The Indian stock market witnessed major movements today, with key updates from Tata Power, Sun Pharma, IndusInd Bank, Alembic Pharmaceuticals, JSW Steel, and more. Here’s a look at the major stock trends and corporate announcements.

Tata Power Signs ₹49,000 Crore Renewable Energy MoU

• Tata Power surged after signing an MoU with the Andhra Pradesh Government to establish 7,000 MW of wind, solar, and hybrid power projects.
• The total capital expenditure for these projects is expected to be ₹49,000 crore.
• This move aligns with India’s push for renewable energy expansion and strengthens Tata Power’s leadership in the sector.

Sun Pharma Acquires Checkpoint Therapeutics for $355 Million

• Sun Pharmaceutical announced its acquisition of US-based Checkpoint Therapeutics, expanding its immunotherapy and targeted oncology business.
• The deal includes UNLOXCYT™, an FDA-approved treatment for cutaneous squamous cell carcinoma (cSCC).
• The acquisition, valued at ₹3,095 crore, is expected to strengthen Sun Pharma’s oncology portfolio globally.

IndusInd Bank Hits 52-Week Low After CEO Reappointment

• IndusInd Bank stock plunged to ₹881.1, its lowest level in 52 weeks, after the RBI approved Sumant Kathpalia’s reappointment as CEO for just one year.
• The short tenure approval raised concerns among investors about management stability.

Alembic Pharmaceuticals and Shilpa Medicare Receive US FDA Observations

• Alembic Pharmaceuticals fell after receiving Form 483 with one observation following a US FDA inspection at its Vadodara bioequivalence facility.
• Shilpa Medicare also received Form 483 with one observation after an inspection at its Raichur facility.

Nazara Technologies Sells 94.9% Stake in OpenPlay

• Nazara Technologies offloaded its 94.9% stake in OpenPlay Technologies to Moonshine Technology (PokerBaazi’s parent company) for ₹104.3 crore.
• The move marks Nazara’s exit from OpenPlay, focusing on its core gaming business.

JSW Steel, Shyam Metalics See Positive Momentum

• JSW Steel’s production rose 12% YoY to 24.1 lakh tonnes in February, with 93.5% capacity utilization in Indian operations.
• Shyam Metalics' stainless steel sales jumped 110% YoY to 8,552 MT, while aluminium foil sales rose 23% YoY to 1,686 MT.
• However, carbon steel sales declined 5% YoY, causing mixed investor sentiment.

Geojit Upgrades CG Power, Nuvama Reiterates Pidilite’s Buy Call

• Geojit BNP Paribas upgraded CG Power to ‘Buy’ from ‘Accumulate’, setting a target price of ₹696, reflecting a 13.8% upside.
• Nuvama retained its ‘Buy’ rating on Pidilite Industries, citing its expansion into electronics and EV adhesives and premiumisation strategy.

Neogen Chemicals Falls on Revenue Guidance Cut

• Neogen Chemicals revised its FY25-26 revenue guidance to ₹765-800 crore due to a fire at its Dahej Multi-Purpose Plant (MPP3).
• The plant is expected to be operational in 9-12 months, raising concerns about near-term financial performance.

Lupin Gains After US FDA Approval for Rivaroxaban Tablets

• Lupin received final US FDA approval for its ANDA for Rivaroxaban Tablets, bioequivalent to Janssen Pharmaceuticals’ Xarelto.
• The drug, used for coronary artery disease (CAD) and peripheral artery disease (PAD), has an annual market value of $446 million as of January 2025.

The stock market saw strong movements across sectors, with Tata Power’s renewable energy expansion, Sun Pharma’s acquisition, and IndusInd Bank’s decline grabbing investor attention. Metal stocks, pharmaceuticals, and financials remained in focus, with brokerage firms updating their outlooks. Investors will closely monitor sectoral trends and corporate actions in the coming sessions.

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