CNBCTV18's top stocks to watch out for on September 24

SUMMARY

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are set for a strong start on Tuesday as investors cheer the government’s proposal to cut corporate tax rates to boost the economy. The two indices surged over 8 percent in the last two sessions. Asian shares traded little changed, while US futures rose over hopes of progress in US-China trade talks. At 7.27 AM, the SGX Nifty futures traded 80 points, or 0.7 percent up at 11,681, indicating a positive opening for the Sensex and the Nifty 50. Here are the top stocks to watch out for today:

By CNBC-TV18Sept 24, 2019 7:30:18 AM IST (Published)

Aurobindo Pharma: Sebi imposed a total penalty of over Rs 22 crore on Aurobindo Pharma, its promoter PV Ramprasad Reddy, his wife P Suneela Rani and other connected entities for violating insider trading norms. Sebi conducted a probe into the trading in Aurobindo shares during the period from July 2008 to March 2009 to ascertain the regulatory violation. The probe found that the promoter entities traded in the scrip based on unpublished price sensitive information pertaining to the company's Licensing and Supply Agreements with Pfizer and made "unlawful gains".

Manappuram Finance: The financial resources and management committee of the board of directors approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures for an amount of Rs 215 crore with an option to retain over subscription up to Rs 250 crore aggregating to Rs 465 crore.

Apollo Hospitals: The Competition Commission has approved the restructuring of Apollo Hospitals Enterprise Ltd's pharmacy business and its subsequent acquisition by certain investors. The company in November 2018 had announced that it would divest its front-end pharmacy business to Apollo Pharmacy for a lump sum cash consideration of Rs 527.8 crore as part of a restructuring exercise. Following the transaction, Apollo Pharmacy will be a wholly-owned subsidiary of Apollo Medicals Pvt Ltd (AMPL) in which AHEL will have a 25.5 percent stake.

L&T Finance: Sebi dropped insider trading charges against Cayman Islands-based Factorial Master Fund, in the scrip of L&T Finance Holdings. The order comes after the regulator conducted an investigation and observed that Factorial had allegedly indulged in unusual and aggressive trading for the period between March 10, 2014, and March 14, 2019, in the scrip of L&T Finance a day ahead of the offer-for-sale announcement while in possession of unpublished price-sensitive information (UPSI) and made a profit of over Rs 20 crore.

Varun Beverages: PepsiCo India's bottling partner said the recent hike in GST rates for caffeinated drinks would have a "minimal" effect on the company. The GST Council on Friday decided to charge caffeinated beverages with 28 percent tax plus a 12 percent compensation cess in place of the current tax rate of 18 percent.

Axis Bank: ICRA has assigned "ICRA MAAA" rating with 'stable' outlook to the fixed deposit programme of the bank.

NCC: Promoter released a pledge on 1 lakh shares (0.02 percent equity) on September 17.

Indosolar: Promoter IDBI Capital has cut stake to 0.88 percent from 2.88 percent.