Top 10 Intraday Stocks to Watch Today: Tata Motors & IREDA Highlighted

Baishakhi Mondal

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Top 10 Intraday Stocks to Watch Today: Tata Motors & IREDA Highlighted

Market Outlook and Key Stock Movements on September 11, 2024

The Indian stock market is anticipated to open on a flat note today, with the Sensex and Nifty indices showing slight declines according to GIFT Nifty’s indications. On this day, we delve into ten stocks that are likely to experience significant movements due to recent news and developments in the market.

1. Tata Motors

Tata Motors has received approval from the Competition Commission of India (CCI) for its merger with Tata Capital Limited (TCL). This merger, which was first announced in June, involves Tata Capital absorbing Tata Motors Finance Limited (TMFL) through a scheme filed with the National Company Law Tribunal. This strategic move is expected to streamline operations and enhance financial synergies between the two entities.

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2. Reliance Industries

In a significant development, Reliance Retail Ventures has entered a 50:50 joint venture with Delta Galil Industries, set to transform the apparel industry in India. This partnership aims to create an apparel innovation platform designed to cater specifically to the preferences and needs of Indian consumers, potentially offering unique and localized clothing options.

3. IREDA

Indian Renewable Energy Development Agency (IREDA) has announced that its wholly-owned subsidiary, IREDA Global Green Energy Finance IFSC Ltd, has received provisional registration as a finance company from the International Financial Services Centres Authority (IFSCA). This registration is a step toward enhancing financial services for green energy projects in India.

4. Axis Bank & HDFC Bank

The Reserve Bank of India (RBI) has imposed monetary penalties on Axis Bank and HDFC Bank for various regulatory compliance failures. Axis Bank faces a fine of ₹1.91 crore, while HDFC Bank has been penalized ₹1 crore. The penalties highlight ongoing challenges in maintaining regulatory standards within the banking sector.

5. Jubilant Pharmova

Jubilant Pharmova’s subsidiary has received communication from the US FDA regarding its Spokane, Washington contract manufacturing facility. Following an audit conducted earlier this year, the facility has been classified under “Voluntary Action Indicated” (VAI), which may affect future operational capabilities and regulatory engagements.

6. Wardwizard Healthcare

Wardwizard Healthcare is preparing for a pivotal board meeting scheduled for September 16, 2024. The meeting is expected to focus on proposals for raising funds through various means, including equity shares and convertible securities, which could influence the company’s growth trajectory.

7. Ramco Systems

Ramco Systems has launched version 6.0 of its aviation software, promising to revolutionize maintenance, repair, and overhaul (MRO) operations. This updated version includes advanced technology and AI-driven features aimed at streamlining processes and enhancing efficiency in the aviation sector.

8. PC Jeweller

PC Jeweller has announced a refund of ₹67.54 crore from the Income Tax Department. The company has stated that this amount will be credited to its account soon. This financial boost is likely to improve liquidity and support ongoing operations.

9. Lemon Tree Hotels

Lemon Tree Hotels has signed a license agreement for a new property on Mira Road, Mumbai, which is expected to open in FY26. This 108-room hotel will be managed by Carnation Hotels Private Limited, a subsidiary of Lemon Tree Hotels, further expanding their portfolio in the hospitality sector.

10. Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories has clarified its contractual relationship with Agora Advisory, confirming that services were rendered between October 2020 and April 2021 before the tenure of the current SEBI chairperson. The company faced scrutiny over contracts, and this clarification aims to address any concerns regarding governance and compliance.

Summary of Key Movements

Stock News/Updates
Tata Motors CCl approval for merger with Tata Capital
Reliance Industries Joint venture with Delta Galil Industries
IREDA Provisional registration granted as a finance company
Axis Bank Monetary penalty of ₹1.91 crore imposed by RBI
HDFC Bank Monetary penalty of ₹1 crore imposed by RBI
Jubilant Pharmova FDA inspection classified as “Voluntary Action Indicated”
Wardwizard Healthcare Board meeting to discuss fundraising set for September 16
Ramco Systems Launch of version 6.0 of aviation software
PC Jeweller Received ₹67.54 crore tax refund
Lemon Tree Hotels New hotel project signed for Mira Road opening in FY26
Dr. Reddy’s Labs Clarification on contract with Agora Advisory
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