Watch out for these stocks: Paras Defence, RIL, ONGC, Manappuram Finance, Glenmark, Iron, Senores Pharma, Cyient, BMW Industries, Fortis Healthcare

Paras Defence & Space Technologies has signed a Memorandum of Understanding (MoU) with Israel-based HevenDrones Ltd to explore opportunities in the defence and civil drone markets. As part of the agreement, both companies intend to establish a Joint Venture (JV) in India aimed at developing and manufacturing logistics and cargo drones. The partnership will align with the Centre’s Make in India initiative and seeks to serve both domestic and global markets

In a landmark achievement for India’s energy sector, the Panna-Mukta and Tapti (PMT) joint venture partners – Shell (through BGEPIL), Reliance Industries Ltd (RIL), and Oil and Natural Gas Corporation Ltd (ONGC) have successfully completed the country’s first offshore facilities decommissioning project with the safe removal of the mid- and south Tapti field facilities. The PMT JV, operator of the Tapti fields under a production sharing contract with the Government of India, comprises ONGC with a 40% participating interest, and RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) with 30% each. The milestone project involves removal of five wellhead platforms, associated infield pipelines, load-in at the onshore dismantling yard and the safe plugging and abandonment of 38 wells — all executed in line with the approved decommissioning plan. Production from the Tapti fields ceased in March 2016, and this project demonstrates a high level of planning, coordination, and compliance with regulatory frameworks, while upholding the highest safety and environmental standards.

Bain Capital on Monday sought the approval of fair trade regulator CCI to acquire a significant stake in non-banking financial company Manappuram Finance through a multi-layered deal. According to the proposed deal, Bain Capital through its two affiliates — BC Asia Investments XXV and BC Asia Investments XIV — will acquire stakes in Manappuram Finance Ltd (MFL). The proposed transaction involves four phases, where BC Asia Investments XXV will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment.

Ichnos Glenmark Innovation (IGI), subsidiary of Glenmark Pharmaceuticals, has said that the US Food and Drug Administration (FDA) has granted ‘fast track’ designation to ISB 2001, its investigational therapy for multiple myeloma. The designation is specifically for the treatment of adult patients with relapsed or refractory multiple myeloma (RRMM), who have received at least three prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody.

Ircon International has bagged a work order worth ₹187.08 crore (excl. GST) from Kerala State IT Infrastructure for construction of a dedicated rural industrial park in Thiruvananthapuram district. The said order is to be executed in 30 months. 

Senores Pharmaceuticals, Inc., USA (SPI), subsidiary of Senores Pharmaceuticals, through its wholly-owned subsidiary, has signed anagreement to acquire the USFDA-approved Abbreviated New Drug Application (ANDA) for Topiramate HCl 25, 50, 100 and 200 mg tablets (Topiramate) from Wockhardt. Topiramate is indicated as a treatment for epilepsy and migraine. The market size of Topiramate Tablet in the US was around $111.47 million (MAT December 2024) as per IQVIA. 

Cyient Ltd has said its US-based wholly-owned subsidiary Cyient Inc has received a penalty order of $26,779.74 from the US Department of the Treasury’s Internal Revenue Service (IRS)

BMW Industries has received a work order worth ₹1,764 crore from Tata Steel for processing and conversion of coils at its Jamshedpur works for a period up to March 31, 2029. This work order is in the ordinary course of business and is expected to contribute to the revenue of the company over the tenure of the contract.

Fortis Healthcare has informed the exchanges that the ₹89.53-crore tax demand raised against its material subsidiary, Fortis Hospitals Limited, has been reduced to nil following a rectification order issued by the Income Tax Department.

Power & Instrumentation (Gujarat) has received a work order worth ₹21.40-crore (Including GST) from Nyati Engineering & Construction for design, supply, installation, testing, commissioning and client handling over of power supply system electrical work at Udaipur Air Terminal, Rajasthan.

Results calendar: Godrej Consumer Products, Bank of Baroda, CG Power & Industrial Solutions, HPCL, BSE, Polycab, One 97 Communications, Radico Khaitan, KEI Industries, Poly Medicure, Piramal Enterprises, Kansai Nerolac, Aadhar Housing Finance, Vedant Fashions, Alembic Pharma, Aptus Value Housing Finance, JBM Auto, Mahanagar Gas, Kajaria Ceramics, Paradeep Phsophates, Safari Industries, eMudhra, Avalon Technologies, Sundaram Clayton, Aarti Drugs, Quick Heal, Ador Welding, Century Enka, TNPL, National Peroxide.

Published on May 6, 2025