Stocks to Watch: IKIO, Axis Bank, Reliance, IndiGo, Zee Ent, Wipro, Hero Moto
- FIIs were unbothered by the bearish trend on Thursday and instead made a strong buying of more than ₹3,085 crore on Thursday. On the other hand, domestic institutional investors (DIIs) further sold nearly ₹298 crore
Here are the top 10 stocks that could be in focus in today's trade:
IKIO Lighting: In today's session, the company is set to make its debut on the stock exchange. Market analysts anticipate that IKIO Lighting will be listed at a significant premium on June 16, considering the premium it commands in the unofficial market, the high demand for its shares during the book-building process, and the promising long-term prospects of its business. The company's product range encompasses LED lighting, refrigeration lights, ABS piping (acrylonitrile butadiene styrene), and various other products.
Axis Bank: US-based private equity company, Bain Capital through its investment arm BC Asia Investments VII Ltd has sold a portion of its stake in the private lender Axis Bank via a block deal on Thursday. Meanwhile, foreign and domestic funds aggressively bought stakes of the private lender. As per block deal information made available by the National Stock Exchange shows that Bain Capital sold 2.25 crore shares, or 0.7% of the private lender, at a weighted average price of ₹968 per share.
Reliance Industries: Reliance Industries Ltd. is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to a report by Bloomberg. The Mukesh Ambani-led conglomerate plans to use the country's dedicated external commercial borrowing route to secure the loan, the report added. The lenders involved in the discussions include Bank of America Corp., Citigroup Inc. and Standard Chartered Plc, said the report.
Hero MotoCorp: According to sources familiar with the matter, CNBC TV-18 reported on June 15 that Hero Motocorp, a prominent player in the automobile industry, has come under the scrutiny of the government. The Ministry of Corporate Affairs (MCA) has initiated an investigation into the company, following an earlier probe conducted by the Income Tax department concerning specific transactions of Hero Motocorp.
InterGlobe Aviation: IndiGo, India’s largest airline, achieved a record market share of 61.4% in the domestic civil aviation industry in May, according to data from the Directorate General of Civil Aviation (DGCA). This was the highest market share secured by the airline in its history of more than 16 years, and the second time it has breached the 60% mark. Its market share in July 2020 was at 60.4%. IndiGo’s market share in April was 57.5%. This comes at a time when rival budget airline Go First halted operations last month.
Zee Entertainment: The Securities Appellate Tribunal on Thursday directed SEBI to respond within 48 hours to Subhash Chandra’s and Punit Goenka’s plea challenging the regulator’s recent order. In its 12 June order, Sebi had prohibited the founder and former chairman of Zee Entertainment Enterprises Chandra and its managing director and chief executive Goenka, from assuming managerial or board positions in listed companies, on allegations that the father-son duo had diverted funds of the company for personal use. Aggrieved by the order, Chandra and Goenka filed an appeal with SAT.
Wipro: In today's session, Wipro will determine the entitlement and the names of equity shareholders who are eligible to participate in the buyback. Under the buyback offer, Wipro proposed to buy back 26,96,62,921 equity shares, being 4.91% of the total paid-up equity shares of the company -- aggregating to ₹12,000 crore. The company set ₹445 per equity share. This floor price is at a premium of 14.41% from the current market price on June 15, 2023.
UTI Asset Management Company: Sponsors of UTI Mutual Fund, including SBI, Punjab National Bank and Life Insurance Corporation of India, have initiated the process to dilute their stake in India's oldest fund house. According to sources, these entities have approached merchant bankers to advise on stake sales. UTI Mutual fund is promoted by the State Bank of India (SBI), Life Insurance Corporation of India (LIC), Punjab National Bank (PNB) and Bank of Baroda (BoB), having a combined holding of 45.21 per cent in the paid-up capital.
Keshoram Industries: Kesoram Industries Ltd is planning to infuse fresh capital of ₹60 crore for the turnaround of Cygnet Industries Ltd, its wholly owned subsidiary, to transform it into a leading global supplier of cellulose transparent paper, a senior company official said on Thursday. The Manjushree Khaitan-led company is the only one in south Asia that manufactures non-toxic, biodegradable cellulose transparent paper, also known as cellophane paper, used to wrap food and protect it.
Samvardhana Motherson: Samvardhana Motherson International, formerly known as Motherson Sumi Systems, on Thursday, announced that it will acquire a 100% stake in French-based Cirma Entreprise from Vinci Energies. The transaction is at an enterprise value of 7.2 million euros. Motherson will acquire Cirma through its step-down subsidiary, Samvardhana Motherson Automotive Systems Group BV (“SMRPBV"). The transaction is at an enterprise value of 7.2 million euros.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High