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Business News/ Markets / Stock Markets/  Stocks to Watch: SBI, Tata Steel, Route Mobile, J&K Bank

Stocks to Watch: SBI, Tata Steel, Route Mobile, J&K Bank

Indian indices on Tuesday ended flat amid weak global market trends and persistent foreign fund outflows.

The Sensex gained 16.17 points, or 0.03%, to close at 53,177.45 on Tuesday, while Nifty50 added 18.15 points to end at 15,850.20.Premium
The Sensex gained 16.17 points, or 0.03%, to close at 53,177.45 on Tuesday, while Nifty50 added 18.15 points to end at 15,850.20.

Here is the list of the top 10 stocks that are likely to be in focus on Wednesday:

SBI: State Bank of India and ICICI Bank on Tuesday acquired 9.54 per cent stake each in Perfios Account Aggregation Services Private Limited (Perfios AA). Both the banks acquired 8,05,520 equity shares each by paying 4.03 crore each for the stakes.

Tata Steel: Tata Steel Chairman N Chandrasekaran on Tuesday said the company, after completing acquisition, will boost the operation of Neelachal Ispat Nigam Ltd to rated capacity of 1.1 million tonne per annum within the next one year.

Ruchi Soya: Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for 4,350 crore through an insolvency process.

Novartis India: Novartis AG will cut as many as 8,000 jobs under a plan to save at least $1 billion by 2024 and boost the pharmaceutical giant’s performance. The Swiss company detailed the cuts, equal to more than 7% of its global workforce, on Tuesday after outlining the restructuring plan in April. Among other things, Novartis plans to generate savings by combining its pharmaceuticals and oncology units.

Route Mobile: The firm's board approved the propsal of buyback of equity shares at a price of 1,700 crore per share, totalling up to 120 crore.

Jammu & Kashmir Bank: The board of the bank approved equity share capital upto 500 crore in one or more tranches, and also 1,500 crore through non-convertible debentures on a private placement basis.

V-Mart Retail: ICRA reaffirmed the credit rating of the firm and revised the outlook to positive from stable for the long term bank limits.

IDFC FIRST Bank: ICRA reaffirmed the existing rating (ICRA AA / Stable) of IDFC FIRST Bank Limited in respect of its Non-Convertible Debentures amounting to Rs. 25,813.70 crore.

Plastic companies: Union Environment Minister Bhupender Yadav on Tuesday said the government has given enough time to the industry and the general public to prepare for the ban on single-use plastic (SUP) items and it hopes for everyone's cooperation in implementing it from July 1.

Steel companies: The government on Tuesday said 31 companies, including JSW Steel, Vedanta Ltd, NLC India Ltd, Jindal Power and Bharat Aluminium Company Ltd, have submitted bids for 24 mines under commercial coal mines auctions.

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Published: 29 Jun 2022, 07:29 AM IST
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