Overnight Digest – Stocks to look out for on June 29

The stocks which could witness a significant movement on June 29 are Dr Reddy’s Laboratories Limited, Surya Roshni Limited, ITC Limited, JSW Steel Limited and Arrow Greentech Limited.

a) Dr Reddy's: The pharma giant, Dr Reddy's has informed that it completed buy back of 51 lakh shares worth Rs.1569.41 crore. The proposal for buyback was approved in February this year. Dr Reddy's is likely to remain in the limelight for couple of sessions.

b) Surya Roshni: According to the media reports Surya Roshni has planned to sell the lightening product business for Rs 300 crores. The exchange has asked the company to give clarification for the same.

c) ITC: The cigarette maker ITC’s ITC Foods is likely to invest Rs.4000 crores to set up 8-9 factories keeping 2-3 years’ horizon. The factories would manufacture food products.

d) JSW Steel: According to media reports, the steelmaker would approach shareholders to raise up to 2 billion USD from foreign investors on convertible basis for its loan refinancing and capex requirement. The company would put up the resolution with shareholders next month.

e) Arrow Greentech:  A Small-cap plastic products maker has informed that the company has been granted with one patent in the name ‘Method of Manufacturing Water Soluble Film Carrier’ in Australia. The stock may surge in the coming sessions.