

Garware Technical Fibres has re-appointed Vayu Garware as chairman and managing director for a five-year term, effective December.

Sanofi India

Sanofi India said the Supreme Court has dismissed its petition challenging criminal proceedings linked to a Central Bureau of Investigation complaint concerning pharmaceutical supplies to BARC, Mysore, between 2012 and 2015.

The company said the September 7 order does not record any finding of guilt or decide the merits of the case. The matter concerns whether prosecution can continue without any individual employee being arraigned.

Piramal Finance

Piramal Finance plans to raise up to Rs 2,000 crore through non-convertible debentures on a private placement basis.

Enviro Infra Engineers

Enviro Infra Engineers said its step-down subsidiary, Suyog Urja, has secured a Rs 189.99 crore contract, excluding GST, from Tata Power Renewable Energy for EPC turnkey works for a 180 MW NTPC wind power project at Parli, Maharashtra.

The order, awarded on September 7, covers wind turbine foundation, Balance of Plant and 33-kV transmission line works. The project is scheduled for completion by March 31, 2027.

Great Eastern Shipping Company

Great Eastern Shipping Company has contracted to acquire a secondhand 81,609-dwt Kamsarmax dry bulk carrier built in 2019, with delivery expected in Q3 FY27.

The company said the acquisition will expand its fleet and will be funded entirely through internal accruals.

Laxmi Organic Industries

Rajan Venkatesh will resign as managing director and chief executive officer of Laxmi Organic Industries effective November 13, 2026.

Harshvardhan Goenka will take over as MD & CEO from November 14 for a five-year term.

Raymond

Raymond will raise up to Rs 214.71 crore through a preferential issue of 33,28,686 convertible warrants to Minerva Ventures Fund, according to a regulatory filing on Tuesday.

The warrants will be issued at Rs 645 each, with each warrant carrying the right to subscribe to one equity share at the same price.

The fundraise, approved by the board on September 8, is subject to shareholder and regulatory approvals.

MosChip

MosChip said the Supreme Court has directed respondents in a dispute linked to its proposed acquisition of 73% of Vayavya Labs to furnish an additional Rs 200 crore security by September 15.

The company said it has no connection with the underlying dispute and that the order involves no violation or finding of guilt against MosChip.

Tata Capital

Tata Capital has allotted Rs 3,000 crore of secured non-convertible debentures through a private placement.

Bajaj Finance

Bajaj Finance has allotted 2,05,000 secured non-convertible debentures with a face value of Rs 1 lakh each, aggregating Rs 2,050.03 crore, on a private placement basis. The NCDs carry an annual coupon of 8.07%, have a tenure of 1,294 days and mature on March 25, 2030. They will be listed on the BSE Wholesale Debt Market segment.

This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.