Stocks to Watch for Oct 23: PNB, BEL, Dr Reddy’s, Tata Motors and more

Punjab National Bank: PNB has divested 10% of its stake in Canara HSBC Life Insurance Company, reducing its holding to 13%. The lender raised about ₹1,007 crore through the sale of 9.5 crore shares at ₹106 apiece. Shares of PNB will be in focus after this strategic divestment announcement.

Bharat Electronics Ltd: Navratna defence PSU will be in focus after winning a ₹633 crore order from Cochin Shipyard. The contract involves supplying equipment for sensors, weapon systems, and communication mechanisms. The order win adds to its strong order book and could boost sentiment around the stock.

Dr. Reddy’s Laboratories Ltd: Dr. Reddy’s said its Srikakulam manufacturing facility in Andhra Pradesh received Voluntary Action Indicated (VAI) status from the USFDA. The regulator issued an Establishment Inspection Report, closing the inspection with no major observations. The update removes a key compliance overhang and could lend support to the stock.

Jain Resource Recycling Ltd: Newly listed company reported its first quarterly results with Net sales for the June quarter up 3.5% year-on-year to ₹1,549 crore, but EBITDA fell 4.1% to ₹90.2 crore, with margins narrowing to 5.82%. Investors will watch the stock’s reaction to its maiden post-listing financial performance.

Torrent Pharmaceuticals Ltd: Torrent Pharma shares are expected to be in focus after fair trade regulator CCI approved its proposed ₹19,500 crore acquisition of JB Chemicals and Pharmaceuticals, subject to certain voluntary modifications. The approval clears a key regulatory hurdle.

Tata Motors Ltd: Tata Motors Passenger Vehicles said it delivered over one lakh vehicles during the 30-day festive period between Navratri and Diwali, marking a 33% year-on-year growth. Deliveries were led by SUVs and strong EV sales. Managing Director Shailesh Chandra said the milestone underscores the company’s strong festive demand momentum.

NMDC Ltd: State-run miner has revised iron ore prices with effect from October 22. Baila Lump (65.5%) will now cost ₹5,550 per tonne, while Baila Fines (64%) are priced at ₹4,750 per tonne. The stock, which gained 0.6% in Muhurat trading, has risen nearly 15% so far in 2025.

Ola Electric: Ola Electric remains in the spotlight as the investigation into the death of company engineer K. Aravind continues. The Karnataka High Court has granted temporary protective orders to CEO Bhavish Aggarwal and a senior company executive named in the FIR. The company has denied any wrongdoing.

Laurus Labs Ltd: Brokerage firm B&K Securities initiated coverage with a ‘Buy’ rating and a price target of ₹1,030, implying an 18% upside from current levels. The brokerage said high-margin CDMO franchise is emerging as a key earnings driver, positioning it for a strong growth phase.