Companies and stocks to track today: Sept 25, 2020

Drug recall in US may inflict pain on Sun Pharma

Reports that the US arm of Sun Pharmaceuticals has voluntarily recalled one lot of Riomet ER oral suspension in the US market, may keep the stock under pressure.

According to the reports, Sun Pharmaceutical Industries Inc, a wholly-owned subsidiary of Sun Pharma, is voluntarily recalling the drug presence of a probable human carcinogen above the acceptable daily intake limit.

“The reason for the recall is due to the level of N-Nitrosodimethylamine (NDMA), which has been found to be above the acceptable daily intake (ADI) limit established by the USFDA,” it added.

Canara Bank: Focus on QIP meet

The board of directors of Canara Bank will meet on Friday to consider raising capital through a Qualified Institutional Placement.

The bank had earlier said it will raise up to Rs 5,000 crore equity capital through various modes in the current fiscal year to boost its capital adequacy ratio.

Shareholders will closely monitor the size and price of the QIP.

New order may lift Gayatri Projects

Gayatri Projects has bagged a Rs 33.23-crore order from Odisha Mining Corporation (OMC). In a notice to the stock exchanges, the company said it has received the Letter of Award (LOA) for the Putulpani Quarry of Gandhamardan Block 'B' Iron Ore Mine as "mine operator" to produce 10 lakh tonnes/per annum of iron ore.

While the contract period is one year, it may be extended by another year at the discretion of OMC. The contract may be further extendable on a yearly basis with the mutual consent of both parties and the approval of the OMC board, it further said.

Shareholders will closely monitor the execution of the project.

RITES bags Rs 205-cr worth order

RITES Ltd. has been awarded a turnkey contract for the construction of Road Over Bridges (ROBs) to replace the existing level crossings on competition basis from the Railway Board amounting to Rs 205.85 crore. An MoU will be executed between RITES and South Central Railway in due course, RITES said in a notice to the stock exchanges.

This turnkey contract covers construction of four ROBs in replacement of level crossings in Vijaywada division of SCR on the Vijaywada-Vishakhapatnam section in Andhra Pradesh.

Shareholders will watch the execution and further developments on this front.