Top stocks to watch— L&T, Biocon, M&M, PNB, Tata Power, Bharat Earth Movers and others

• At 7:49 am the Sgx Nifty was trading 0.60% higher.
• Here’s a list of stocks to watch for in trade today.
• Check out the latest news and updates on Business Insider.

A historic quarterly GDP contraction at 23.9% could weigh on the market sentiment but watch out stock-specific newsflow.

The global market has also shown mixed sentiments. At 7:49 am the SGX Nifty was trading 0.60% higher. US indices ended mixed on Monday as Wall Street wrapped up its best August in more than 30 years. The Dow Jones Industrial Average fell 0.78%. However, the Nasdaq Composite Index rose 0.68%.

These are the stocks to watch out for during the trading session on September 1:

Larsen & Toubro (L&T)

Larsen & Toubro (L&T) on Monday announced the closure of the strategic divestment of L&T Electrical and Automation business to Schneider Electric for ₹14,000 crore.

The deal was earlier announced in May 2018 and took over 2 years to be completed after receiving the requisite regulatory approvals. The shares of L&T ended 4% lower yesterday.

Biocon

Kiran Mazumdar-Shaw owned Biocon’s subsidiary along with Mylan NV launched Semglee, an insulin glargine injection in the US market.

The company told investors that ‘Semglee’ has received final approval from the US FDA and has an identical amino acid sequence to Sanofi’s Lantus, a drug that is used to control high blood sugar.

The shares of Biocon ended 4% lower yesterday.

Mahindra and Mahindra

Mahindra and Mahindra (M&M) extended the date of sale of its entire stake in Neo Solren to CLP India. The company said that due to COVID-19 the sale of stake is expected to be done by September, earlier August was the deadline set by the company.

The shares of M&M ended 4% lower yesterday.

Punjab National Bank

India’s second-largest lender Punjab National Bank hiked its repo-linked lending rate (RLLR) by 15 basis points (bps) to 6.80 per cent. 100 basis points make 1%.

All new retail loans related to housing, education, vehicles and credit to MSMEs are linked to RLLR. The shares of PNB ended 6% lower yesterday.

Bharat Earth Movers Ltd and Tata Power

The Indian defence ministry sealed a deal with domestic defence majors to procure Pinaka rocket launchers for six Army regiments at the cost of ₹2,580 crore.

The deal has been signed with Tata Power Company Ltd (TPCL) and engineering major Larsen & Toubro (L&T) while defence public sector undertaking Bharat Earth Movers Ltd (BEML) will also be part of the project.

The shares of BEML ended 8% lower yesterday, and Tata Power was down 4%.

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Indian economy contracts 23.9% in the April-June quarter