Stock to watch | Buzzing stocks | Indian markets
Lovisha Darad |
The Indian equity markets are likely to open on a dismal note after the US markets plunged into the bearish territory due to double whammy of upcoming policy rate hike fears and reduction in the central bank’s balance sheet. As of 7:11 AM, the SGX Nifty Futures quoted 15,694 levels, signaling a gap down of 80-odd points on the Nifty50. That apart, India’s retail inflation eased to 7.04 per cent in May after it had touched an eight-year high of 7.79 per cent in April. However, the headline inflation continued to remain above the Reserve Bank of India’s (RBI) upper tolerance limit for fifth consecutive month.
Besides that, the markets will watch out two domestic macro-economic reports expected to release on Tuesday, June 14 – India’s trade balance data and wholesale price index (WPI) data for the month of May.
Meanwhile, here are the stocks that are likely to see some action in trade on Tuesday:
Bajaj Finance: The lender has raised fixed deposit interest rates on various tenors, from 24-60 months, by up to 20 basis points (0.20 per cent). With this, the depositors will earn 7.20 per cent cumulative return on deposits between 36 months to 60 months. READ HERE
Zydus Lifesciences: The company will open its share buyback offer on June 23 and close on July 6. The drug firm has fixed July 15, as the last date for the settlement of bids on stock exchanges. The board approved to buyback over 1.15 crore shares, representing up to 1.13 per cent of the total paid-up equity share capital of the company, for up to Rs 750 crore. READ HERE
Amara Raja Batteries: Group firm Amara Raja Power Systems bagged a contract from NTPC to set up India's first green hydrogen fuelling station in Leh. The pilot project is being set up in Leh's extreme conditions at a height of 3,600 meters above sea level, in line with the government's vision of achieving net-zero carbon emission by 2070. READ HERE
Embassy REIT: The company distributed over Rs 5,800 crore to unit holders since its listing in April 2019 and delivered over 15 per cent annualized total returns. With three years of successful listing and strong business performance, the company said it has leased 6.4 million square feet across 135 deals, increasing its occupier base to over 200 blue-chip corporates. READ HERE
Metropolis Healthcare: Clarifying media reports on promoters’ stake sale, the diagnostic chain asserted that the promoters have no intention to exit the business. The company clarified that the promoters were focused on strengthening the brand; however, it continues to keep exploring various strategic options or investment opportunities. READ MORE
IIFL Finance: The company’s home finance arm, IIFL Home Finance plans to raise between Rs 4,000-5,000 crore through direct assignment of housing loans and scale up funding to developers, especially those complying with green finance norms.
Tata Steel: The steel major unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England that will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business.
Crompton Greaves Consumer Electricals: The company plans to raise long-term funds up to Rs 925 crore through the issuance of non-convertible debentures on a private placement basis. The board also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore.
Infosys: The IT major will set up four new offices in tier-2 cities in order to get closer to bring available talent pool. The company already had smaller centres in Indore and Nagpur, but will now set up offices in Coimbatore, Vizag, Kolkata and Noida.
Bharti Airtel: The telecom operator announced that their video streaming service, Airtel Xstream, achieved 2-million paid subscriber mark. While the video streaming service offers a range of OTT platforms to consumer across mobile and large screen formats, it aims to achieve 20 million paid subscriber mark.
Berger Paints: The company anticipates a loss between Rs 75 lakh and 1 crore due to accidental fire at the factory outlet in Howrah, West Bengal. However, the loss was fully recovered by insurance as the total sum assured for the Howrah factory was Rs 218 crore.
Stocks in F&O ban: Delta Corporation and RBL Bank are stocks that are banned in F&O ban period on Tuesday, June 14.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
In Partnership with
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.
Team Business Standard