Stocks to Watch: Reliance Industries, M&M, LIC, Coal India, BPCL, Jindal Steel
2 min read 13 Jun 2022, 07:55 AM ISTForeign institutional investors (FIIs) net sold ₹3,973.95 crore worth of shares on 10 June, while domestic institutional investors were net buyers, picking up shares worth ₹2,831.07 crore worth, as per data from the exchanges
PremiumNEW DELHI: Following are the stocks that could be in focus on Monday:
Reliance Industries: The Indian government has lost its appeal in an English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd. and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields.
Mahindra & Mahindra: Auto major Mahindra & Mahindra plans to set-up new plant in Mohali, Punjab, as demand for tractors in the world's largest market has seen a sharp 44% jump year-on-year in the first two months of 2022-23.
Coal India: The state-owned miner has floated two medium-term tenders, seeking to import 6 million tonne of coal, in a move aimed at securing domestic fuel supplies amid the fear of shortage during monsoon. These two tenders for a total of 6 million tonnes coal have an option of increasing the bid quantity by 100% to 12 million tonne. This follows another tender issued on earlier to import 2.42 million tonnes of coal for July-September delivery.
LIC: The 30-day lock-in for anchor investors ends in the stock ends on Monday. Shares of Life Insurance Corp. of India (LIC) has declined a quarter so far from its IPO price. Anchor investors, who collectively bought nearly 59.3 million shares a day before the IPO opened for subscription at ₹949 apiece, can sell their shares in the open market from Monday.
Jindal Steel: Jindal Steel and Power Ltd (JSPL) is raising ₹15,000 crore from a clutch of banks led by State Bank of India (SBI), in one of the largest corporate loan agreements in recent times. Jindal Steel Odisha Ltd, a wholly owned unit of Naveen Jindal-promoted JSPL, is raising the long-term loan, which will help it partly finance the ₹22,500 crore capacity expansion at Angul in Odisha, with parent JSPL bringing in the rest as equity. JSPL will also provide a corporate guarantee for the loan.
BPCL: The government is unlikely to restart the disinvestment process for Bharat Petroleum Corp. Ltd (BPCL) this year because of the stock market volatility and soaring energy prices. the department of investment and public asset management will focus on completing ongoing transactions before reconsidering privatization.
Adani Group stocks: The conglomerate is is in talks with more than a dozen foreign banks to raise up to $4.5 billion through a mix of overseas loan instruments. Proceeds from the latest round of fundraising will be used to part-finance the acquisition of Holcim’s stakes in the two Mumbai-listed cement companies – Ambuja Cements and ACC. Barclays, Deutsche Bank and Standard Chartered Bank earlier underwrote the whole funding lines.
Vedanta Ltd: Has forayed into iron ore mining operations overseas through its arm Western Cluster Limited, Liberia. WCL (Western Cluster Limited, Liberia) is a wholly-owned arm of Bloom Fountain Ltd (BFL) which is a wholly-owned subsidiary of Vedanta Ltd.
IIFL Finance: British International Investment Plc (formerly known as CDC Group Plc) has offloaded 1.6 crore equity shares in the company through open market transactions. With this, its stake in the company stands at 3.56% from 7.77%. Max Life Insurance Company acquired 24.6 lakh equity shares in the company and Nomura India Investment Fund Mother Fund bought 44,74,548 shares at an average price of ₹325.1 a share.
Strides Pharma: The pharma company is recalling over six lakh bottles of blood pressure lowering drug Losartan Potassium tablets in the US market in multiple strengths due to deviation from standard manufacturing norms, according to a US FDA report.
