Overnight Digest - Five stocks to watch out on February 22

The five stocks that may witness some kind of significant movement on Feb 22 in the markets are: TATA Steel, Cadila Healthcare, Divis Laboratories, KNR Construction, Oil and Natural Gas Corporation (ONGC).

a) TATA Steel: According to a media report Tata Steel is planning to undergo a massive consolidation and debt reduction drive to bring the outstanding debt down by 10-15 percent by December 2016. It has been looking to divest stake in foreign operations for a while now. It is planning to sell its long products business in Europe for Rs 3000 crore.

b) Cadila Healthcare: Drug firm Zydus Cadila has received approval from the US health regulator to market its generic Doxycycline capsules used for the treatment of bacterial infections in the American market. The drug falls in the anti-bacterials segment.

c) Divis Laboratories: Divis Laboratories Ltd has informed BSE that the company has had a successful inspection by the USFDA for its Unit-2 at Chippada, Bheemunipatnam near Vishakhapatnam during February, 2016 with no observations.

d) KNR Construction: KNR Constructions has won a Rs 295.19 crore contract for building flyovers at Salem city in Tamil Nadu. The contract has to be completed within 39 months from the appointed date.

e) Oil and Natural Gas Corporation (ONGC): State owned ONGC board has approved an investment of Rs 5050 crore for developing the north-east region as a dominant hydrocarbon hub. Currently, ONGC Tripura Asset is carrying out its drilling activities with 3 owned rigs under operation and well servicing operations through 2 work-over rigs