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A Rs 400 crore manufacturing expansion, a USFDA approval and a major smart-grid project have put three stocks firmly in focus for Wednesday's trade.
✨ Key Takeaways
Indian benchmark indices ended higher on Tuesday, June 2, with the Nifty 50 and Sensex recovering from early losses. Strong buying interest in information technology stocks and gains in heavyweight HDFC Bank helped lift market sentiment during the session.
Global markets also found some support after Brent crude oil futures declined around 2 per cent to trade near USD 93 per barrel. The decline came after a sharp 4.2 per cent rise in the previous session, as investors continued to assess uncertainty surrounding US-Iran negotiations and the potential impact on shipping activity through the Strait of Hormuz.
Against this backdrop, several stocks are likely to remain in focus on Wednesday following key business developments.
1. Servotech Renewable Power Systems Ltd
Servotech Renewable Power Systems Ltd signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC), Department of Industries & Commerce, Government of Haryana.
The agreement outlines a proposed investment of approximately Rs 400 crore to expand the company's manufacturing and warehousing operations in the state. The investment will be undertaken in phases over the next 24 to 36 months.
The planned expansion is aimed at enhancing manufacturing capacity across EV chargers, Solar products, battery packs, battery energy storage systems (BESS) and power electronics. The initiative aligns with the Make in Haryana Industrial Policy 2026 and is expected to strengthen the company's position in the renewable energy and clean mobility ecosystem.
Concord Biotech Ltd received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL.
Mycophenolate mofetil is an immunosuppressant used for the prevention of organ rejection in adult and paediatric recipients of kidney, heart and liver transplants, when administered alongside other immunosuppressive therapies.
According to market estimates, the US market opportunity for the product is valued at approximately USD 30 million. The approval is expected to strengthen Concord Biotech's product portfolio and support its expansion in regulated international markets.
Sharika Enterprises Ltd secured a key subcontract for the deployment of an Advanced Distribution Management System (ADMS) under Uttarakhand Power Corporation Ltd's flagship Ganga Corridor power distribution modernisation project.
The project is being implemented under the Government of India's Revamped Distribution Sector Scheme (RDSS) through East India Udyog Ltd, which serves as the lead contractor.
The project covers the major urban centres of Dehradun, Haridwar and Rishikesh and aims to modernise the region's power distribution infrastructure through an integrated SCADA-ADMS platform. The system will combine Supervisory Control and Data Acquisition (SCADA), Distribution Management System (DMS) and Outage Management System (OMS) functionalities to improve grid monitoring, operational efficiency and reliability.
Disclaimer: The article is for informational purposes only and not investment advice.