GIC Re, GSK Pharma, Godfrey Phillips, IEX and more: Top stocks to watch on September 4

GIC Re | The Indian government is set to launch an offer for sale of its stake in General Insurance Corporation of India (GIC Re) on Wednesday. The planned dilution will see the government reduce its stake by just under 7%, marking the first such stake reduction since GIC Re went public.

GSK Pharma | The global healthcare company said it has received an income tax refund of Rs 222.23 crore for the assessment year 2022-23. “We inform you that the company has received an income tax order from the Income Tax Department under section 143(3) for the assessment year 2022-23, issuing an income tax refund of Rs 222.23 crore (including interest),” it said.

Godfrey Phillips | Informed sources confirmed to CNCB-TV18 that Godfrey Phillips has signed an agreement with startup New Shop for the sale of its retail business 24Seven. CNBC-TV18 has learnt that after signing the agreement, both parties are looking to complete the transaction by the end of September.

IEX | The company saw significant growth in August 2024, reaching a total volume of 12,040 million units (MU), an increase of 35.8% year-on-year. The electricity volume alone reached 9,914 MU, marking a year-on-year increase of 17.1%. The renewable energy certificate (REC) segment saw a highlight, increasing by 737.4% year-on-year to reach 2,116 MU.

Zydus Life Sciences | The pharmaceutical company has provided some clarification regarding the receipt of a warning letter from the US FDA regarding its injectable manufacturing facility in Jarod, Gujarat. The letter, received on August 30, 2024, identifies current good manufacturing practice (cGMP) concerns, which are already being remediated by the company.

KIM | The hospital chain announced that Friday, September 13, 2024 will be the record date for its 5-for-1 stock split. Shareholders holding common shares as of the record date will be eligible for the split, with the new shares ranking pari passu in all respects.