Stocks to Watch: SBI, ICICI Lombard, Cyient, Allcargo, TVS Motors, Go Fashion

Here are the top 10 stocks that could be in focus in today's trade:

SBI: State Bank of India (SBI) on Friday said its board has approved a proposal to raise up to ₹50,000 crore this fiscal year through various debt instruments. India’s largest bank intends to raise the funds by issuing long-term bonds, Basel III-compliant Additional Tier 1 (AT-1) bonds, and Basel III-compliant Tier 2 bonds, in private placements to either Indian or overseas investors, subject to government approval, wherever required. The state-run lender’s central board approved raising the funds either in rupees or any other convertible currency, it said in an exchange filing.

Indian Bank/ICICI Lombard/Cyient: These stocks will be trading ex-dividend on today's trading. Indian Bank has declared a final dividend of ₹8.6, whereas ICICI Lombard has declared a final dividend of ₹5.5. Cyient Ltd declared a final dividend of ₹16. Apart from these, Tata Investment Corporation, Reliance Industrial Infrastructure and Apcotex Industries will be also be trading ex-dividend in today's session with a declared dividend of ₹48, ₹3.5 and ₹3.5, respectively.

Allcargo Logistics: Allcargo Logistics on Friday said that it has completed the acquisition of 1.50 lakh shares, or 30 per cent stake, in Gati-Kintetsu Express (GKEPL) for ₹406.71 crore Allcargo’s subsidiary, Gati already holds 70% stake in GKEPL. The deal includes purchasing 1.3 lakh shares (26 per cent) from KWE-Kintetsu World Express (S) and 20,000 shares (4 per cent) from KWE Kintetsu Express India. With the conclusion of this transaction, Allcargo, along with Gati, now holds 100 per cent stakes in GKEPL and assumes complete control.

TVS Motors: TVS Credit Services Limited, the captive financing arm of TVS Motor Company, on Friday, said it has raised Rs. 480 crores from Premji Invest, a prominent investment firm. Through a combination of primary and secondary investments, Premji Invest will acquire a 9.7% equity stake in TVS Credit for Rs. 737 crores, the company said. The primary capital raised will be utilized by TVS Credit to expand its customer base in new markets, strengthen its channel partner network, and advance its digitization efforts.

Titagarh Wagons: Wagon manufacturer Titagarh Wagons on Saturday said that the company's board has approved the proposal to raise ₹288.8 crore via a preferential allotment of shares to Smallcap World Fund Inc. The company plans to raise funds via the issuance of 76 lakh equity shares of ₹2 each on a preferential basis at a price of Rs. 380 per share as against a floor price of Rs. 347.68 per share. This is subject to the approval of the offer by regulatory/statutory authorities and the shareholders of the Company at the Extra-Ordinary General Meeting (EGM) and such other permissions, sanctions and statutory approvals, as may be required.

Go Fashion: According to reports, Sequoia Capital plans to sell its stake in Go Fashion, the parent company of Indian clothing brand Go Colors, through a block deal. The stake being sold amounts to up to 10.18%. The report revealed that the floor price for this stake sale is set at ₹1,135 per share, representing a 5% discount compared to the last closing price. The total value of the block deal is estimated to be ₹624 crore. As of March 31, 2023, Sequoia Capital's India investment arm held a total of 54,98,875 shares, equivalent to a 10.18% stake in Go Fashion, as per the shareholding pattern shared with the BSE.

L&T Finance: Larsen & Toubro (L&T) Finance aims to maintain a compound annual growth rate (CAGR) of over 25% predominantly by focusing on retail financing as a long-term strategy, a senior company official told news agency PTI on June 11. With the current growth rate, the retail portfolio of the group is estimated to reach ₹1,00,000 crore by fiscal 2025-26. L&T Group's non-bank financing vertical grew by 35% in FY23. In the current fiscal year, the company officials expect retail to reach 80% of the total loan book, two years ahead of the target under its goal.

Star Health and Allied Insurance Company: Star Health and Allied Insurance Company on Sunday announced that its founder and director Venkatasamy Jagannathan has tendered his resignation from its Board with immediate effect. "We wish to inform you that Venkatasamy Jagannathan vide e-mail dated June 10, 2023, has tendered his resignation from the Board of the Company with immediate effect from June 10, 2023," Star Health and Allied Insurance Company Ltd said in a BSE filing on Saturday. The exit from Star Health comes over a month after he stepped down as its CEO.

Container Corporation of India: After the ₹12,000 crore of disinvestment plan of Container Corporation of India (CONCOR) garnered the attention of global majors like Maersk, the process stands at status quo because of the concerns raised by the railway ministry, its parent organisation. The Railways has raised some issues in the disinvestment, and is not keen to sell the asset, reported Moneycontrol. The strategic sale of CONCOR involves the green signal of NITI Aayog and the railways. CONCOR's parent firm calls for making some more decisions before the disinvestment.

Anik Industries: The Mumbai bench of the National Company Law Tribunal (NCLT) has rejected IDBI Bank’s insolvency plea against Anik Industries, a diversified business conglomerate based in Indore. The petition filed by IDBI Bank in 2022, relied on a guarantee agreement dating back to November 2010 between Suman Agritech, a company within the promoter group, and the bank. Last July, Anik Industries said in a regulatory filing that financial creditors of Suman Agritech had approached the NCLT alleging a default of ₹46.4 crore for which it had provided a corporate guarantee.