GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 53.50 points or 0.22% at 23,808 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 147.50 points or 0.62% to settle at 23,868.80 while the BSE Sensex gained 78,674.25 points or 0.80% to 78,674.25.
“Investors are mounting lots of bullish bets ahead of the next month’s Budget, which once again triggered a major rally and lifted both benchmark indices to fresh all-time highs,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Tapse also added that Market participants are hoping for a reform-oriented budget from the government that would translate into buying action in stocks supportive of long-term economic growth.
Stocks to Watch on June 27, 2024
Reliance Industries
Jio has strengthened its leadership position by acquiring the right to use spectrum in the 1,800MHz band in two circles for a provisional cost of Rs 973.63 crore.
State Bank of India
On Wednesday, June 26, SBI, the country’s largest bank, announced it had raised Rs 10,000 crore through its fifth infrastructure bond issuance at a coupon rate of 7.36%. The issuance received an overwhelming response, with bids exceeding Rs 19,884 crore, oversubscribing the base issue size of Rs 5,000 crore by nearly four times. A total of 143 bids were received, indicating broad participation and a diverse range of investors.
IIFL Securities
The Securities and Exchange Board of India (SEBI) has launched an investigation into Sanjiv Bhasin, who is associated with IIFL Securities. SEBI officials have reportedly examined Bhasin’s digital devices and collected evidence as part of the probe. The investigation is focused on allegations of market manipulation and front-running against Bhasin.
Raymond
The company will hold its annual general meeting (AGM) on June 27, where it has proposed the reappointment of Gautam Singhania to the board for a five-year term, from July 1, 2024, to June 20, 2029. The meeting will also address his remuneration for the next three years as CMD.
Bharti Airtel and Vodafone Idea
A total of 141.4 MHz of spectrum has been sold for Rs 11,340 crore. Bharti Airtel acquired 97 MHz of spectrum, Reliance Jio acquired 14.4 MHz, and Vodafone Idea acquired 30 MHz.
RBL Bank
Board of directors meeting is scheduled for June 27, 2024, ahead of the annual general meeting (AGM) on the same day, to discuss raising funds through a Qualified Institutional Placement (QIP).
PI Industries
A wholly-owned subsidiary is set to acquire the entire share capital of Plant Health Care Plc, a UK-based company specializing in agricultural biological inputs. The acquisition, valued at £32.78 million, will encompass the entire 100% stake of Plant Health Care Plc, which is listed in the UK and operates subsidiaries in the US, Brazil, Mexico, and other countries. Known for its patented peptide-based biological products, Plant Health Care Plc serves as a key player in the global agricultural market. The transaction is expected to be completed within three months.
LTIMindtree
The L&T Group announced that SN Subrahmanyan, vice chairman of its IT firm, will take over as chairman following AM Naik’s resignation from the board on June 26. Subrahmanyan, popularly known as SNS, joined the board of L&T Infotech on January 10, 2015, and was appointed vice chairman on May 4, 2017.
KEC International
The infrastructure company announced that it has secured new orders worth Rs 1,025 crore in its transmission and distribution (T&D) and cables businesses.
Dr Reddy’s Lab
The Pharma major announced that its subsidiary, Dr. Reddy’s Laboratories SA, has signed a definitive agreement with Haleon plc and its associate companies to acquire their global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category, excluding the United States.
AU Small Finance Bank
The lender’s board will consider a proposal to raise funds through the issuance of equity shares.
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