Top stocks to watch — Cipla, Zydus Cadila, Dr Reddy Laboratories, Tech Mahindra, Avenue Supermarts, Cochin Shipyard, and others

• The SGX Nifty was trading 0.06% lower at 7:45 am, indicating a tepid opening for Nifty50.
• Here’s a list of stocks to watch for in trade today.
• Check out the latest news and updates on Business Insider.

Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Friday. The SGX Nifty was trading 0.06% lower at 7:45 am, indicating a cautious opening for Nifty50.

However, the US stocks closed higher on Thursday after Nancy Pelosi suggested that there has been progress and were ‘close’ to a stimulus deal. Dow Jones gained over 152 points, and the S&P 500 ended 0.52% higher.

These are the stocks to watch out for during the trading session on October 23:

Tech Mahindra

IT major Tech Mahindra’s US subsidiary will acquire 6.03% stake in US-based VitalTech Holdings, Inc for $3 million. The tentative date of closure of the transaction is October 26, it said in a regulatory filing. Tech Mahindra will also report its quarterly earnings today.

The shares of Tech Mahindra ended 0.80% lower on Thursday.

Cipla, Zydus Cadila, Dr Reddy Laboratories and other pharma companies

The shares of Cipla, Zydus Cadila, Dr. Reddy Laboratories and other pharma companies will be in focus today. The US regulators have given full approval for the antiviral drug remdesivir to treat COVID-19 patients in hospitals. The US Food and Drug Administration (FDA) said Veklury, the drug's brand name, cut the recovery time on average by five days during clinical trials.

HDFC AMC

HDFC Asset Management Company has appointed KPMG as the internal auditor with immediate effect after Gautam Chandra, HDFC AMC’s former internal audit head resigned. The company also reported a 8% decline in profit after tax at ₹338.06 crore for the quarter ended September 30.

The shares of HDFC AMC ended 1% higher on Thursday.

Biocon

Kiran Mazumdar-Shaw led biopharmaceutical company, Biocon reported a 23.8% drop in its net profit to ₹200.40 crore. This is despite 11.33% growth in its total revenue to ₹1,744.80 crore. The shares of Biocon ended 2.3% higher on Thursday.

Avenue Supermarts and Cochin Shipyard

The founder of Avenue Supermarts, Radhakishan Damani bought 0.5% equity stake in India’s largest shipbuilding and maintenance company, Cochin Shipyard for ₹394.14 per share. The shares of Avenue Supermarts and Cochin Shipyard ended 2% and 9% higher on Thursday, respectively.

Bharti Infratel

Telecom infrastructure firm Bharti Airtel on Thursday posted a 24% drop in consolidated net profit to ₹733 crore for the quarter ended September 30. The overall revenue grew by about 2% to ₹3,695 crore during the reported quarter, the company said.

The shares of Bharti Infratel ended 2% higher on Thursday.

JSW Steel, Yes Bank, ICICI Lombard, Persistent Systems, Sudarshan Chemicals and IDBI Bank among others

JSW Steel, Yes Bank, ICICI Lombard, Persistent Systems, Sudarshan Chemicals and IDBI Bank are the companies among others that are slated to report their quarterly earnings today.

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