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

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

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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.
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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

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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%.
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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.

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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%.

SEE ALSO: Apna Time Aayega? Remembering Pranab Mukherjee, a village boy who couldn’t be stopped from being India’s first citizen
Indian economy contracts 23.9% in the April-June quarter
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