Stocks in news: Waaree Energies, PB Fintech, Lemon Tree Hotels and Dr Lal PathLabs

Indian equity markets extended their opening weakness into a broad-based sell-off on Thursday, with the benchmark NSE Nifty 50 breaking through successive support levels at 23,300 and 23,200. The index settled at 23,063.10, down 383.70 points, or 1.64%.

From a technical perspective, immediate support for the Nifty is placed at 23,000, below which the index could fall towards 22,700. On the higher side, resistance is placed at 23,200, according to Rupak De, Senior Technical Analyst at LKP Securities.

Against this backdrop, shares of Waaree Energies, PB Fintech, Lemon Tree Hotels, Dr Lal PathLabs and several other companies are likely to remain in focus on Friday following a series of corporate developments.

PB Fintech

HDFC Mutual Fund bought 25 lakh shares of PB Fintech at Rs 1,282.30 per share on September 24, according to NSE bulk deal data. The transaction was valued at about Rs 321 crore.

The purchase came on a day when shares of PB Fintech, the parent company of Policybazaar and Paisabazaar, plunged 36% following the Insurance Regulatory and Development Authority of India’s (IRDAI) proposed overhaul of insurance distribution rules.

Waaree Energies

Waaree Energies said its wholly owned subsidiary, Waaree Clean Energy Solutions Ltd (WCES), has entered India’s specialty gases business. The subsidiary plans to supply ultra-high-purity gases and chemicals to semiconductor and solar cell manufacturers across the country.

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Laser Power & Infra

Laser Power & Infra said it has received a provisional Letter of Intent (LOI) and in-principle approval from the West Bengal Industrial Development Corporation (WBIDC), Government of West Bengal, for the allotment of approximately 40 acres of land at Vidyasagar Industrial Park in Kharagpur. The company plans to set up a manufacturing facility for integrated power cables and conductors at the site.

Dr Lal PathLabs

Diagnostic services provider Dr Lal PathLabs said on Thursday that its board has approved the acquisition of a 70% stake in SN Genelab Private Ltd (SN Gene). The acquisition will involve a cash consideration of up to Rs 168 crore, along with a performance-linked earn-out capped at Rs 31.5 crore.

Lemon Tree Hotels

Lemon Tree Hotels announced the signing of Lemon Tree Hotel, Patancheru, in Telangana. The property will be managed by Carnation Hotels Private Limited, a wholly owned subsidiary of Lemon Tree Hotels.

JSW Cement

JSW Cement said it has received a show-cause notice from the Additional Commissioner of Central Tax, Belagavi Audit Commissionerate. The notice proposes a GST demand of Rs 229.85 crore, along with applicable interest and a 10% penalty.

Sterlite Technologies

Sterlite Technologies (STL) announced that it has added a new line of ready-made fibre optic cables to its Neuralis data centre product range. According to the company, the new cables are available in sizes carrying between 48 and 6,912 individual optical fibres.

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Birlasoft

CARE Ratings has reaffirmed the ratings for Birlasoft’s bank facilities. The long-term bank facilities of Rs 307 crore have been reaffirmed at CARE AA+ with a Stable outlook. The company’s long-term/short-term bank facilities of Rs 20 crore have been reaffirmed at CARE AA+/CARE A1+, while its short-term bank facilities of Rs 25 crore have been reaffirmed at CARE A1+.

Interarch Building Solutions

Interarch Building Solutions said it has inaugurated a new heavy structural steel manufacturing facility at Attivaram in Andhra Pradesh. The facility has an initial manufacturing capacity of 24,000 MT per annum and expands the company’s capabilities in complex and heavy steel structures.

Inox Green Energy

Inox Green Energy’s qualified institutional placement (QIP) opened on Thursday, with the floor price set at Rs 174.36 per share. The company may offer a discount of up to 5% on the floor price.

JSW Dulux

JSW Dulux said it received a show-cause notice from the Assistant Commissioner, Large Taxpayers Unit, West Bengal GST Department. The total liability mentioned in the notice is Rs 56.72 lakh, comprising tax of Rs 29.64 lakh, interest of Rs 24.12 lakh and penalty of Rs 2.96 lakh.

The company said the matter, being a show-cause notice, is open for further submissions before the relevant authorities and that it is in the process of responding within the stipulated time.

Acutaas Chemicals

Acutaas Chemicals said its board, at a meeting held on Thursday, approved the acquisition of 100% of the share capital of Enchem Ami Organics Private Limited (EAOPL), a step-down subsidiary of the company.

Following completion of the acquisition, Enchem Ami Organics Private Limited will become a direct wholly owned subsidiary of Acutaas Chemicals.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘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. Brokerage disclaimers here