Stocks to watch: Ranbaxy, Reliance Power, GMR Infra, Swaraj Mazda, Spanco

MUMBAI: Ranbaxy Laboratories will hire nearly 1,500 marketing executives, expanding its sales team by at least 50%, to spur sales and regain its rank as India’s top drugmaker. The recruitment push is among the biggest by an Indian drugmaker in recent years, and will be led by India chief executive officer Yugal Sikri.

Reliance Power plans to cash in on the improved sentiments in the global credit markets to refinance a Rs 15,000-crore loan that it had agreed to take from a consortium of domestic institutions past year to fund its ultra-mega power project at Sasan in Madhya Pradesh.

Power and infrastructure major GMR Infrastructure is close to tying up funds for its Rs 2,190-crore Hyderabad-Vijayawada highway project. The project, which was bagged last May by the GMR-Punj Llyod consortium, had a debt component of Rs 1,700 crore.

In another closely-fought contest that is part of Rs 50,000-crore power sector modernisation programme, the IT implementation tender for the Punjab Electricity Board is set to be awarded to Spanco Telesystems, which has emerged as the lowest bidder among nine shortlisted vendors.

Private equity fund Actis, a key shareholder in the light commercial vehicle maker Swaraj Mazda (SML), has not subscribed to the company rights issue, fuelling speculation that it may exit the company. This will lower Actis’ stake in SML from 17% to 12.32%.